Zinnov Management Consulting announced the launch of its study on ?Finance and Accounting Process Benchmarking?, which says that there is a growing push towards best practice adoption and metrics tracking for finance and accounting processes by many MNC R&D centers in India, indicating the aspiration for improved efficiency and effectiveness in their financial processes.
40 MNC R&D centers in India participated in this study and of all the functions of Finance & Accounting, the released Zinnov report comprises of detailed analysis and insights on the top four functions namely Accounts Payable, Budgeting and Forecasting, Fixed Assets and Payroll.
The study brings to light that effective monitoring of processes and metrics are critical for bringing about efficiencies in the F&A function of any organization and considering the sheer size of these MNC?s in India, it is imperative for them to adopt these best practices and streamline their financial functions. It also highlights that improper monitoring of processes and metrics in the ?Finance and Accounts? section leads to multiple challenges across functions in terms of Quality, Controls, Visibility, Man Management Intensity and Documentation.
Speaking about the launched study, Pari Natarajan, Chief Executive Officer, Zinnov Management Consulting, Pvt. Ltd, said, ?As far as this function in an organization is concerned, teams have to really spend a lot of time ?peeling back the layers? to get to any quantitative and qualitative information and identify drivers, enablers, and best practices.”