As companies transition from paper-based to electronic transactions for ordering and paying for goods and services, many have taken an end-to-end approach to reengineering the purchase-to-pay process by eliminating the need for an invoice entirely. With Evaluated Receipt Settlement (ERS), also referred to as a “two-way match”, the shipping notice or packing slip information is […]
As companies transition work activities to Shared Services there is an increased need to define responsibilities clearly for activities where visibility to underlying detail is available remotely, and not in the Shared Service Center where the transactions are recorded. This is particularly true for the Account Reconciliation process, where the reasons for reconciling items are […]
Unlike a traditional corporate activity or a move towards centralized processes, Shared Services has typically considered an independent “business within the business”, following a customer-focused approach and often charging out for services using a pricing/charge-back model. While pricing can be a method for recovering costs, it can also play a role in the change management […]
In the Accounts Payable process, for many companies, the greatest effort (and cost) is directly tied to headcount that is focused on resolving discrepancies or fixing errors. Transactions that are “error-free” either require no manual intervention or are quick and easy (and low cost). While errors can occur in the ordering process, by the supplier, […]
Even with the highly-advanced and functionally-rich ERP systems utilized by most major corporations today, the need for better technology capabilities continues to be filled by approved partners of such giants as SAP and Oracle. These “bolt-ons”, as they are often referred to, can provide improved functionality and efficiency without the need for companies to invest […]
Even with the major advances in timekeeping technology that have been made in the last decade, the necessity of having significant levels of oversight to ensure employees are properly submitting their time work continues to be the case in the vast majority of companies. Not only limited to those employees that work on an hourly […]
Shared Services organizations are typically adept at gathering process-level performance metrics for use internally within Shared Services to provide performance feedback and set priorities for improvement for Shared Services staff and management. Communicating results to stakeholders and key internal customers, while equally important, is not typically given the same level of attention. In addition, the […]
For companies who are conducting business in multiple countries, defining processes globally, regionally, or locally is an ongoing opportunity to create efficiencies and take advantage of scale. However, to meet legal and regulatory requirements, many financial statement processes require both a global view and one that complies with local statutory laws. In this case, the […]
Whether you are setting up Shared Services for the first time or expanding your portfolio after a decade of service, you likely have a set of criteria to determine the order for consolidation, and to assess the probability that expected benefits will be realized. An effective decision process is critical: while a larger base of […]
The fixed asset inventory process is often steeped in tradition; following policies that have been in place for years, without regular review, and seldom, if ever, compared directly with the practices at leading peer companies. However, because the process directly impacts every business unit, a periodic review of the existing fixed asset policy is always […]