Case Study: Navigating ERP Transition and Year-End Audit
Industry: Biotechnology
Challenge: Complex year-end audit following an ERP upgrade to SAP and
strengthening financial operations
Background
The UK subsidiary of a multinational biotechnology firm, faced a challenging year-end audit following a comprehensive ERP upgrade to SAP. The ERP transition introduced a new chart of accounts, which added complexity to the audit process.
Ensuring compliance and maintaining audit efficiency required advanced coordination, robust controls, and technical expertise.
Solution
FinOps Partners was engaged to support in navigating the intricacies of the audit while embedding stronger month-end processes to transform their finance team into a strategic asset. Key solutions provided included:
01
Audit Coordination and Query Tracking
Recognising the audit’s complexity, FinOps Partners developed a detailed audit query tracker to ensure swift resolution of queries, smooth communication, and timely audit completion. This proactive approach minimised delays, helping achieve compliance despite the ERP transition.
02
Post-Audit Finance Team Training
To support ongoing improvements, FinOps Partners provided post-audit training focused on refining month-end processes, strengthening financial controls, and elevating the finance team’s capabilities. This training aimed to position the finance team as a strategic asset capable of aligning with their long-term objectives.
03
ERP Optimisation with Parent Company Collaboration
Working with the parent company in the US, FinOps Partners is actively optimising SAP functionalities to automate key financial operations, unlocking efficiencies that enable the finance team to transition from administrative tasks to value-added analysis and strategic reporting.
Impactful Outcomes
The assistance provided by FinOps Partners was instrumental in helping achieve a seamless audit process and leverage their new ERP system for maximum impact.
Enhanced Audit Efficiency and Compliance
The audit query tracker allowed teams to coordinate effectively with auditors, resolve issues promptly, and ensure audit accuracy, ultimately reducing the risk of compliance issues.
Improved Month-End Processes and Financial Control
Post-audit training empowered the finance team to adopt more efficient, robust month-end processes and implement stronger controls, fostering a more resilient and capable finance function.
Strategic Finance Transformation
By optimising SAP functionalities and embedding strategic financial practices, the finance team evolved from an administrative function to a proactive, strategic partner capable of driving financial insights and supporting business growth.
Results
Through collaboration with FinOps Partners, not only did they navigate a complex year-end audit but also built a foundation for long-term financial growth. This transformation underscores the power of strategic finance solutions to elevate finance from compliance-focused tasks to a central role in supporting business objectives.
Summary
FinOps Partners empowers clients to adapt to complex financial challenges and ERP transitions with strategic foresight, technical expertise, and customised training. Our tailored solutions ensure that finance teams are not only audit-ready but also equipped to deliver valuable insights that drive organisational success.