CFO Services for a Leadership Advisory Firm

Practus’ CFO Solutions assisted the leadership advisory firm to reduce the payroll cycle from 10 working days to 1 working day.

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.

Practus’ 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.

Impact Delivered

• Brought in improvements in the areas of:
  • Order-to-cash.
  • HRMS.
  • Purchase-to-Procure (P2P) and compliance.
  • Banking and Treasury. 
  • Reporting.
• 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.