Interim CFO for a Large Indian Corporate

Challenge

  • Exit of CFO and Finance Controller during critical time of audit close
  • Inability to share the financials to auditors whilst nearing the filing of annual return
  • Compelled to seek extension for filing annual return
  • ERP system was in a mess with mismatches aplenty
  • Use of multiple systems by different teams
  • Lack of accountability leading to conflicts
  • Multiple product lines and

How we helped

  • In-depth assessment of issues of accounting process and ERP design gaps
  • Prepared emergency action plan in coordination with the stakeholders
  • Coordinated action between plant, HO and ERP team to address the functional and ERP glitches
  • Reconciliation between ledgers, sub-ledgers and indirect tax returns
  • Hand-holding at bottlenecks
  • Coordination with the Statutory Auditor from Big4
  • Weekly governance with Senior Management and Directors

Benefits

  • Achieved finalization of Financials within record 3 months
  • Demonstrated to the management the design issues in ERP
  • Suggested measures in the ERP at macro level
  • Suggested process corrections to avoid duplicate tasks