Practus’ CFO Solutions assisted the leadership advisory firm to reduce the payroll cycle from 10 working days to 1 working day.
|Client Name||ROI||Industry||Ownership||Management||No. of Employees||Size||Project Duration|
|A Leadership Advisory Firm||6x||Professional Services||Private||Professional||50||$4 million||12 months|
A leading Leadership advisory firm covering the Europe-India-Asia corridor with a well-diversified portfolio of services viz. Executive Search, Board Advisory, Interim Management and Leadership Development spread across multiple industries. Practus was invited to the ‘Finance Gate Keeper’ Role.
- Bring about a radical shift to the As-Is functioning of the finance department across all areas.
- Recommend and implement workflows to plug in the gaps and automation tools to support the workflows.
- Evaluate various third-party IT tools in the areas of expense management, HRMS, CRM, BI, project management, document management, order-to-cash, and banking on the basis of defined parameters.
- Restructure the existing treasury management to avoid an opportunity loss on surplus funds.
- Review of existing MIS and implementation of a high-quality, automated MIS including graphical management dashboards.
- Conduct a master clean-up for all systems.
- Support the BOT project with an Interim CFO role.
- Brought in improvements in the areas of:
- Purchase-to-Procure (P2P) and compliance.
- Banking and Treasury.
- Reduced TAT for critical MIS reposts; earlier presented annually; after Practus intervention, prepared monthly with a TAT of 24 hours.
- DSO was reduced by 30%, resulting in improved rolling cash flows.
- Payroll cycle was reduced from 10 working days to 1 working day.
- Sweep in-out facility was implemented to reduce opportunity loss on idle funds, resulting in a 6L increase in interest income.
- Finance time to process claims has been cut by 90%.
- Reduction of manual inputs by more than 50% with one-time data capture and an enabling reduction in MIS reporting time by 3 months.