We understand the challenges you could be facing as a result of COVID-19. You may be struggling to provide secure remote access for your staff or could have a reliance on disrupted overseas operations. You may be facing an increase in staff absences, creating a real challenge for many CFOs. You may have immediate issues in relation to finance that we can help you to address, avoiding significant backlogs when business as usual resumes.
Continuing to provide your finance function might be challenging, but the business impact of not being able to provide stakeholders with management information, financial or regulatory reporting can mean effective decisions about managing the business may not be made right. Businesses still need to get their accounting periods closed and conduct reconciliations to ensure they aren't creating backlogs or masking underlying business performance.
Cash is very important. Knowing and managing your cash situation over the next few weeks and months are critical to ensure the business success. Activities such as undertaking short term cash flow forecasting, performing accurate bank reconciliations, actively managing debtors and creditors can all support your cash flow understanding and position. Continuing these functions whilst working remotely or without existing overseas operations will be key.
We’re here to support your critical finance tasks at pace. Although regulators have relaxed reporting deadlines, there are inconsistencies between territories and there is a risk of significant backlog building up. We’ve supported clients in navigating these challenges before. We have a pool of finance and systems people who are experienced in supporting clients remotely and are connected to the robust and secure PwC infrastructure whilst utilising our proven home working model. Our team is available and ready to help and could be deployed within 24-48 hours.
Our large pool of experienced finance professionals only work to support your finance functions and can give your project their full attention. They have supported other clients in making the switch to cloud and remote working already so are experienced to help you navigate the way forward.
Challenge: Our client needed additional finance resources to work through a backlog of balance sheet reconciliations and supplier invoices, implement robust month end processes and incorporate the financial statements of the overseas subsidiaries to an appropriate degree of accuracy within Group reporting in a tight timeframe.
How we helped: We deployed a team of 54 finance professionals to work within the existing client teams, such as accounts payable, cash takings and banking, to carry out remediation and BAU activities such as backlog remediation and reconciliations. We were able to react quickly to the request, deploying (remotely) a skeleton team within 3 days and fully staffing within the following week for a period of three months in total.
Outcome: Our team assisted the client in clearing the backlog over a few weeks and fully handed over process improvements that had been identified and implemented before leaving. The team worked collaboratively and seamlessly with client management and existing client staff to achieve this goal.