Case Study |
Improving Financial Reporting for Lighting Company

CLIENT

Lighting Products
Company

INDUSTRY

Manufacturing

CONSULTANT ROLE

Interim
Head of Controlling

LOCATION

Netherlands

The Challenge

Inefficient Financial Reporting

The client, a lighting products manufacturer, embarked on a project to optimize its financial reporting process. The client was facing hurdles in tracking their financial performance due to inefficient practices, so they sought the assistance of an Interim Head of Controlling to improve reporting quality.

“Accurate financial reporting is not just a matter of numbers; it’s the foundation of informed decision-making and sustainable growth. Without it, we’re left in the dark.” — CFO

Role of Consultport

Consultport proposed 2 skilled candidates within 24 hours. The client interviewed both candidates and selected the candidate with Big 4 background and with 15+ years experience in optimizing financial reporting and controlling processes. The interim head of controlling started working with the client team 72 hours after the initial request.

Approach

Reporting Process Assessment

The interim head of controlling conducted a thorough analysis of existing reporting and controlling processes.

To gain deeper insights, the interim head of controlling also visited the portfolio company’s offices and production sites across Europe to evaluate data entry practices and challenges faced by employees involved in the reporting process.

Solution

Initiatives for Process Improvement

Based on the assessment, the interim head of controlling developed data entry guidelines, implemented automated alerts for data outliers and set up data reconciliation processes.

The interim head of controlling also provided customized workshops for different teams, introducing best practices for building financial statements.

Results

Enhanced Financial Reporting

The initiatives of the interim head of controlling significantly improved the efficiency of the client’s financial reporting process. Data entry errors were reduced, and the improved employee understanding led to better adherence to reporting practices and the production of more accurate, frequent and on-time financial statements.