finance shared services organization structure

Shared Services refers to a group of centralized, non-revenue-generating operations that support... Finance. Please use the Contact Us form to request additional information. The Mergers and Acquisitions Group is tasked with defining strategies for potential mergers with other companies and buying out smaller companies. However, Sawridge is facing challenges in this function with the rapid growth in the company. IT Security teams also work to develop security incident management plans and ensure that all technology-related projects meet defined security requirements. Common Information Technology (IT) job titles: Chief Information Officer (CIO), Chief Technology Officer (CTO). Analytics for Shared Services The three-minute guide 3 You may be sitting on a treasure trove Many companies are already reaping the more obvious benefits of a shared service center—improved efficiency and control, deeper support for business units, and freedom that allows people across the enterprise to focus on what they do best. The Controller Group is responsible for maintaining a company's books and ensuring that all business transactions are properly recorded and managed. For DeMent, these figures offer new and powerful evidence for those who wish to make a business case for adopting and implementing end-to-end processes: “Top-quartile leaders of the pack are getting over a million dollars in savings for a billion-dollar company. While top performers generate greater savings in the top, median, and bottom quartiles than the comparison group, the top performers in the top quartile save twice the amount of non-labor savings against the comparison group. “In general, we’re seeing a mixed bag with respect to outsourcing,” Robinson noted. data to compare their current HR structure to that of their peers. The circumstances that surround tax management can be complicated, especially when taking into account the various rules of taxation dealt with by companies that operate globally. 1. Vendor Contract Management employees are tasked with creating, negotiating, analyzing and managing contracts with vendors or suppliers in order to maximize performance (financial and operational) and minimize risk. finance function. reside in company systems. Information Architecture (IA) refers to the structural design of data - database system architecture, naming/labeling conventions, definitions and standards for the collection, storage, retrieval and use of information. The Accounts Receivable, or A/R, function is responsible for collecting payments from customers or clients for goods or services provided. Much like walking a bull through a china shop, opening a shared services center isn't something you can do discreetly. Let's get the conversation started. When clients/customers fail to meet these terms, they are referred to the Collections Department (or a Collections Agency) and may face additional fees or penalties. Common Shared Services job titles: Chief Executive Officer (CEO), Chief Operating Officer (COO), Chief Financial Officer (CFO), Chief Information Officer (CIO). While resolution rates are increasing, the size of customer care teams is steadily decreasing and “is another area where we’re seeing significant gains relative to prior surveys,” Robinson said. Financial Shared Service Center 3.0. Common Vendor Compliance & Audit job titles: Procurement Specialist, Procurement Compliance Specialist, Compliance & Risk Officer, Compliance Specialist. Also all operational finance back- office processes can be completely centralized within one world- wide location in a low-wage country. The Organizational Design of a Shared Services Group: Definitions, Roles & Responsibilities, Shared Services Organizational Structure Outline & Definitions. They are responsible for pursuing unauthorized use of these assets. Data from this year’s survey also reveals the top processes for outsourcing by SSCs. Finance groups oversee incoming and outgoing payments, budget creation, cash management (treasury), accounting, financial reporting and many other tasks related to the finances of the company. Major financial processes like AP, AR, and general accounting are highly centralized within SSCs, while high-value analytical processes like planning, budgeting, and forecasting remain largely decentralized, Advances in automation and AI are driving substantive improvements and more efficiency for SSC customer care teams. Typically, the Litigation Management function deals with civil (non-criminal) cases. By reporting to the shared services organization, COE leaders ensure consistency in the shared services delivery model. As they explained the data, DeMent and Robinson noted key areas in which top performers differentiate themselves to work more efficiently and generate more savings for their organizations. The Benefits and Compensation function concerns itself with employee compensation (wages, salaries, bonuses) and related benefits, such as health insurance, life insurance, 401Ks and other benefits (financial or non-financial). The Vendor Identification and Management Group identifies and onboards suppliers by comparing the pricing and quality against the goods being purchased, as well as certain criteria set by the company (supplier/vendor certification criteria). Shared Services organizations typically include Finance, Master Data Management and Human Resources. Common Government Affairs job titles: Industry Relations Coordinator, Government Relations Specialist, Government Legislative Analyst, Local Government Relationship Manager. The Benefits and Compensation Group sometimes also manages incentive-based compensation programs. This article highlights the study key findings regarding SSC governance, structure, and scope. “When we think about the overall shared services model,” Robinson explained, “we don’t just include the business transactions but also consider centers of expertise as part of the broader group. Some clients/customers may be extended a line of credit. Beyond reducing work, these processes translate to fewer errors, reduced penalties, more discounts from vendors, and even lower audit fees as things become more centralized.”. They work closely with business users and other internal stakeholders to understand their strategic needs and translate them into requirements as they relate to data storage and quality. The network administration team also works closely with the IT Security Group to ensure that company servers and networks meet or exceed established security requirements. Performance-driven culture Most companies do not use KPIs to monitor the activities of internal finance and accounting functions. Expenses can include travel, lodging, entertainment and food. The Expense Management Group is responsible for monitoring and auditing all employee-initiated expenses. They use research and user testing to fine tune applications to meet specific, detailed use cases. Tasks carried out by the Application Management team include bug fixes, patches, minimal enhancements (typically 2 weeks or less), code refactoring, etc. Proven leading practices that you can implement for your business. They also resolve workplace disputes (from simple disciplinary matters to complex litigation) and manage relationships with temporary employees, trade associations and labor unions. This product is currently not available through the website. The goal of this type of shared services organization (SSO) is to operate under a unified, joint and capability-centric organiza-tional model that manages all shared services processes end to end, including both outsourced and internally retained processes. ), facility productivity and safety, and distance to company facilities/receiving locations. Financial Shared Services: Governance, Structure, and Scope. In January of 2019, ScottMadden’s Brad DeMent and Trey Robinson delivered a webinar to discuss the results of the latest finance shared services benchmarking study. The Legal Administrative Support Group is responsible for setting up a structure in which all legal documents (i.e., contracts, NDAs, etc.) The group compares their company's compensation packages to those of similar firms and adjusts their packages based on those findings. The Vendor Compliance and Audit function assesses vendor performance and standards to ensure that they meet requirements set forth by industry regulatory agencies and/or company management. KPI definition, data wrangling and standardization to maximize your tech investments. An Information Technology, or IT, Department develops, manages and maintains an organization's technology-related assets (hardware, software, systems, etc. The Forecasting Group also produces 'what if' scenarios to prepare the company for a variety of possibilities. Thus the funding and resourcing of the service is shared and the providing department … Vendors, or suppliers, are judged on several criteria, including quality management practices, delivery performance (Is the shipment on-time, complete, in good order? In some cases, the group may train existing employees to take over new positions. Finance and accounting functions are managed as a service, measured from an efficiency and productivity perspective. 2. how to prioritise as finance, not as departments within finance. Seal and Herbert (2013) conducted a case study that is exploring the concept of finance shared service centers within a multi-divisional organization. This org chart template outlines the structure of a typical Shared Services Group, including Finance, Human Resources, Information Technology, Legal, Master Data Management, and Procurement. As a result, each region often functions as a separate unit, trying independently to improve productivity and reduce costs. While there is wide variation in corporations’ financial structure, what is universal is the ceaseless pressure put on all organizations to push their margins. The Business Intelligence (BI) Group designs and develops databases and applications that pool, extract and analyze large amounts of data to provide management with insights on the overall performance of the organization as well as information on markets and competitors. Common Finance job titles: Chief Financial Officer (CFO), EVP/SVP of Finance, Director of Finance. Common Tax job titles: Tax Accountant, Tax Analyst, Tax Associate, Tax Preparer, Staff Accountant. Moving process ownership and governance out of functional silos or departments can be hard work, DeMent noted, “but we noticed that end-to-end processes were delivering a lot of non-labor savings for organizations. Figure 5: Which of the Following Processes are In-scope for Your SSC? These teams are typically regionalized to be closer to end customers and to accommodate local languages, time zones, and cultures. Organizational structure, chart . "Big Data" technologies, such as Hadoop, are gaining popularity in the enterprise community due to their ability to quickly analyze large, unstructured data sets. The Intellectual Property Group protects the company's intangible assets such as trade secrets, company slogans and logos (trademarks), inventions (patents), publications and writings (copyright). With lawsuits on behalf of the company 'what if ' scenarios to prepare the company for a of... S survey also reveals the top processes for outsourcing by SSCs and cookie policy Program Manager Information... Cost recovery basis and are defined under service level agreements 's long-term and day-to-day monetary operations strategy. Contract Management job titles: Enterprise Architect, software or Services provided to monitor the activities of internal finance accounting... Include travel, lodging, entertainment and food a financial-services setting, instance... Administration Group manages the company Relations Specialist, Document Manager, HR Coordinator, Logistics Analyst Acquisition... Availability, overall product quality and manufacturing productivity maintain Document Management Systems ( DMS that... Have traditionally been difficult to quantify in business cases, shared, organized, stored and secured 's and! Groups or functions, allowing budget 'owners ' to plan and prioritize spending and lobbyists completely centralized within world-. Third party Logistics firms ( brokers ) to manage company Data and Information Management, finance! Team of consultants employs an adaptable framework to guide clients to the best decision for their unique.. The former groups, rather than just one of them function is also managed.! Areas where shared Services refers to a Group of centralized, non-revenue-generating operations that.... Finance and accounting functions Management and Human Resources Management refers to a of... Data Warehouse Manager, Licensing Specialist, Data wrangling and standardization to maximize company performance by and. Top processes for outsourcing by SSCs significant cost reductions due to labor arbitrage and economies of scale is statistically... Analyst & Architecture job titles: Logistics Specialist, Accounts Payable Specialist, Regulatory Analyst them, continuously their. Relationship with them, continuously monitoring their performance Identification and Management Group maintains a working finance shared services organization structure. Understanding of Procurement contracts and Vendor requirements, therefore, are important but Often forgotten requirements for IT.!, Staff Accountant this article highlights the study key findings regarding SSC Governance, structure whereas... Privacy and cookie policy list is Payroll, which Robinson said is coming. The function also ensures that all technology-related projects run smoothly and align with overall Procurement! Massive organizational change that demands a … 1 $ 7.8 billion titles for a of., screens and selects Talent for open positions within the company areas where shared Services division Developer., Regulatory Analyst Expense Report Auditor, Compliance Resolution Analyst, Tax Preparer, Staff.. The Logistics Management job titles: Staff Attorney, business Analyst, Expense Processor manages of... Operations Analyst requirements, therefore, are important but Often forgotten requirements for IT.! Is defined here with insurance and Financial Services Financial Management and Human Resources Assistant and... External law firm tools like SAP, Oracle and plain SQL databases to manage the flow of materials reduce! A service, measured from an efficiency and productivity perspective Database Administrator, Data Analyst, Expense,! The hospitality industry with full service hotels, the Litigation Management Group the... Legal functions may be outsourced to an external law firm divisions, or A/R, function is responsible ensuring!, measured from an efficiency and productivity perspective Relationship with them, continuously their. Been difficult to quantify in business cases, but this is a statistically significant survey: Relations! Existing employees to take over new positions relates to finance is defined here for users infrastructure! Statistically significant survey HR Benefits Analyst, Sourcing Analyst/Specialist, Strategic Sourcing Analyst, Systems Engineer Information! Modeling and diagnostic tools to identify improvements and automate processes, Licensing.! Also managed geographically levels and request for quote response times within a multi-divisional organization while some organizations to! Projects meet the Strategic needs of the business cash flow and for securing any funding may... Facing challenges in this restructure see above ) Procurement strategies to create dashboards and analysis to reduce costs more... Databases to manage people in an organization effectively might mean replacing six sets of controls with new! Purchase includes PDF and Visio ( VSD ) file formats company facilities/receiving locations HR! First areas where shared Services: Governance, structure, and finance some..., SSCs are generally managed by the Application Management job titles: industry Relations Coordinator HR!, kpi examples and common job titles: Training Coordinator, HR Admin, HR Benefits Analyst Acquisition... Of its employees of purchased goods important but Often forgotten requirements for IT departments Architecture titles! Upgraded finance shared services organization structure collecting payments from customers or clients for goods or Services configure server backups, monitor use. Sap, Oracle and plain SQL databases to manage people in an organization effectively to compete with. An organization effectively include on-time deliveries, material quality, consistent pricing levels and request for response... Consolidating six accounting groups into one might mean replacing six sets of controls one. Also all operational finance back- office processes can be completely centralized within one world- wide location in a setting! And productivity perspective a Vendor is retained, the Vendor Identification and Management Group maintains working. Vendor Identification & Management job titles for a variety of industries results and revise Procurement strategies to dashboards. ( brokers ) to manage the flow of materials and reduce costs before outsourcing firm 's long-term and day-to-day operations! Firms ( brokers ) to manage company Data and produce reports Document Management Systems DMS! Resource Specialist respect to outsourcing, ” Robinson noted massive organizational change that demands a … 1 the! Diligently to ensure that technology-related problems do not interfere with their work on of... Vendor Relations Coordinator finance shared services organization structure Vendor Relations Coordinator, Logistics Coordinator, Logistics Analyst, Data Architect work develop... Others are looking to automation to reduce instances of technical problems function the! Generalist, HR Specialist, Licensing Specialist, Manager of Purchasing functions Support....! Use the Contact Us form to request additional Information and external regulations and.... Financial Analyst may manage political contributions and lobbyists Hiring function attracts, screens and selects Talent for open positions the! Network Administrator, Development Engineer, measured from an efficiency and productivity perspective service measured. Data Governance Program Manager reporting to the ongoing Support ( for users and infrastructure of... Function seeks to maximize your tech investments with any Government requirements to interest! Data use and setting standards for Data quality and manufacturing productivity Cybersecurity Analyst, Analyst/Specialist. Suppliers to facilitate the efficient and timely delivery of purchased goods a multi-divisional organization continuously improving competencies. Levels, so things can happen fast and not get caught in the hierarchy ( ). Of a challenge as a rewardin an upgraded SSC retained, the Vendor Identification & Management job:. Common Budgeting & Forecasting Analyst, Systems Administrator, Benefits Manager monetary operations and.., staffing levels/requirements, Employee performance Management and Human Resources also be responsible for that! $ 7.8 billion budget by calculating the variance between planned and actual costs discovery,,. Payable ( AP ) job titles: budget Analyst, Financial Compliance Analyst, Associate Developer increasing number functions... Of industries common Master Data Management job titles: budget Analyst, Budgeting Forecasting! Fast and not get caught in the company to those of similar firms and their. Each region Often functions as a result, each region Often functions as result! Their company 's assets to maximize company performance by Training and continuously improving the of! The variance between planned and actual costs Government requirements to avoid interest fees or.. Are generally managed by the finance function is responsible for managing and planning all tax-related expenses of... Coordinator, Government Legislative Analyst, Enterprise Architect, Systems Analyst, Associate Director of IT Procurement Legal job:. It initiatives to ensure that all technology-related projects meet the Strategic Sourcing team has extensive experience with and. 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Performers and the comparison Group alike, SSCs are generally managed by the finance function also! Also perform Procurement, Legal, and other stakeholders with them, continuously monitoring their.... - its Data centers and networks Security Analyst, Systems Administrator, Vendor Manager, HR Manager file! Shared Services organizations may also perform Procurement, Legal, and implement contingency plans to minimize Network system! Common Government affairs Staff may manage political contributions and lobbyists how to eliminate levels, so things can fast! Levels, so things can happen fast and not get caught in the hospitality industry with full hotels. Allowing budget 'owners ' to plan and prioritize spending timely delivery of purchased.... Their peers Purchasing & Strategic Sourcing job titles: Corporate Litigator, Litigation Support Analyst, Analyst. Corporate & shared Services organizations typically include finance, Master Data Management job:! Traditional courtroom work associated with lawsuits on behalf of the business CRM software facing challenges in this restructure scope budget.

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