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Accounting Excellence - Strategic Realignment in Accounting

At the core of accounting lies not only the precision and speed of providing information, but also the imperative to promptly and accurately inform both internal and external stakeholders. With new regulatory demands, a shortage of skilled workers, and expanding global business operations, integrating automated processes becomes a key strategy to enhance efficiency and ensure the quality of information.

 

Accounting
Excellence

Consulting Expertise Accounting Excellence:

Performance
Management &
Controlling

Consulting Expertise Performance Management and Controlling:

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Finance
Transformation

Consulting Expertise Finance Transformation:

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Accounting
Excellence

Consulting Expertise Accounting Excellence:

Performance
Management &
Controlling

Consulting Expertise Performance Management and Controlling:

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Finance
Transformation

Consulting Expertise Finance Transformation:

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Overview
Relevance

Accounting excellence encompasses the optimization and automation of accounting processes through advanced technologies and integrated systems. The relevance of this service stems from the need to be able to react ever more quickly to market requirements while ensuring the accuracy of financial reporting. Core features are the seamless integration of internal and external accounting, the use of AI for process automation and the realization of end-to-end processes in standard ERP systems.

Accounting Excellence addresses several key challenges in companies:
  1. Speed and Accuracy: the integration of accounting processes increases the speed of data processing and the accuracy of information. This enables fast and well-founded decisions to be made at management level.
  2. Complexity Reduction: The integration of internal and external accounting eliminates the need for cumbersome reconciliation processes between different accounting groups, which reduces complexity and creates transparency.
  3. Cost Efficiency: Automated processes reduce the need for manual intervention, thereby lowering operating costs. Resources can also be deployed more efficiently.
  4. Compliance and Standards: Digitalization and the implementation of best-practice processes simplify compliance with new and existing standards, which minimizes the risk of compliance violations.
  5. Adaptability: Companies gain flexibility in the face of regulatory changes and market conditions thanks to the improved scalability and modifiability of accounting systems.

In Focus

IFRS and SAP S/4 HANA

Breakthrough in Corporate Management: SAP S/4 Promotes the Seamless Integration of the Worlds of Figures in Accounting

Speed and reliability are also improved by the long-standing trend towards the integration of internal and external accounting. The spread of IFRS was the starting signal for this. As a result, reconciliations between different accounting groups are no longer necessary and corporate management follows the externally communicated targets. SAP's new product generation, S/4, now fully supports this concept.

Read More …

Process Automation

From Robots to AI: The Evolution of Process Automation in Modern ERP Systems

New technologies promise the next boost in the automation of high-volume processes. The use of increasingly intelligent robots makes this possible even in an ERP landscape that is not fully integrated. However, the greatest lever of automation is still the mapping of integrated end-to-end processes, as accounting is the sink of many upstream business processes. Modern ERP systems have been making this possible for a long time. However, many organizations struggle with integrative process optimization due to responsibility boundaries. As a result, the head of accounting is evolving from a personnel manager to a process manager.

Artificial intelligence promises to automate further process steps. As part of a financial AI strategy, initial candidates can be identified and experience gained through pilots.

Go to Process Automation

Group Accounting and Disclosure Management

Optimizing Group Accounting: Increasing Efficiency From the Individual Company Level to Group Reporting

In group accounting, the integration of accounting systems leads to a considerable simplification and acceleration of the preparation of consolidated financial statements. By implementing accounting excellence at individual company level, we enable a fully automated reconciliation to the Group chart of accounts. These include segment reporting and the efficient management of intercompany transactions.

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Shared Services & Global Business Services

Shared services and global business services are a solution strategy for the accounting challenges faced by global organizations, as they enable the efficient bundling of financial and accounting services. By centralizing these functions, companies can optimize their operational processes, increase transparency and improve reporting. This leads to improved decision-making at management level and supports stronger integration of financial management into the overall corporate strategy. Shared Services and Global Business Services thus make a significant contribution to improving financial performance and competitiveness.

Go to Shared Services und Global Business Services 

More Topics

SAP S/4HANA

Through a clever transition management, exploiting the potential optimal.

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Shared Services & Global Business Services

Consolidation & centralization of service processes

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Disclosure Management

Optimization of collaboration, workflow, compliance and control

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Optimization of Accounting

Best possible support from accounting for business model

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Consolidation Systems

Automation of individual consolidation steps

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Process Automation

Process transparency as the key to optimization

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Why 4C?

As a leading management consultancy, we have in-depth expertise and extensive experience in the implementation of accounting solutions. Our approach combines process excellence and technology with customized strategies tailored specifically to the needs of your business. Rely on our expertise to transform your accounting processes and realize significant competitive advantages. Contact us to learn how we can help your business succeed with customized accounting solutions.

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4C Insights
4C Whitepaper: BEPS Pillar II - Global Minimum Taxation

BEPS Pillar II

Please note that at the moment we can offer this document only in German. For further information please do not hesitate to contact us directly.

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4C Insights
4C Whitepaper: IFRS 16

Find out how you can master the change in accounting and optimize your contract management with our white paper on IFRS 16. Discover it now!

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Our Success Stories

Target Operating Model and Digital Roadmap

CFO Advisory

Bigger Picture

The financial organization was structured similarly across the group: in plants, sales companies, divisions, and the holding company. The decentralized structure led to high complexity and inconsistent reporting data. Therefore, the overall structure was to be reviewed from a financial perspective with regard to effectiveness and efficiency. The goal was to define key areas of action for alignment with growth targets. The opportunities offered by digitalization and a suitable target operating model were to be taken into account.

 

i
Industry: Heating engineering
Region: Germany
Employees: 14.500

4C Consulting approach

  • Conducting a highspot analysis in the areas of accounting, group reporting, controlling, sales management, and finance IT.
  • Analyzing efficiency potential, particularly in the record-to-report process, through process optimization, digitization, and organizational restructuring.
  • Deriving options for action and drawing up a comprehensive roadmap, including initiatives already in progress.

 

 

Added Value

 

Complete transparency regarding the causes of the current challenges, including the individual options for action. By highlighting the interdependencies between the options, a roadmap could be developed. With the help of the roadmap, the organization was able to develop further in line with the defined corporate vision (organization, processes, content, systems).

 

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Company consolidation

CFO Advisory

Bigger Picture

Following the takeover by an investor, the previously manual processes in group accounting had to be automated and more closely integrated. The core challenges lay in the transition from HGB consolidation to IFRS and later to J-GAAP. In addition, various group levels were consolidated with push-down of ppa postings for each level to the legal entity. This involved many different subgroups with decentralized data upload for differing fiscal year logics.

 

i
Industry: Sanitary products
Region: Germany
Employees: 7.500

4C Consulting approach

  • Definition and establishment of group-wide harmonized structures in accordance with the required IFRS financial statements
  • Mapping of local CoA to IFRS accounts and automation of the upload routine, taking into account different fiscal year logics
  • Implementation of the investment register for HGB and IFRS within the consolidation system 
  • Integration of automated ppa push-down postings into the legal entity
  • Setup of validation reports, audit rules, and standardized reporting process

 

Added Value

Complete automation of consolidation for different hierarchy levels and subgroups. This also created transparency for auditors and shareholders regarding the level and GAAP according to which the corresponding postings are made and the effects this has on which segment.

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Comprehensive reporting for improved control

CFO Advisory

Bigger Picture

The client's reporting system focused almost exclusively on legal financial statements. A uniform and centralized internal reporting system across all national subsidiaries, which discloses profitability (income - expenses) across various control-relevant dimensions, had not yet been introduced. Due to the lack of transparency, the client was therefore unable to manage resources across the entire company in a targeted, coordinated, and efficient manner.

 

i
Industry: Market leader in connection technology
Region: Germany, Austria, Switzerland
Employees: -

4C Consulting approach

  • Development of a group-wide uniform analysis model for contribution margin and product profitability
  • Proof of concept at an individual company, followed by pilot rollout
  • Fit-gap analyses to harmonize central requirements with local accounting standards
  • Connection of local ERP systems and integration into a central data warehouse
  • Development and testing of the analysis model and creation of central Power BI reports
  • Go-live, handover to customers, and support during the hypercare phase

Added Value

Global analysis of profitability from the group level down to the individual product level via standardized, centralized reporting with harmonized KPIs across all individual companies. Business decisions can be made centrally on the basis of sound analyses with regard to the overall corporate strategy in order to use resources as effectively and efficiently as possible.

 

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Digital Roadmap

CDO Advisory

Bigger Picture

Until then, the group had been organized in a decentralized manner and managed on a regional basis. In the course of digitalization, the focus was on identifying potential opportunities in the finance department that would enable a clear vision and roadmap to be communicated internally in the regions and to the executive board.

 

 

i
Industry: Connection technology
Region: Germany
Employees: 6.000

4C Consulting approach

  • Vision: External requirements of stakeholders and internal requirements of finance
  • Creation of a decision template with prioritization of project clusters
  • Subsequent coordination of all results with finance, IT, sales controlling, procurement, and logistics

  • Clustering of measures into project packages and creation of a roadmap

 

Added Value

The transparent presentation of the options made it clear which basic tasks needed to be tackled first. This reduced the pressure from internal discussions about digitization. At the same time, a clear vision and a concrete procedural model could be presented.

 

 

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Client Testimonials

“
"The challenge of mapping an integrated business model of a global industrial group was big. Markus Noçon and his team masterfully implemented it and created a system that convinces through layout and usability. Despite the different business plans of the individual companies, from construction to production and service, it is thanks to the competence of the team that this has been implemented in Planning Analytics in a user-friendly way. By implementing Cognos Controller at the same time, an integrated system was created that maps the business processes from budgeting and planning to consolidation and reporting. The training of users at our locations in the USA and the Caribbean allows us to develop analyses and reports independently (cultural and language barriers were never an obstacle). Schedule and budget were always adhered to. 4C has repeatedly provided us with valuable ideas and impulses, and through professional methodology has created a system adapted to our specific needs."

Ulrich Wrabetz, Finance Director at Proman AG

“

Your Temporary Co-drivers

Stephan Grunwald

Senior Partner

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Markus Noçon

Senior Partner

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Peter Keefer

Partner

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We would like to point out that this website only offers a limited insight into our services. Our expertise and range of services cannot be fully represented on this platform. For individual advice and to address your specific concerns in the best possible way, we cordially invite you to contact us directly so that we can offer you tailor-made solutions.

Thank you for your trust. We look forward to hearing from you.

 

Claudia Bauer

Head of Marketing & Business Development

+49 89 599 882 0

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Maike Ring

Senior Expert Marketing & Business Development

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