Drinks Distribution PLCInternal controls development and Finance optimisation

PROJECT DETAILDrinks Distribution PLCInternal controls development and Finance optimisation
DESCRIPTIONThe Client had recently grown quickly through acquisition and the finance function were struggling to keep pace. Ownet were initially asked to assist on a focused piece of urgent work to review and correct the working capital model due to cash flow issues. Off the back of this initial piece of work our client asked us to help with developing a robust control framework and to help optimise their ERP tool (NetSuite).  
APPROACHDuring this project our Owners acted as Project Managers and Business Analysts mapping the key finance processes to level 3, identifying control gaps, system and process inefficiencies, while communicating and remediating key issues. Our team developed a robust control framework identifying the risks, aligning key controls and documenting the nature of the controls and any control deficiencies. We put in place the project governance to ensure that all remediation was planned and managed through to resolution, focusing on the high priority issues. We put in place processes for the finance team to continuously monitor and test the internal controls on a periodic basis with clear reporting mechanism through the controls framework. Alongside the development of the controls framework and remediation of the controls our team identified a number of areas of opportunity and issues with the NetSuite implementation that were causing inefficiency and risk to the business. We introduced one of our partners (a NetSuite integrator) to the client and set up workshops to focus on optimisation of the tool. This has resulted in a number of system improvements that are currently underway.
BENEFIT AND OUTCOMEThis project was focused on a number of burning platforms that required immediate focus. By working in a flexible way, the team remediated and designed new processes and controls while developing the overarching control framework. The focus on the system optimisation has also resulted in the client remaining with NetSuite after making an initial decision to move to a new ERP due to the perceived inefficiencies of the system.
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