Finance Transformation

The most important reason to choose finance transformation is to support the business. Aligning with the long-term organizational strategy and expectations of stakeholders is a key factor for delivering successful finance transformation. It is a significant shift in the finance department’s functions to make substantial improvements in existing performance by providing services that are better suited to the current and future needs.

Transformation of finance helps to better adapt to rapidly changing business and economic situations by avoiding pressure from management and external factors. It assists businesses with more rapid and precise information for decision-making, often by integrating and analyzing volumes of data from internal systems, as well as other sources.

Finance transformation provides better service to the business, by enabling the finance function to change the focus from merely providing numbers to providing insights; and in turn, generate cost savings, or improve the way the finance function works with clearly defined processes, reduced rework as well as better financial alignment and operational coordination.

Overall, financial transformation translates that the finance function moves from the support function to the role of a prospective business partner. The transformation of finance is a complex and time-consuming process that necessitates changes in people, processes, and technology.

Finance Transformation And Data

The company discusses transformation technologies and procedures, with an emphasis on data management. The CFOs have different objectives for technology transformation since it redesigns organizations from the inside via innovative thinking. The main problem for organizations has been the integration of businesses and the transfer of financial data among the platforms. The finance function does not own the data function, and it is necessary to cooperate closely with the operational function for various data. Data ownership is a fundamental transformation component of companies and varies from company to company.

A modern data lake, which aggregates data from various systems and acts as one single source, is the solution for this transition challenge. The costs of the various systems have been substantially decreased and the personnel count reduced via automation in finance.

Request a Consultation

Practus For Finance Transformation Advantage

Practus helps organizations do things differently. By looking at finance through a fresh set of eyes, we help customers understand the need for necessary significant changes that can redefine their customer experience, explore new operating models, and provide superior digital channels.

To exist, organizations must constantly innovate and change. Practus even assists the most agile organizations that are challenged by changing requirements and customer expectations to sustain their modern transformation by turning vision into an actionable plan with clearly defined actions, responsibilities, and roles that support strong change management. The operational view is strengthened by regular measurement of progress and providing continuous alignment & augmentation.

We offer services of finance transformation for —

  • Budgeting Systems
  • Month Closing and Consolidation
  • GAAP Conversion
  • Control Architecture
  • Risk Management Framework
  • Board Packs and Management Commentaries
  • Complex Reconciliations

Practus provides new, emerging critical technologies, sophisticated data analysis, and automation solutions to make more effective, accurate, and well-informed decision-making.

Request a Consultation


Finance and Accounting Outsourcing for a Multi-Venue Sports Complex

The finance and accounting outsourcing provided by Practus assisted the multi-venue sports...

CFO services for a Diagnostic Center

Practus' CFO Solutions assisted the diagnostic centers in improving DSO from 90...

CFO Services to Improve Pricing Policies for an ATMs and POS Deployment Supplier

Practus' CFO Solutions assisted the ATMs and POS deployment supplier in developing...

CFO Services to Reduced Costs for an Automotive Company

Practus' CFO Solutions assisted the automotive company in providing process-wise cost visibility...

CFO Services for a Juice Company

Practus' CFO Solutions assisted the juice company to Improve the workflow and...

Finance and Accounting Outsourcing Project for a Strategy and Policy Advisory Firm

Reduced the F&A cost by 90% in 4 years for a strategy...

Financial Transformation for an EdTech Company

Practus' finance transformation services enabled EdTech to evaluate and implement a suitable...

Financial Transformation for a Pre-school Chain

Practus' Finance Transformation Solutions offered this Pre-school chain better visibility in their...
Reach Out Now
Our approach to consulting is unique. We implement not just advise. See how we help companies just like yours.