The Client, a Fortune 500 Company, entered into a long term agreement with a vendor to outsource and offshore accounting functions, specifically accounts payable and transactional accounting. The Client chose a staggered approach to implementing the shared service organization, selecting its $1B business unit as the first of three business divisions to transition its accounting functions.
DLC spent two months developing detailed documentation of standard operating procedures for accounts payable and transactional accounting functions. Documentation included step by step instructions with system and supplemental schedule screenshots as well as references of key controls related to the processes. Following the completion of documentation, the outsource partner’s team was brought to the business unit to shadow the process. DLC participated in leading training sessions for the Client, both preparing materials and presenting the training for the group and one-on-one meetings. DLC developed tests and certifications to ensure that process knowledge was communicated effectively to the outsource partner. DLC managed a “dry run” close as well as the first two months of the actual close process to ensure that the new team understood the process and met all internal deadlines.
Accounts payable and transactional accounting transitioned effectively to the outsourcing partner over a period of four months. Results continued to be closely monitored following the full transition. The Client was able to incorporate the lessons learned from the first business unit implementation to advance the transition to additional divisions.