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Embarking on the controllership transformation journey
Fueling the function’s growth while navigating roadblocks
Business models, the volume of data, and accounting regulations will continue to evolve. The controllership services need to transform to improve reporting, analysis, and decision-making. We have developed a road map to help you reach your destination of managing integrated transformation and developing a long-term vision and strategy faster.
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What factors can drive controllership transformation? From having a clear vision of the desired goal to developing the strategy for process outcomes and leveraging technology advancements, the controllership function must focus on critical steps to transform faster. Let’s explore the factors.
Strategy and organization design
Progress begins with a vision. Our strategy & organization design team helps companies improve the state of controllership. We take a broad approach that considers the close-to-report continuum, enabled by technology, data, governance, and the delivery model.
Accounting process improvement
Accounting process improvement provides technical, process improvement, and governance/controls assistance for the controllership function. Areas include close, consolidate, reporting, intercompany accounting, accounting standard implementation, cost accounting & profitability, and audit readiness.
Digital Controllership
Digital disruption and rapid innovation enable the controllership function to imagine a dramatically different future—one in which “Digital Controllership” harnesses technology to fundamentally transform its role and add greater value to the organization. Leading-class controllership functions strategically leverage technology to improve operational performance, insightfulness, and risk intelligence across the enterprise.
Digital Controllership combines specialized accounting knowledge with new technologies to drive business value by responding to dynamic business and regulatory demands. Additionally, digital controllership is a foundation for driving increased value from cognitive insights and analytics.
Learn more: Digital Controllership Services | Deloitte US
Our Digital Controllership team helps controllership functions strategically leverage technology to improve operational performance, insightfulness, and risk intelligence across the enterprise, including accounting and reporting automation, accounting information science (AIS), and analytics and insights.
Automating routine processes can free up human capacity for higher-value activities. Additionally, more complex processes can be automated, helping to identify risks and opportunities impacting the value of the business. The spectrum of accounting automation spans from routine activities, or “Purpose-built Automation,” to non-routine areas that require cognitive capability, such as “intelligent automation.” A broad approach to accounting automation can cover this spectrum end-to-end.
Leading companies create a competitive advantage by developing the ability to efficiently and effectively turn data into information. Harnessing big data to create value typically requires strategy, discipline, and the right tools. AIS applies sophisticated and demonstrated techniques to harmonize financial data, producing information that can drive effective and timely decision-making. A finance organization that embraces AIS can be better positioned to serve as a value-added business partner.
Learn more: Atom™–Financial Data Management and Mapping Service | Deloitte US
In today's highly competitive business environment, companies need more from controllership than accurate financial statements and reports. For example, controllership providing forward-looking, predictive, prescriptive insights can help shape tomorrow's business strategy and improve day-to-day decision-making. Analytics and insights can help improve organizational intelligence by uncovering and harnessing insights hidden in financial data. This includes risk sensing, continuous monitoring, cost/profitability analysis, visualization, mobile notifications, and external data.
Analytics and insights tackle specific business issues around:
- Limited visibility and transparency into data
- Lack of insights into specific finance and accounting information
- Lack of reporting or challenges with current reporting aggregation
Mergers and acquisitions
In the face of disruption, technology innovation, and accelerating industry convergence, M&A transactions represent opportunities to evaluate finance initiatives and capture value beyond the transaction. With the right level of forethought and planning before and during the transaction, you can be prepared to use your company’s next M&A transaction as a catalyst to transform your controllership function.
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Get in touch
Scott Szalony
Partner | Service Offering Leader - Controllership Transformation | Audit & Assurance
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Deloitte’s Center for Controllership and IMA report insights from our global survey