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