Business Process Remediation

P&L reduced the closing process from 60 days to 30 days via improved process, controls and automation which shortened the Portfolio Review process from 45 days to 2 weeks.

Problem

A PE fund ($8 billion AUM) with a distressed finance and accounting group was required to document and remediate their business processes prior to formal audits related to S-1 fillings as a part of their pre-IPO requirements.

Solution

Due to competing business priorities, the client turned to P&L to serve as an extension of their team to document and analyze their current accounting procedures, identify risks, and implement the proposed solutions.

Complexities

• Building trust with business users for full disclosure
• Uncovering hidden control issues or process flaws
• Buy-in from lower level business users
• Confirming accuracy of results
• Managing politics between groups with handoffs
• Implementing change