A US-based multinational manufacturer struggled with closing its books in a timely manner, often taking up to ten working days and missing corporate deadlines to report to their Japanese parent company. Veracity was brought in to help shorten and stabilize the financial close process to meet a target of seven working days.
01.
The Challenge
A US-based multinational manufacturer was unable to close its books in a timely manner and report to the Japanese parent company. The close was taking up to ten working days, which missed corporate deadlines. Veracity was engaged to identify ways to shorten and stabilize the financial close with a goal of seven working days.
02.
What We Did
Veracity began with a detailed analysis of the existing processes, identifying key deficiencies. They implemented process optimizations, automated manual tasks, created a daily closing checklist, right-sized the finance department, and optimized the financial model. Regular close cadence meetings were introduced to address roadblocks, balance workloads, and reduce dependencies.
03.
Our Impact
With these improvements, the manufacturer now completes its monthly close in just six business days, consistently meeting corporate deadlines and deliverable obligations.
