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Transforming Accounting Operations for a Financial Services Leader

Transforming Accounting Operations for a Financial Services Leader

We helped a $4 billion financial services company reorganize its accounting department amid rapid staff turnover. We applied our expertise to streamline workflows, support reporting needs and train new staff for a seamless transition.

Challenge

A financial services holding company with assets of approximately $4 billion needed assistance in reorganizing its accounting department, following a period of rapid staff turnover. With outdated processes in place and the need to onboard new staff, the accounting department was struggling to complete essential day-to-day activities.

Solution

To address these challenges, we deployed a consultant with extensive experience in banking operations and loan accounting. This expert spearheaded the reorganization of the accounting department, ensuring the smooth integration of new personnel while revamping critical workflows.

 

Key activities included:

 

  • Established and documented core financial processes, providing a foundation for efficient Federal Reserve reporting and other internal reporting requirements.
  • Redesigned reconciliation workflows for the general ledger to enhance efficiency and accuracy.
  • Trained newly onboarded personnel to align them with updated protocols and expectations.
  • Provided close support during the transitional phase, including hands-on reconciliation and process monitoring.

 

  • Supported month-end close processes, ensuring payroll entries were complete and accurate.
  • Assisted in quarterly consolidations, focusing on comprehensive financial reporting.

Outcome

The engagement resulted in a transformative shift in the client’s accounting department. By embedding robust processes and leveraging our expert guidance, we enabled the department to regain operational stability and focus on long-term improvements. Our consultant’s expertise ensured smooth reconciliations and reporting during the transition and offered the client’s accounting department a fresh start with new personnel who were properly trained and onboarded.

Industry

Deployment

Services

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