Sasfin is no ordinary financial services provider. Their motto is “beyond a bank” as they strive to go the extra mile in customising their range of specialised products. As a lean organisation, Sasfin always strives to deliver maximum value to its customers. Under the leadership of a new FD they launched an initiative to simplify and streamline the finance office, revealing some room for improvement.
At executive committee meetings, numbers were rarely consistent between business heads looking at line of business, and the FD looking at the general ledger (GL). This recurring issue resulted in audit cost overruns, restatements of financials, and a high volume of overtime hours. Sasfin clearly needed a uniform chart of accounts and standardisation throughout the business.
The new FD launched a holistic “Finance Transformation Programme” to streamline the entire organisation. It was overly reliant on manual processes and had insufficient automation. Sasfin storyboarded the transformation across a period of several years and identified the building blocks needed to mature the organisation. The initial steps comprised the simplification of the chart of accounts, followed by upgrades to the GL. The next step was to choose a corporate performance management (CPM) platform to replace an array of legacy applications and Microsoft Excel®.
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