What are the Benefits of Financial Shared Service Centres
Written by Super User
Blog Hits: 1462
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!
Does your executive team need team building? Take an adventure together with https://t.co/JD8kTubouA Highly recomm… https://t.co/ql7tJJVcIK
Community energy schemes in Nottingham @trentbasinnews https://t.co/nIy5H7Q0Rq⚡️
Delivered @ShipstoneBeer #nutbrown to the @TheLionBasford today. Get in there! https://t.co/3EZDl9WCX3
RT @GroomBasford: This is why East Midlands have the best beer @ShipstoneBeer @BlackIrisBrewer @ScribblersAles not on but @totallybreweduk…
RT @ShipstoneBeer: Sampling some lovely local beers down @TheWollatonPK https://t.co/z65I8TRt4b
RT @thebunkershill: Today's fantastic #locALE cask range @LincolnGBrewing @BlackIrisBrewer @ShipstoneBeer https://t.co/KKrA7t7NYL
@neale_si All set up and ready to drink tomorrow once it's settled.
RT @smallfoodbakery: Ey Up Notts! Bakery open tomorrow 9-2 // #sourdough #localfood #Nottinghamrocks #realbread #sourdoughseptember https:/…
RT @vaquita_tv: NOAA establishes final rule on marine mammal bycatch for seafood imports. "For example, the critically... https://t.co/UxK…
RT @GroomBasford: @ShipstoneBeer @BlackIrisBrewer @CRBrewery just 3 of the 7 going well tonight. Happy days https://t.co/hKZxX2Odau
RT @Notts_Food_Fest: Marco Pierre White with @MamaJacqs at #NottinghamFoodFestival https://t.co/dBdRt8WY7i
RT @Lord1Stu: @ShipstoneBeer enjoying the lost boy tent @Notts_Food_Fest https://t.co/RLd87APzCH
RT @TheYorkChambers: White Fox has left the den and been replaced by @ShipstoneBeer Gold Star a delightful smooth Pale 4.2% Pale
At @TheCodsScallops picking up a delicious lunch to go with my @ShipstoneBeer
RT @NMFCOfficial: We're the ONLY Vic club with no pokies and gambling revenue. This is how: https://t.co/aVpRFB6CV4 #ShareTheSpirit https:/…
Vaquita Business Consultants are extremely sociable, but we prefer to communicate face to face!
So we would love to receive your feedback, ideas, photograph and suggestions in order to help us improve. Our favourite form of being sociable is going for a coffee or tea and catching up face to face,'so please do get in touch with us and let us put your ideas into action. We love delivery, that's where we excel.
Presentations? Need us to present at a conference? Get in touch - again we're interested in hearing from you.
However, if you prefer to communicate with us using internet tools, here’s some links: