accounting ontrol latform cp) · 2019-10-07 · kobaltweg utrecht infoblefield.n accounting ontrol...

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Accounting & Control Platform (ACP)

Enhancing efficiency, continuity and compliance of financial policies and processes through standardized communication.

Organizational growth enhances the level of complexity of financial actions, processes and management. Companies operating from national and international offices often maintain multiple finance managers and finance teams responsible for local compliance and reporting for statutory purposes. Therefore, the risk of having different working methods across various sites is apparent amongst many mid-sized organizations. Developing a standardized approach in terms of an accounting manual, processes and policies and the communication thereof is essential for the financial organization of the company and the reliability of reporting. Reliable and timely management information is essential in order to be able to steer the company in the desired strategic direction. The quality of this information is fully dependent on the accurate registration of data. In companies with multiple locations and finance teams, sharing clear guidelines on accounting principles and reporting can be challenging (especially in multi-GAAP organizations). Consequently, it is of key importance to automize and standardize accounting as much as possible and to make use of digital solutions.

The ACP mitigates these risks by ensuring compliance and uniform reporting through transparent and clear communication. By working with a continuous improvement cycle, the interaction between your organization’s strategy and operational execution is increased. Therefore, the Platform therefore increases the control and effectiveness of the organization.

The risks of not implementing a standardized approach include: Inefficiencies Inconsistencies and haziness in financial actions, processes and reporting Continuous distraction of the responsible group controller Unreliable information



Standardized communicationAlthough the startup or initial growth phase is something of the past, these mature companies keep growing either autonomously or through acquisitions. Cross border growth is also common in this phase. This growth is mostly accompanied by more complex organizational structures, departments and processes and differences between local statutory and group accounting principles. Consequently, many group controllers, finance directors or CFO’s are overwhelmed with the communicational aspects of their role as questions on accounting frequently arise. They spend too much time communicating new regulations and answering questions. Clear and transparent communication ultimately results in increased efficiency, transparency, compliance and a group controller who can focus on the essentials.

Solution?Large multinationals such as Heineken, OCI and DSM use a Financial Reporting Manual through which they ensure standardized communication and compliance with financial processes. Bluefield and Fidugius have created the Accounting & Control Platform (ACP) which enables mid-sized companies to have access to the same level of transparency and compliance as large multinationals have.



What is an ACP and how can it support your organization?The ACP provides organizations with everything they need when it comes to communicating essential information and ensuring standardized and harmonized reports across an organization such as information on the accounting guidelines, planning & control cycle, reporting calendar, corporate governance, internal and external reporting etc. Build on (browser-based) Microsoft Sharepoint technology, fully supporting and enhancing the corporate identity, the ACP facilitates in ensuring compliance with rules and regulations, enable interactive communication within the organization, stimulate consistency, improve comparability, reduce operational process costs and share knowledge throughout the whole organization.

Every ACP includes: An integrated, online accessible and adjustable Accounting Manual including a Standard Chart of Accounts. This includes guidelines, definitions and work instructions for the finance organization in compliance with the applicable accounting principles (Dutch GAAP, IFRS, etc.).Records and displays of all end-to-end processes (including: Lead to Order to Cash, Procure to Pay, Record to Report, Hire to Retire).Accurate and up-to-date information that always guarantees quality and compliance. For example, changes in processes or work instructions are shared instantaneously with all relevant employees and forex rates are updated automatically. Intuitive navigation between related articles, processes and other information. A calendar covering financial events, projects and procedures, such as the monthly closing procedure and corresponding deadlines and documentation. An interactive Project Management Office application in which all relevant projects, milestones and deliverables are described including financial and non-financial resources.



How can Bluefield assist in enhancing continuity and compliance in the organization?Bluefield considers Accounting & Control activities, including the P&C cycle, as a vital part of the business processes because they are the foundation for relevant and reliable management information. By supporting your (financial) processes and by facilitating clear communication the ACP will act as business enabler. The interactive communication, the ease of keeping the content up to date, communicate changes and the low threshold to use the platform changes the old-fashioned accounting manual into a living document valuable for the entire organization.

Implementing the ACP is a joined effort of the company involved and Bluefield. If some of the required content for an ACP is not available (clearly defined and mapped processes, an Accounting Manual with SCoA, a Planning & Control Cycle and a Reporting Calendar) Bluefield can support the creation of it by starting the project with a QuickScan. Based on the results of the QuickScan we will construct a roadmap for the implementation of the Accounting and Control Platform and the creation of the missing contents.

When implementing an ACP, your organization and Bluefield work together as a team. Your organization sets strategic goals, and Bluefield provides operational execution. Through our pragmatic approach we focus on adding value in the implementation process only where help needed. This approach shortens the duration of the project and is cost-efficient. In general, the technical implementation period of the ACP takes about three weeks, also depending on the content already available.

Implementing the ACP itself requires the following steps:Creating the Accounting & Control Platform (technical part)Configuration, branding and trainingDrafting the contentInclusion of content in the Accounting & Control PlatformContinuous support and maintenance



ACP in summaryAny company active in the mid-market with multiple locations that faces difficulties in communicating accounting and reporting guidelines in a clear and transparent way should consider implementing the Accounting & Control Platform. The ACP is a user-friendly and inviting platform for sharing information on accounting, reporting guidelines, project management, processes and P&C deadlines in a clear and systematic way. Changes and notifications are processed instantly and can be shared and communicated with all users in one time, preventing numerous emails back and forth and enabling financial controllers and finance staff in general to adopt the first-time-right principle with focus on adding value instead of wasting time. Depending on the content already available and the quality thereof, implementing the ACP will take about three weeks through a co-production between the client company and Bluefield.

ContactWant to know more? We are always happy to answer your questions and support you with any challenges your organization is facing. Feel free to contact our expert(s).

Mark Vianen [email protected]

accounting ontrol latform cp) · 2019-10-07 · kobaltweg utrecht infoblefield.n accounting ontrol...

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