What are the Benefits of Financial Shared Service Centres
Written by Super User
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Case Study: Design and Implementation of a Financial Shared Service Centre in Kuala Lumpur - process list and benefits identified.
Opportunity: When we were called in to help our client in Australia move to using their existing Oracle R12 eBusiness Suite, and create a Shared Service Centre in Kuala Lumpur, we were only too delighted - as Oracle eBusiness Suite R12 has Shared Services functionality built right in to the standard, out of the box software. So the key things for us were to work out the impact on people, look at the system changes required, and then start from the consulting basics - which processes were affected. Our initial objectives were clearly communicated as follows:
- To simplify processes
- To think of environmental savings (reduction in paper and printing and copying costs)
- To think centralised
- To think automation
- To think leading practice
and then we defined the processes….
- Accounts Payables
- Supplier Setup, Supplier Maintenance
- Invoice Receipt and Entry, Invoice Approval
- Invoice Return and Correction
- Invoice Payment and Approval
- Cash Management
- Bank Statements
- Bank Reconciliation
- Journal to GL
- Expense Claim Entry and Approval
- Expense Claim Return and Correction
- Expense Claim Audit and Payment
- General Ledger
- Manual Journals
- Spreadsheet uploads
- AR Receipts
- Fixed Assets
- Fixed Asset Creation
- Fixed Asset Disposal
- Leased Assets
- CIP Assets
- Physical Count of Assets
- Manual Addition of Assets
Benefits of a Shared Service Centre - Payables Automation
- Increased Processing Speed
- Invoices scanned and processed on the day that they are received
- Real-time view of costs for management
- Early payment discounts enabled
- Reduced Labor
- Reduce Invoice Sorting & Processing
- Reduce Invoice Scrutiny & Checking
- Reduce Invoice Chasing
- Reduce Filing & Archiving
- Online Approvals
- Increased data accuracy
- Fewer data entry mistakes
- Reduced Paper Handling
- No mislaid invoices
- Reduced storage space for documents
- Reduced voyage of paper and emails
- Increased Accessibility
- Access to documents is instant
- Invoice Access for multiple users
- Information sharing is enhanced
- Full integration to ERP (access from AP)
- Improved Supplier Experience
- Single point of contact in KL.
- Single route to query resolution.
- Suppliers not given the run-around.
- Make our client seen as ‘good to deal with’.
More to come - in the next episode in the blog, we’ll show how we put a plan together to transition to Kuala Lumpur, and Payables Automation.
Thanks for any feedback and comments - if you find this useful!
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