Finance Transformation
Transforming the finance function is crucial for Accounting and Finance Departments, who must anticipate market changes. They also have to incorporate various challenges: organization and process optimization, technical changes and IS developments, societal and environmental challenges, and also human capital management and new forms of work.
With its industry expertise, Primexis offers tailored finance function transformation solutions, combining the flexibility of digital tools with the rigor of financial processes.
Your challenges in Finance Transformation
Do you need support in successfully transforming your finance department? Do you want to make circulating your company’s financial data more reliable and secure? Are you looking to improve your accounting and financial processes by using automation to fast-track decision-making? Do your processes seem to be neither effective nor efficient, and you are considering taking advantage of new technology to optimize your company’s profitability? Do you have performance management projects?
With their professional expertise, Primexis offers you tailor-made Finance Transformation solutions and an approach that perfectly accommodates the flexibility of digital technology and the rigor of work.
Finance transformation key drivers
Finance transformation is driven by different technologies such as:
- AI: Artificial Intelligence allows analyzing large quantities of data and relevant information can be gathered in an instantaneous timeframe. AI can, for example, detect fraud or forecast cash flows. Our clients using this technology have observed a reduction in error rates up to 70%.
- Process automation: this technology drastically reduces the time that your teams requires for repetitive and time-consuming tasks, such as accounting reconciliations. Automation also helps lower error rates and operational costs associated with these tasks.
- Digitalization: the gradual shift away from paper brings transparency and clarity. By transitioning invoices to an electronic format, data and documents can be processed in a reduced timeframe, enabling quicker responses to urgent needs.
Primexis stands out as the best partner in your financial transformation and supports you in the implementation of performance management and project management services.
Performance Management Consulting
From auditing existing processes to designing and implementing management and reporting systems, Primexis studies your issues: data model definition, budget process optimization, cash flow modeling, management control structuring, and FP&A solutions.
Our areas of expertise
- Profitability issues
- Growth, fundraising or restructuring
- Organizational baseline review (cost centers)
Digitalization & Processes
Primexis can help review your closing process. For example, to define the Core Model P2P (Iproc), our firm can assist you with the process: from reviewing the specific methodology to recognize accrued invoices to automating supplier invoice accounting.
We also can support you in optimizing your management reports: new technical solutions to produce automated and standardized reports using solutions like Power BI or Board.
We use the most cutting-edge technologies to support financial departments. For example, AI supports us in the predictive analysis of financial trends and enables us to identify anomalies at an early stage. This allows for strategic decision-making to guarantee ideal cash flow.
Our areas of expertise
- Reduce closing times
- Initial public offering (IPO)
- Continuous performance improvement
Project Management Assistance (PMA)
As part of an accounting or management information system change, Primexis can assist you in carrying out your project and producing deliverables related to the reconciliation phase, defining your needs, testing strategies, recovering data, as well as supporting your teams.
Working within a finance or business project management team, our consultants combine their knowledge of IS projects and finance, which enables them to be immediately operational and make communicating with all project members easy.
Primexis supports you at every stage of your financial transformation mission. We give the best advices to our clients and help them make the best decisions for its implementation. From feasibility studies to monitoring, our experts provide dedicated support to drive the transformation of your financial processes.
Our areas of expertise
- Selection assistance and comparative analysis of application solutions
- Assistance in defining and implementing accounting and management systems
- Assistance in organizing and carrying out functional testing and acceptance phases
- Support with changes and operational startup for Finance Department activities
Project Management (PMO)
Primexis can assist you in managing your information system development projects, from reconciliation to operational startup, specifically to help you:
- Implement an effective governance system to control risks and ensure the production of deliverables
- Communicate reliable and relevant information to management and project members
- Facilitate prioritizing and decision-making
Our areas of expertise
- Assist project management in organizing, coordinating, and monitoring the project, as well as producing project deliverables
- In the role of an operational interface between the project and a team, project management or IT to help manage their various contributions: needs analysis, tests, and operational startup
- Project Management Officer – PMO
Client
Agri-food group
Engagement objective
Optimize finance management tools, and in particular, Reporting and Cash Management issues
Results obtained
- Produced functional specification for the various components of Managerial Free Cash Flow
- Helped implement cash reporting under SAP BPC and carried out acceptance work
- Defined closing process
- Change management
Clients
ETI – All sectors
Engagement objective
Within the context of continuous performance, structuring, and Power BI implementation improvement and leader in analysis and Business Intelligence platforms
Our intervention
- Standardized tools to recognize turnover according to the progress method
- Implemented specific data sets to manage Industrial and Logistics KPI’s
- Implemented dashboards to monitor performance of food points of sale and the related indicators: food costs, labor, food margin
- Digitalized customer and supplier item follow-up
Client & Engagement
IT Finance sector: adapt Finance group’s IS to business and organizational changes following Brexit’s impacts
Engagement objectives
Ensure project management for IT Finance group: corporate finance tools, GL accounting, consolidation, and reporting
Tasks carried out
Project management:
- Helped define and implement the IT Finance group’s project strategy in collaboration with the business, IT, and project teams
- Determined the actions to carry out, cost of expenses, and allocation of resources
- Estimated budgets and created schedules
- Identified and managed risks and dependencies related to each project
- Provided reporting to project members and decision-making bodies (program manager and committees)
- Reviewed and analyzed the impact of business requirements
- Participated in determining target architecture and identifying the components to deliver – with the finance project manager, the architects, and IT teams
- Organized and coordinated the work to be done between the French and Indian IT Finance group teams in collaboration with other teams
Results achieved
Delivered the components needed to supply the French finance tools (corporate finance, GL accounting, consolidation, and reporting) in respect to the costs, timeline, and quality defined by the group
- Risk reduction and monitoring: financial risks can be monitored and audited in real-time. Financial transformation provides the perfect framework for intervening on real threats at short notice.
- Cost reduction: though digitalization and automation of recurring and repetitive tasks, the overall costs of those manual operations is drastically reduced. Some of our customers reduced nearly 50 percent in these costs.
- Increasing efficiency: the digitalization of processes enables finances teams to focus on more complex and valuable tasks to enhance your company’s agility. This leads to substantial performance gains while improving your team’s productivity on complex tasks such as strategic analysis.
Primexis supports its clients in all these areas, ensures the seamless integration of new technologies with existing systems.
Green Finance is also another rapidly growing optimization lever of finance. Sustainable investments are gaining traction, and many companies (Primexis included) are committing to environmentally friendly and sustainable financial practices. The OECD predicts that these green investments could reach up to $700 billion dollars by 2030.
Last but not least, blockchain promises to be a major lever for optimizing the financial department. It brings total transparency to financial transactions, and helps combat fraud. This innovative technology reduces financial processing times while ensuring total transparency and security.
Our teams,
Our skills
Primexis’ Finance Transformation teams are by your side to help improve your financial operations and support you in transforming your organizations from functional evaluation to project execution. We adapt our methodology and allocated resources to your needs and obligations all while guaranteeing business continuity.
- From a need for specific expertise to a multidisciplinary skill set to address one or more financial transformation issues, we adapt our solution to your structure and your challenges
- With experience in international groups, listed companies, and medium-sized groups, our employees have a comprehensive experience
Our Credentials
They have place their trusted in us
Our firm offers multi-sector assistance
Our international network LEA Global
Consolidation and Reporting
Accounting and Taxation
Need assistance?
Contact us if you have any questions, and we would be happy to answer them. Our team of specialists is at your disposal with tailor-made solutions and flexible approach to meet your specific needs