Analyze + Implement
CTS Impact offers a practical, hands-on, modern approach to consulting across a wide breadth of industries and services. Unlike traditional consulting agencies, CTS Impact is more than business advisors and project managers giving advice from the sidelines. Our team blends real-world industry expertise in Finance, Information Technology, Data Analytics, and Human Resources to both analyze and implement your corporate strategy, all delivered with a collaborative and tailored approach.
For more about us and our approach, click here.
Industries We Serve:
- Financial Services
- Healthcare
- Real Estate
- Technology
- Energy (Including Renewable)
- Manufacturing & Distribution
- Higher Education
- Retail & Consumer Products
- Transportation & Logistics
- Telecommunications
- Business Services
- Travel & Hospitality
Services We Provide:
Business Process Improvement and Change Management
At CTS Impact, we’re detailed problem solvers. We understand that every facet of your business is interconnected, and our services focus on implementing processes that are practical and tailored to your specific business environment.
Our Offerings:
- Analyze and document current processes, including conducting interviews and work sessions with staff, and shadowing and performing key processes
- Identify process improvements, including gap analysis, benchmarking existing processes to industry best practices, and identifying opportunities for streamlining and automation
- Implement new and revised processes, including staff trainings and documentation of new policies and procedures
Business Process Improvement – Accounting Close Cycle
Background: To improve its financial reporting process, this multi-national financial institution wanted to reduce its month-end accounting close process from 10 days to 5 days.
CTS Impact Solution:
In order to identify and implement process improvements to reduce this client’s month-end close process, the CTS Impact team interviewed and observed current processes across the entire accounting function. As a result, over 50 opportunities for process improvement were identified including:
- Quick hits/short-term improvements
- Create a standard month-end close checklist
- Reduce number of allocations
- Develop recurring journal entries
- Expedite accrual entries through use of budget data
- Earlier cut-off of accounts payable
- Revise employee expense reimbursement policy
- Mid and long-term improvements
- Chart of accounts clean-up
- Automate account reconciliation and analysis using BlackLine
- Develop a standard quarterly management reporting package
- Document standard operating procedures
- Upgrade financial system to take advantage of auto-workflow functionality (Lawson)
Immediately after the implementation of the quick hits process improvements, the client’s month-end close process was reduced to 7 days. With the implementation of the long-term improvements, the client’s close process cycle time will be reduced by at least 50%.
Accounts Payable Process Improvement
Background: Due to rapid growth, this publicly-traded healthcare services company needed to identify more streamlined business processes for its Accounts Payable function in order to gain efficiencies to be scaleable in support of future growth, and to enhance its internal control environment.
In addition, the Accounts Payable department was experiencing very high-turnover, and did not have documentation of standard procedures to conduct cross-training and support of newly-hired staff.
CTS Impact Solution:
The CTS Impact team worked side-by-side with this client’s Accounts Payable team to identify and implement process improvements to its current processes.
As a starting point, CTS Impact staff performed day-to-day tasks of the accounts payable function, enabling them to identify and implement process improvements and system automation opportunities on a real-time basis. This approach also helped ensure the client did not fall behind on its vendor payments, while it searched and hired for new permanent staff.
Using best practices as a benchmark, CTS Impact also benchmarked the client’s current processes compared to peer organizations to determine key operating metrics, target operating model and service levels.
Through its targeted review across all facets of the Accounts Payable process, CTS Impact implemented numerous process improvements including:
- Elimination of AP backlog
- Automation of invoice-coding in accounting system (Lawson)
- Expanded use of EDI
- New expense reimbursement policy
- Documented standard operating procedures, including PHI considerations for HIPAA compliance
- Implemented new cloud-based tool to prepare 1099’s
Business Process Improvement – Center of Excellence Program Development
Background: In order to manage the large volume of user requests across all corporate administrative functions (e.g. finance, legal, human resources, marketing, etc.), reporting and analysis tools were needed to define user requirements, estimate resource requirements and allocations, estimate level of effort, prioritize concurrent and potentially conflicting activities and analyze the business case to evaluate the return on investment for new projects.
CTS Impact Solution: Using industry best practices, CTS performed the following:
- Project management
- Develop and prepare project plans
- Status reporting and updates to Steering Committee
- Program design and development
- Design standard tools and templates
- Develop prioritization model to evaluate organizational impact and level of effort
- Formalized communications plan for frequent updates to user-community
- Deployment of request management tracking tool (Primavera) to manage in-flight projects
- Conduct pilot
- Meet with business owners to define requirements
- Develop business cases to analyze ROI
- Prepare project charters and projet plans
- Liaison to IT and business community
- Program roll-out and on-going support
- Train new Business Analysts on usage of standard processes and tools
- Provide Interim Business Analysts to preform day-to-day activities
Transition Services – Planning and Implementation
Background: As part of its new services to provide third-party accounting services to its clients, this Germany-based renewable energy company engaged CTS to develop planning and implementation tools to support the on-boarding and transition of their new clients to a standard accounting platform (SAP).
CTS Impact Solution: The CTS Impact Project Manager provided deep experience to develop a standard transition plan as follows:
- Develop PMO tools
- Standard project plan for Transition Services
- Estimation model for proposal process
- Resource/workload allocation model for accounting organization
- Define key metrics and service levels
Once these standard planning tools and templates were in place, CTS Impact utilized these tools and provided a Transition team to manage the migration and integration of these new services into the client’s existing accounting function, and to provide interim accounting assistance during the transition as follows:
- Mapping of chart of accounts
- Data conversion and validation
- Interim accounting operations during transition
- Interim financial reporting (IFRS)
- Cross-training to internal staff
- Document standard operating procedures
Project Management Office (PMO) Development and Support
Background: Due to the extensive number of concurrent projects underway within the Finance function of this Fortune 500 multi-national manufacturer, this client needed to launch and support a PMO to manage progress, and to provide an efficient way for status reporting and resource allocation across competing priorities.
CTS Impact Solution: To support this client through the launch and on–going management of the PMO, CTS Impact provided strong project management expertise to perform the following:
- Develop PMO tools and templates
- Standard project charter
- Standard tool to analyze business case and project ROI
- Workload/resource allocation and prioritization model
- Standard project planning templates
- System and user testing
- Standard status reporting (for management, executives, steering committee, etc.)
- Post–implementation review analysis tool (budget, deliverables, etc.)
- Hands – on project management (CTS Impact staff)
- PMO Lead – pilot and implement tools
- Project Managers – assigned to specific client projects
Standardization and Optimization
Background: As a result of several major acquisitions, this CTS Impact client needed to update its Investment Operations processes in order to be scalable to support future business requirements. Concurrently, the client was experiencing a high rate of staffing turnover in various management and staff roles.
CTS Impact Solution:
- Issue identification and resolution
- Reconciliation and settlement
- Trade operations
- Data integrity
- Pricing and performance
- Interim Operations Management
- Performed Interim Directorship activities until new permanent hire in place and cross-trained
- Month-end reporting and reconciliation activities
- Key liaison to internal audit staff during controls review and remediation effort
- Status updates to Executive Committee
- Optimization
- Re-vamped organizational structure and drafted job descriptions
- Designed standard processes
- Documented standard operating procedures
Business Process Improvement – Europe, Latin America, China
Background: The international operations of this Fortune 500 CTS Impact client did not have standard processes or systems across its 13 production facilities, which limited transparency and consistency of data available to the corporate management team.
CTS Impact Solution: With extensive work experience in foreign operations (along with foreign language proficiency), the CTS Impact Project Manager leveraged his significant financial and supply chain industry expertise to lead efforts as follows:
- Workflow analysis
- On-site data-gathering at 13 foreign plant facilities
- China (Hong Kong, Shanghai and Shenzhen)
- Europe (UK, Poland)
- Latin America (Argentina, Chile, Mexico)
- Facilitate joint-design work sessions to define future state requirements
- Gap analysis to design future state processes
- Develop and document standard operating procedures
- Develop web-based reporting tools to map to Hyperion
Business Process Improvement – Procure to Pay Processes
Background: As part of a cost management initiative, this CTS Impact client needed to streamline its Purchase-to-Pay processes, where many bottlenecks and inefficiencies existed. In addition, opportunities existed to leverage functionality from its existing financial system, PeopleSoft.
CTS Impact Solution:
- Conduct off-site work sessions to identify common bottlenecks and inefficiencies
- Develop future state process roadmap to resolve process breakdowns
- Investigate use of existing PeopleSoft functionality to identify further automation options
- Develop and maintain an action plan to implement process and systems changes
Standard Operating Procedures – Import/Customs
Background: In order to manage its global import function consistently, and to manage the enterprise risk associated with Import activities, this CTS Impact client needed to establish formal standard policies and operating procedures.
CTS Impact Solution:
- Data-gathering
- Coordinate business unit self-assessments
- Serve as key liaison to plant management to obtain survey responses
- Data analysis
- Prepare reports to track and monitor compliancy and audit readiness
- Development of database tool to collect plant data
- Documentation of standard operating procedures
- Develop procedures manual
- Provide training
- Customs Audits
- Provide first-level support for business units and plants
- Interface with Legal department for information requests related to Customs Audits
- Design and execute pre-audit reviews to ensure compliance in future
Process and System Design – Production Planning
Background: As a rapidly growing wireless telecommunications company, the current production planning and scheduling processes were not scalable to meet this CTS Impact client’s future business requirements.
CTS Impact Solution:
- Identify business requirements
- Develop a net purchasing requirements (NPR) model and related tools
- Document standard operating procedures
- Design reports in tandem with new MRP system (SAGE)
- Cross-training of staff
Strategic Sourcing Analysis and Program Design
Background: To leverage its massive purchasing power for the procurement of raw materials, this CTS Impact client needed to formalize its sourcing process for certain goods and services through a strategic sourcing program.
CTS Impact Solution:
- Analysis
- Perform risk assessment
- Define requirements & key metrics
- Vendor analysis of commodity families
- Vendor negotiation assistance
- Design and implement
- Conduct pilot of selected providers
- Select preferred providers
- Monitor compliance & performance
- Develop Access database tracking tool to monitor vendor compliance and performance
Software Evaluation, Design & Implementation-Workday Financials and Workday HCM
With the rapid expansion of this investment management firm into new lines of business including investment banking and insurance, reporting requirements grew in both size and complexity. To address its future reporting needs, the current financial system (Great Plains) needed to be replaced.
In addition, due to the complexity of its legal entity structure, including numerous joint ventures and minority-interest entities, along with foreign exchange transactions, an automated reporting tool was needed to consolidate financial results and report on them more efficiently.
As the Business Project Lead, CTS Impact provided a financial services industry-experienced Project Manager with significant capital markets background to assist with documentation of current processes in order to capture current state and to define future business requirements to support the software selection.
Once the new cloud-based software application was selected (Workday Financials and Workday HCM), CTS Impact supported the full life-cycle implementation of this tool, including re-design of the Chart of Accounts and other business processes, documentation of internal controls, user-acceptance (UAT) & systems testing, and end-user training, as well as post go-live support.
Concurrently, the CTS team assisted the management reporting team with its migration to Hyperion Financial Management (HFM) reporting tool and an Essbase business intelligence tool. Significant data clean-up was performed to facilitate data conversion, along with documentation of standard operating procedures. The financial system project design to go-live was completed ahead of schedule and under-budget due to the efficiency of experienced CTS Impact team, in collaboration with the internal staff.
In a parallel workstream, CTS Impact also provided hands-on report design expertise to automate short-term reporting processes until the new, long-term solutions were placed into production.
Other CTS Impact Services Provided:
- Asset Management – Investment Operations
- Back-office optimization
- Develop and document standard operating procedures
- Interim staffing
- Internal Controls – Project management
- SOC-1 readiness and reporting (and SAS 70 previously)
- Perform risk assessment
- Documentation of key controls
- Perform testing
- Liaison to external auditors
- SOC-1 readiness and reporting (and SAS 70 previously)
System Selection and Implementation – NetSuite
Background: This large multi-national investment management firm’s financial system was no longer being supported by the software vendor, so it was imperative to migrate to a new financial system quickly to mitigate risk. In addition, its financial reporting requirements had evolved significantly, so they needed to improve their accounting processes.
In addition, this client needed to select and replace a disparate group of HR and payroll systems, to gain efficiencies from a standard platform.
CTS Impact Solution:
In order to assist this client, CTS Impact provided a team with deep industry experience to lead the software selection design, analysis and implementation of a new financial system. To compress the timeline of this complex project, and given the diverse functionality of these systems, the CTS Impact project team had a blend of hands-on experience in HR, payroll and accounting, rather than two independent functional teams.
Software Vendor Analysis
As the first step, CTS Impact worked closely with the process owners to identify business requirements for a new financial system. CTS Impact documented current processes in order to define requirements and to identify future state process improvements and automation opportunities.
Leveraging the CTS Impact toolkit, a targeted RFP was developed to review a cross-section of software vendors including cloud and ERP options (NetSuite, Workday, Dynamics AX and Oracle).
Given the diverse functionality of these systems, CTS Impact helped compress the timeline of the client’s software selection by performing much of the pre-screening and analysis prior to the vendor demos presented to the client.
Pre-Implementation
As soon as the client selected NetSuite, CTS Impact worked with each of the functional areas of accounting and finance to prepare for the implementation, including:
- Chart of accounts re-design
- Data clean-up (vendor master file, historical data)
- Detail process analysis
- Define new delegation of authority and approval levels to support auto-workflow processing of accounts payable and journal entries
- Define system security levels and permissions
- Definition of future state reporting requirements
System Implementation and Process Change Management
As an extension of the client’s staff, CTS assisted throughout the entire implementation with:
- Process design worksessions to define future state processes
- Configuration support as liaison to NetSuite technical team
- Data conversion and validation
- Testing
- Develop user-training documentation with client-specific processes
- Document standard operating procedures (SOPs)
In addition, to gain added efficiency and enhance controls, CTS Impact worked with the client’s Human Resources system, UltiPro, to develop, test and implement a seamless integration between UltiPro Payroll and NetSuite.
Once go-live, CTS Impact provided post go-live support during the initial month-end close process to ensure knowledge system.
ERP Upgrade – PeopleSoft – Financials, HR and Supply Chain
Background: With the concurrent upgrade of its human resources, financials and supply chain ERP system (PeopleSoft), CTS Impact provided operational expertise in finance & accounting, supply chain and HR with specific PeopleSoft implementation and user experience throughout the entire life-cycle of the upgrade to perform the following:
CTS Impact Solution: Using PMI-based project management methodologies, CTS performed:
- Business process analysis
- Workflow design and documentation
- Data mapping
- Data conversion and clean-up
- UAT and system testing
- User-training and roll-out support
- Design reporting tools (reports and queries)
Budget Process Support and Training – Hyperion HFM
Background: With the recent migration to a new financial planning tool (Hyperion HFM), this prestigious higher education institution was preparing for its first annual budget cycle using the new system. In a highly de-centralized environment, each of its 35 departments and academic units were performing the budget process differently. Given the roll-out of a new planning system, these processes needed to be standardized in order to utilize the system in an efficient manner.
CTS Impact Solution:
To provide one-on-one functional support to users across the entire organization, the CTS Impact team worked as an extension of the Budget Office throughout the entire annual budget process, working closely with the 35 departments and academic units.
- Identify opportunities to optimize use of Hyperion HCM
- Interviewed 75% of the departments
- Designed efficient way to collect data from departments
- Utilized Web Forms and SmartView for various reporting needs
- Develop budget process tools
- Glossary of standard terms
- Develop FAQ’s – budget process
- Developed job aids/cheat sheets
- Tip of the Day feature on intranet
- Documented standard operating procedures
ERP Upgrade – JD Edwards – Financial Process Re-Design
Background: In tandem with its accounting migration into a shared services center, this CTS Impact client needed to upgrade its JD Edwards Enterprise One software system.
CTS Impact Solution: With significant real estate accounting operations and JD Edwards system implementation and user experience, the CTS Impact staff performed the following:
- Business process analysis
- Workflow design and documentation
- Testing
- Develop methodology
- Script development
- System and user testing
- Develop user-training program and manual
- Trouble-shooting and support during go-live
Human Resources System Selection and Implementation – UltiPro
Background: This large multi-national investment management firm had numerous disparate Human Recourses software solutions which were not fully integrated, which led to inefficiencies and errors. Moreover, its Payroll system was not tied to the Human Resources system. As a result, the client’s goal was to implement one system to meet all of its payroll and human resources requirements.
Concurrently, this organization’s financial system needed to be replaced, since it was no longer meeting business needs related to financial reporting.
CTS Impact Solution:
In order to assist this multi-national financial services firm to select and implement a new Human Resources, Payroll and Financial System, CTS Impact provided a team with deep industry experience to lead the software selection, analysis and implementation of a new HR, Payroll and Financial system.
To compress the timeline of this complex project, and given the diverse functionality of these systems, the CTS Impact project team had a blend of hands-on experience in HR, payroll and accounting, rather than two independent functional teams.
Leveraging the CTS Impact Toolkit, CTS Impact worked closely with the client to document current processes in order to define requirements and to identify future state process improvements and system automation opportunities in each area:
- Human Resources
- Benefits administration
- Performance management
- Applicant tracking/recruitment
- Compensation management
- Payroll
- Accounting
- Accounts payable
- General ledger
- Financial reporting
Once requirements were defined, the CTS Impact team developed a targeted RFP and led facilitated system demos to review a cross-section of software vendors including cloud and ERP options (UltiPro, Workday, and Oracle).
As a result of this integrated analysis, the client selected UltiPro.
In anticipation of the implementation of a new HR, Payroll and Financial system, CTS Impact worked with process owners to prepare for the implementation, including:
- Detail process analysis
- Facilitated process design workshops to identify the future state processes and to assist the software vendor with configuration decisions.
- Define new delegation of authority and approval levels to support auto-workflow processing
- Define system security levels and permissions
- Data clean-up (e.g. chart of accounts, vendor master file, job codes, skills & competencies, etc.)
- Definition of future state reporting requirements
Throughout the entire implementation, including design, configuration and testing of each of UltiPro’s modules, CTS Impact worked as an extension of the client’s teams to liaison with UltiPro’s technical configuration support teams.
Prior to go-live, CTS Impact developed tailored user-training documentation and job aids, including the client-specific standard operating procedures for cross-training.
In addition, to gain added efficiency and enhance controls, CTS Impact developed, tested and implemented a seamless integration between UltiPro Payroll and NetSuite.
Once go-live, CTS Impact provided post go-live support to ensure the systems were achieving the client’s business needs and to facilitate knowledge transfer. Also, CTS Impact developed standard reporting using UltiPro’s business intelligence (BI) tool.
Subsequently, CTS Impact assisted this client with the implementation of additional HR applications including HighGround (performance management) and Avature (applicant-tracking & recruitment).
CTS Impact provided continuity of staff throughout the entire life-cycle to eliminate any unnecessary ramp-up time and to avoid costs to the client.
Human Resources System and Process Design & Implementation
Background: Given this large university system’s decision to convert to a new Human Resources system (Workday HCM), detail business processes needed to be analyzed as part of the new system configuration. In addition, the Provost’s office needed to validate their specific business requirements related to faculty and other academic appointments were being met in the design of the new system.
CTS Impact Solution:
To assist this client with their analysis of a new HR system, the CTS Impact team provided first-hand Workday HCM experience to document and analyze the Provost’s office critical business requirements.
Once the requirements were identified, the CTS Impact team liaisoned with the Project Management Office (PMO) to confirm these requirements were addressed during configuration. In addition, CTS Impact assisted with data clean-up related to job codes and department allocations in order to establish standard data governance.
Business Intelligence – SAP BPC – Software Evaluation & Implementation
Background: To support its management reporting requirements, this CTS Impact client needed a user-friendly tool that could be implemented on an expedited basis across its worldwide business units.
Key considerations for the evaluation were the need to support standard distribution of reports, expanded drill-down capabilities, and dashboard of key performance metrics.
CTS Impact provided hands-on project management expertise who applied their first-hand knowledge of various business intelligence tools to perform the following:
- Requirements definition and prioritization — business and technical requirements
- Vendor analysis and scoring (Hyperion, SAP BPC, Cognos)
- Perform business case analysis
- System and reporting design (SAP BPC)
- Report design
- Business process workflow
- Data architecture
- Conduct testing and troubleshoot exceptions
- Develop end-user training program and manual
- Provide end-user support during ‘go-live’
Commission System Implementation and Process Re-Design
Background: As part of its migration to a shared services environment, this CTS Impact client was centralizing its worldwide Commissions function, including a new software tool. Previously, several different software applications were in use supporting various business units, and with disparate business processes with varying degrees of complexity.
CTS Impact Solution: As an experienced IT Project Manager with hands-on experience with commissions processes, CTS Impact performed the following:
- Requirements definition
- Define future state model
- Identify specific reporting needs
- Data mapping and design
- Research all data inflows and outflows
- System mapping of over 50 commission plans
- Design and document
- Process design
- Document standard operating procedures
- User-acceptance testing (UAT)
- User-training and roll-out support
CRM Process and System Design and Implementation – SalesLogix
Background: In order to manage its customer relationships from inception through deal close, this CTS Impact client selected an automated CRM tool, SAGE SalesLogix to manage its data. However, the client’s Project Management Office (PMO) was resource-constrained, and lacked specific real estate industry expertise critical to the implementation of this tool.
CTS Impact Solution:
- Project management — Real Estate industry experience
- Develop and maintain project plan
- Status reporting
- Issue escalation and communication
- Business process design
- Business requirements analysis
- Workflow analysis
- Documentation of business processes
- System design
- Conduct conference room pilot
- System configuration
- Coordinate data cleansing
- UAT testing
- Implementation
- Coordinate staged roll-out to users
- User-training and documentation
IT Governance Policy Development and Compliance
Background: With over 850 business units globally, this de-centralized IT function needed to establish formal IT governance standards and guidelines as part of its Enterprise Risk Management program.
CTS Impact Solution: Using the COBIT / ITGI standard framework as a best practice, CTS Impact performed the following:
- Conduct risk assessment
- Develop and document IT policies and guidelines
- Disaster recovery and business continuity
- Physical, environmental and system security
- Access controls
- IT operations
- Change management – applications and technical infrastructure
- Data management
- SLA compliance
- Monitor and review compliance
- Coordinate self-assessments on annual basis
- Perform testing of high risk business units
- SOC 1 review of significant third-party providers
IT Security and PCI Compliance
Background: In a technology-centric operation, this CTS Impact client had identified significant internal control weaknesses which required disclosure in its annual report to the SEC. Due to the dynamic nature of the client’s environment, numerous applications, hardware, networks and other technical infrastructure were in place due in part to informal IT governance.
CTS Impact Solution: In order to remediate the material controls weaknesses, the first step was to identify ALL systems in use, understanding their connectivity and interaction, and then to address the controls deficiencies. CTS Impact provided a Project Manager and staff to perform the following:
- System mapping
- Identify critical systems (software, hardware, networks, interfaces)
- Document comprehensive systems in use (over 100 identified)
- Identify gaps and inefficiencies
- Analysis and Remediation
- Perform risk assessment
- Documentation of key controls
- Perform IT compliance testing
- Remediation planning and execution, including development of standard operating procedures
Given the depth of understanding of this client’s systems, business processes, culture and overall environment, CTS also assisted this client with the following other projects:
- IT project management
- Payment Card Industry (PCI) data security compliance
- Treasury workstation design, roll-out and user-training
- Interim Business Analyst — financial systems
Disaster Recovery and Business Continuity Planning
Background: Although certain business practices were in place, this CTS Impact client lacked a formal disaster recovery program to manage its enterprise-wide risk. Once designed, the operational effectiveness of the controls needed to be evaluated.
CTS Impact Solution:
- Identify and map existing systems & processes
- Document standard operating procedures
- Perform testing of emergency procedures, based on risk assessment
- Contingency planning
- Develop business continuity planning framework
Acquisition Integration – Business and Systems Integration
To further diversify its vast real estate portfolio, this CTS Impact client expanded into a new segment; hotels, via acquisition of 3 major portfolios within an 8-month period. With acquired hotel assets of over $2.5 billion, this client needed specific hotel accounting experience to manage this back office integration and standardization.
As Project Manager, CTS Impact provided hands-on hotel and hospitality industry expertise to manage the acquisition integration onto its corporate platform. In addition to leveraging economies of scale, CTS Impact led the efforts to develop new business processes, along with new reporting tools and standard operating procedures. Deploying CTS Impact staff with hands-on financial systems experience, the legacy Timberline financial system was seamlessly converted to JD Edwards.
Throughout the transition, until the client was able to hire on permanent staff, CTS Impact provided interim accounting and financial reporting staff to support these new operations.
Other CTS Impact Solutions:
- Financial Reporting and Systems
- Purchase accounting and reconciliation
- SEC reporting
- Design new reporting tools
- Implement Content Management System (iManage)
- Tax Compliance
- Sales & use tax dispute investigation and resolution
- Interim staffing-Federal, state & local income tax assistance
- Asset Management and Joint Ventures
- Develop standard processes to monitor investments
- Partner and lender reporting
- Litigation support
- Internal Audit – SOS 404 Compliance
- Risk assessment
- Develop standard tools/templates
- Document key controls
- Perform testing
- Remediation planning
- Status reporting and Audit Committee updates
IPO-Readiness, Financial System Implementation, and Internal Audit
Background:
In the midst of unprecedented company growth, this global technology and social networking company’s reporting needs expanded in both complexity and volume. With multi-national operations in over 40 countries worldwide, a standardized and automated reporting tool was mission-critical to produce GAAP-basis consolidated financial statements.
Financial data needed to be mapped from many different financial systems, including multi-currency transactions in 35 different local currencies. Joint venture and minority interest ownership of certain entities were also key issues for the consolidation of financial results.
In anticipation of its planned initial public offering, Groupon accounting staff had limited SEC expertise on staff. Also, the financial and systems controls needed to be reviewed and documented to analyze any potential gaps.
CTS Impact Solution:
Financial Systems Design and Implementation
- Cloud-based financial reporting tool (Host Analytics)–Rapid design and deployment
- Chart of accounts design
- Integration with cloud-based general ledger system (NetSuite)
IPO readiness
- S-1 registration statement preparation support and disclosures
- Interim staffing–financial reporting and consolidations
Corporate Governance and Compliance
- Risk assessment of internal control environment
- Documentation of key controls and processes (Financial and IT)
- Analysis of potential gaps
- Remediation planning
Acquisition Integration
Background: This publicly-held international pharmaceutical company was experiencing very rapid growth through multiple significant acquisitions. Each acquisition maintained their accounting records on different financial system platforms, so the client needed to migrate these disparate systems to a standard platform (SAP).
Also, prior to the roll-out of a new financial reporting tool (Adaptive Insights), the CTS Impact team maintained a parallel tool to perform the consolidation process, as well as the report validation process throughout the system implementation.
CTS Impact Solution:
CTS Impact needed to provide significant hands-on experience to assist this client in several ways simultaneously:
- Acquisition integration (3 major acquisitions within 1 year)
- Account mapping to new chart of accounts
- Reconciliation and analysis
- System conversion from Great Plains Dynamics to SAP
- Assist with process design
- Testing
- Document standard operating procedures (SOPs)
- Interim accounting activities
- Backfill support for various accounting and financial reporting roles while client conducted hiring process for permanent hires
- Monthly/quarterly/year-end close activities
- Consolidations
- Inventory accounting
- Cross-training and transition to new permanent staff
- Backfill support for various accounting and financial reporting roles while client conducted hiring process for permanent hires
Consistent with CTS Impact hands-on approach, while performing these roles, CTS Impact implemented process improvements to streamline the month-end close process. In addition, CTS Impact documented standard operating procedures (at the desktop level) to provide cross-training for new hires.
Sale – Foreign Ownership – Integration
Background: With the announcement of its sale to a large, Europe-based public utility company, this CTS Impact client needed enhanced reporting and analysis to support its new ownership. Also, re-engineering of business processes was required to align with its new corporate parent standards.
CTS Impact Solution:
- Financial reporting & analysis
- IFRS financial reporting (previously on GAAP basis)
- Develop annual budget
- Develop methodology
- Cash flow forecasting
- Tax support (1099 reporting)
- Business processes and controls
- Re-design purchasing and accounts payable processes (EDI, procurement card, T&E)
- Document accounting policies and operating procedures
- Internal controls review
Merger Integration and Process Standardization
Background: With the merger of 3 operating companies located across the U.S., this CTS Impact client needed to design and develop a standard back-office platform — business processes, policies & procedures, and systems, to support its integrated operations. In addition, the back-office was being centralized to a new headquarters location
CTS Impact Solution: With a blend of hands-on experience with financial systems and processes, the CTS Impact team managed the following:
- Financial systems conversion (Great Plains Dynamics)
- Develop financial reporting and analysis tools
- Develop and document standard business processes and operating procedures
- Ramp-up staffing until permanent hires in place and cross-trained
Interim Controller and ERP Project Manager – JD Edwards
Background: When the Controller resigned abruptly, CTS Impact stepped in on an interim basis to manage the year-end closing process, as well as to spearhead the financial systems project.
- Manage month-end closing
- Prepare financial statements
- Oversee reconciliation & analysis
- Prepare budgets and forecasts
- Project management of financial system upgrade (JD Edwards)
Interim IT Project Manager – Report Design
Background: In order to automate financial reporting processes until a new long term solution was fully implemented, CTS Impact performed the following:
- Created Access database to support management reporting requirements
- Developed macros, filters, VLOOKUPS and other spreadsheet management tools
- Perform system testing in support of system upgrades
- Issue identification and resolution
- Developed data warehouse plan (Microsoft Analysis Server)
CTS Impact Solution: With significant real estate accounting operations and JD Edwards system implementation and user experience, the CTS staff performed the following:
- Business process analysis
- Workflow design and documentation
- Testing
- Develop methodology
- Script development
- System and user testing
- Develop user-training program and manual
- Trouble-shooting and support during go-live
Co-Sourcing – Accounting Operations – U.S. and Middle East
Background: In order to manage the variability of accounting operations needs, CTS Impact provided Interim staff to perform various financial operations activities:
- Property accounting
- Development accounting
As part of serving in these functions on a daily basis, CTS Impact also performed special projects
- Financial systems (Yardi) — optimization of system functionality of existing modules
- Financial processes and controls to support expansion into Middle East (Abu Dhabi)
- Develop accounting policies
- Document standard operating procedures
Interim Business Analyst – Financial Systems
Background: With the objective to further automate various financial processes, numerous IT projects were pending. In order to facilitate the prioritization and execution of these activities, CTS Impact provided an Interim Business Analyst:
- Serve as key liaison with business owners and IT department
- Define specific reporting requirements based on interviews with business functions
- Evaluate options to meet requirements
- Design and develop performance metrics reports
- Monitor progress of related IT projects in progress
CTS Impact Solution: With significant real estate accounting operations and JD Edwards system implementation and user experience, the CTS staff performed the following:
- Business process analysis
- Workflow design and documentation
- Testing
- Develop methodology
- Script development
- System and user testing
- Develop user-training program and manual
- Trouble-shooting and support during go-live
Interim Controller – Outsourcing Migration
Background: In preparation for the outsourcing of its accounting operations, CTS Impact provided interim staff to perform:
- Manage and perform day-to-day finance and accounting activities
- Coordinate of migration to outsource third-party service provider
- Billing process re-design
- Document business processes in anticipation of Great Plains Dynamics system upgrade
CTS Impact Solution: With significant real estate accounting operations and JD Edwards system implementation and user experience, the CTS staff performed the following:
- Business process analysis
- Workflow design and documentation
- Testing
- Develop methodology
- Script development
- System and user testing
- Develop user-training program and manual
- Trouble-shooting and support during go-live
Business Process Improvement – Accounting Close Cycle
Background: To improve its financial reporting process, this multi-national financial institution wanted to reduce its month-end accounting close process from 10 days to 5 days.
CTS Impact Solution:
In order to identify and implement process improvements to reduce this client’s month-end close process, the CTS Impact team interviewed and observed current processes across the entire accounting function. As a result, over 50 opportunities for process improvement were identified including:
- Quick hits/short-term improvements
- Create a standard month-end close checklist
- Reduce number of allocations
- Develop recurring journal entries
- Expedite accrual entries through use of budget data
- Earlier cut-off of accounts payable
- Revise employee expense reimbursement policy
- Mid and long-term improvements
- Chart of accounts clean-up
- Automate account reconciliation and analysis using BlackLine
- Develop a standard quarterly management reporting package
- Document standard operating procedures
- Upgrade financial system to take advantage of auto-workflow functionality (Lawson)
Immediately after the implementation of the quick hits process improvements, the client’s month-end close process was reduced to 7 days. With the implementation of the long-term improvements, the client’s close process cycle time will be reduced by at least 50%.
Accounts Payable Process Improvement
Background: Due to rapid growth, this publicly-traded healthcare services company needed to identify more streamlined business processes for its Accounts Payable function in order to gain efficiencies to be scaleable in support of future growth, and to enhance its internal control environment.
In addition, the Accounts Payable department was experiencing very high-turnover, and did not have documentation of standard procedures to conduct cross-training and support of newly-hired staff.
CTS Impact Solution:
The CTS Impact team worked side-by-side with this client’s Accounts Payable team to identify and implement process improvements to its current processes.
As a starting point, CTS Impact staff performed day-to-day tasks of the accounts payable function, enabling them to identify and implement process improvements and system automation opportunities on a real-time basis. This approach also helped ensure the client did not fall behind on its vendor payments, while it searched and hired for new permanent staff.
Using best practices as a benchmark, CTS Impact also benchmarked the client’s current processes compared to peer organizations to determine key operating metrics, target operating model and service levels.
Through its targeted review across all facets of the Accounts Payable process, CTS Impact implemented numerous process improvements including:
- Elimination of AP backlog
- Automation of invoice-coding in accounting system (Lawson)
- Expanded use of EDI
- New expense reimbursement policy
- Documented standard operating procedures, including PHI considerations for HIPAA compliance
- Implemented new cloud-based tool to prepare 1099’s
Business Process Improvement – Center of Excellence Program Development
Background: In order to manage the large volume of user requests across all corporate administrative functions (e.g. finance, legal, human resources, marketing, etc.), reporting and analysis tools were needed to define user requirements, estimate resource requirements and allocations, estimate level of effort, prioritize concurrent and potentially conflicting activities and analyze the business case to evaluate the return on investment for new projects.
CTS Impact Solution: Using industry best practices, CTS performed the following:
- Project management
- Develop and prepare project plans
- Status reporting and updates to Steering Committee
- Program design and development
- Design standard tools and templates
- Develop prioritization model to evaluate organizational impact and level of effort
- Formalized communications plan for frequent updates to user-community
- Deployment of request management tracking tool (Primavera) to manage in-flight projects
- Conduct pilot
- Meet with business owners to define requirements
- Develop business cases to analyze ROI
- Prepare project charters and projet plans
- Liaison to IT and business community
- Program roll-out and on-going support
- Train new Business Analysts on usage of standard processes and tools
- Provide Interim Business Analysts to preform day-to-day activities
Transition Services – Planning and Implementation
Background: As part of its new services to provide third-party accounting services to its clients, this Germany-based renewable energy company engaged CTS to develop planning and implementation tools to support the on-boarding and transition of their new clients to a standard accounting platform (SAP).
CTS Impact Solution: The CTS Impact Project Manager provided deep experience to develop a standard transition plan as follows:
- Develop PMO tools
- Standard project plan for Transition Services
- Estimation model for proposal process
- Resource/workload allocation model for accounting organization
- Define key metrics and service levels
Once these standard planning tools and templates were in place, CTS Impact utilized these tools and provided a Transition team to manage the migration and integration of these new services into the client’s existing accounting function, and to provide interim accounting assistance during the transition as follows:
- Mapping of chart of accounts
- Data conversion and validation
- Interim accounting operations during transition
- Interim financial reporting (IFRS)
- Cross-training to internal staff
- Document standard operating procedures
Project Management Office (PMO) Development and Support
Background: Due to the extensive number of concurrent projects underway within the Finance function of this Fortune 500 multi-national manufacturer, this client needed to launch and support a PMO to manage progress, and to provide an efficient way for status reporting and resource allocation across competing priorities.
CTS Impact Solution: To support this client through the launch and on–going management of the PMO, CTS Impact provided strong project management expertise to perform the following:
- Develop PMO tools and templates
- Standard project charter
- Standard tool to analyze business case and project ROI
- Workload/resource allocation and prioritization model
- Standard project planning templates
- System and user testing
- Standard status reporting (for management, executives, steering committee, etc.)
- Post–implementation review analysis tool (budget, deliverables, etc.)
- Hands – on project management (CTS Impact staff)
- PMO Lead – pilot and implement tools
- Project Managers – assigned to specific client projects
Standardization and Optimization
Background: As a result of several major acquisitions, this CTS Impact client needed to update its Investment Operations processes in order to be scalable to support future business requirements. Concurrently, the client was experiencing a high rate of staffing turnover in various management and staff roles.
CTS Impact Solution:
- Issue identification and resolution
- Reconciliation and settlement
- Trade operations
- Data integrity
- Pricing and performance
- Interim Operations Management
- Performed Interim Directorship activities until new permanent hire in place and cross-trained
- Month-end reporting and reconciliation activities
- Key liaison to internal audit staff during controls review and remediation effort
- Status updates to Executive Committee
- Optimization
- Re-vamped organizational structure and drafted job descriptions
- Designed standard processes
- Documented standard operating procedures
Business Process Improvement – Europe, Latin America, China
Background: The international operations of this Fortune 500 CTS Impact client did not have standard processes or systems across its 13 production facilities, which limited transparency and consistency of data available to the corporate management team.
CTS Impact Solution: With extensive work experience in foreign operations (along with foreign language proficiency), the CTS Impact Project Manager leveraged his significant financial and supply chain industry expertise to lead efforts as follows:
- Workflow analysis
- On-site data-gathering at 13 foreign plant facilities
- China (Hong Kong, Shanghai and Shenzhen)
- Europe (UK, Poland)
- Latin America (Argentina, Chile, Mexico)
- Facilitate joint-design work sessions to define future state requirements
- Gap analysis to design future state processes
- Develop and document standard operating procedures
- Develop web-based reporting tools to map to Hyperion
Business Process Improvement – Procure to Pay Processes
Background: As part of a cost management initiative, this CTS Impact client needed to streamline its Purchase-to-Pay processes, where many bottlenecks and inefficiencies existed. In addition, opportunities existed to leverage functionality from its existing financial system, PeopleSoft.
CTS Impact Solution:
- Conduct off-site work sessions to identify common bottlenecks and inefficiencies
- Develop future state process roadmap to resolve process breakdowns
- Investigate use of existing PeopleSoft functionality to identify further automation options
- Develop and maintain an action plan to implement process and systems changes
Standard Operating Procedures – Import/Customs
Background: In order to manage its global import function consistently, and to manage the enterprise risk associated with Import activities, this CTS Impact client needed to establish formal standard policies and operating procedures.
CTS Impact Solution:
- Data-gathering
- Coordinate business unit self-assessments
- Serve as key liaison to plant management to obtain survey responses
- Data analysis
- Prepare reports to track and monitor compliancy and audit readiness
- Development of database tool to collect plant data
- Documentation of standard operating procedures
- Develop procedures manual
- Provide training
- Customs Audits
- Provide first-level support for business units and plants
- Interface with Legal department for information requests related to Customs Audits
- Design and execute pre-audit reviews to ensure compliance in future
Process and System Design – Production Planning
Background: As a rapidly growing wireless telecommunications company, the current production planning and scheduling processes were not scalable to meet this CTS Impact client’s future business requirements.
CTS Impact Solution:
- Identify business requirements
- Develop a net purchasing requirements (NPR) model and related tools
- Document standard operating procedures
- Design reports in tandem with new MRP system (SAGE)
- Cross-training of staff
Strategic Sourcing Analysis and Program Design
Background: To leverage its massive purchasing power for the procurement of raw materials, this CTS Impact client needed to formalize its sourcing process for certain goods and services through a strategic sourcing program.
CTS Impact Solution:
- Analysis
- Perform risk assessment
- Define requirements & key metrics
- Vendor analysis of commodity families
- Vendor negotiation assistance
- Design and implement
- Conduct pilot of selected providers
- Select preferred providers
- Monitor compliance & performance
- Develop Access database tracking tool to monitor vendor compliance and performance
Software Evaluation, Design & Implementation-Workday Financials and Workday HCM
With the rapid expansion of this investment management firm into new lines of business including investment banking and insurance, reporting requirements grew in both size and complexity. To address its future reporting needs, the current financial system (Great Plains) needed to be replaced.
In addition, due to the complexity of its legal entity structure, including numerous joint ventures and minority-interest entities, along with foreign exchange transactions, an automated reporting tool was needed to consolidate financial results and report on them more efficiently.
As the Business Project Lead, CTS Impact provided a financial services industry-experienced Project Manager with significant capital markets background to assist with documentation of current processes in order to capture current state and to define future business requirements to support the software selection.
Once the new cloud-based software application was selected (Workday Financials and Workday HCM), CTS Impact supported the full life-cycle implementation of this tool, including re-design of the Chart of Accounts and other business processes, documentation of internal controls, user-acceptance (UAT) & systems testing, and end-user training, as well as post go-live support.
Concurrently, the CTS team assisted the management reporting team with its migration to Hyperion Financial Management (HFM) reporting tool and an Essbase business intelligence tool. Significant data clean-up was performed to facilitate data conversion, along with documentation of standard operating procedures. The financial system project design to go-live was completed ahead of schedule and under-budget due to the efficiency of experienced CTS Impact team, in collaboration with the internal staff.
In a parallel workstream, CTS Impact also provided hands-on report design expertise to automate short-term reporting processes until the new, long-term solutions were placed into production.
Other CTS Impact Services Provided:
- Asset Management – Investment Operations
- Back-office optimization
- Develop and document standard operating procedures
- Interim staffing
- Internal Controls – Project management
- SOC-1 readiness and reporting (and SAS 70 previously)
- Perform risk assessment
- Documentation of key controls
- Perform testing
- Liaison to external auditors
- SOC-1 readiness and reporting (and SAS 70 previously)
System Selection and Implementation – NetSuite
Background: This large multi-national investment management firm’s financial system was no longer being supported by the software vendor, so it was imperative to migrate to a new financial system quickly to mitigate risk. In addition, its financial reporting requirements had evolved significantly, so they needed to improve their accounting processes.
In addition, this client needed to select and replace a disparate group of HR and payroll systems, to gain efficiencies from a standard platform.
CTS Impact Solution:
In order to assist this client, CTS Impact provided a team with deep industry experience to lead the software selection design, analysis and implementation of a new financial system. To compress the timeline of this complex project, and given the diverse functionality of these systems, the CTS Impact project team had a blend of hands-on experience in HR, payroll and accounting, rather than two independent functional teams.
Software Vendor Analysis
As the first step, CTS Impact worked closely with the process owners to identify business requirements for a new financial system. CTS Impact documented current processes in order to define requirements and to identify future state process improvements and automation opportunities.
Leveraging the CTS Impact toolkit, a targeted RFP was developed to review a cross-section of software vendors including cloud and ERP options (NetSuite, Workday, Dynamics AX and Oracle).
Given the diverse functionality of these systems, CTS Impact helped compress the timeline of the client’s software selection by performing much of the pre-screening and analysis prior to the vendor demos presented to the client.
Pre-Implementation
As soon as the client selected NetSuite, CTS Impact worked with each of the functional areas of accounting and finance to prepare for the implementation, including:
- Chart of accounts re-design
- Data clean-up (vendor master file, historical data)
- Detail process analysis
- Define new delegation of authority and approval levels to support auto-workflow processing of accounts payable and journal entries
- Define system security levels and permissions
- Definition of future state reporting requirements
System Implementation and Process Change Management
As an extension of the client’s staff, CTS assisted throughout the entire implementation with:
- Process design worksessions to define future state processes
- Configuration support as liaison to NetSuite technical team
- Data conversion and validation
- Testing
- Develop user-training documentation with client-specific processes
- Document standard operating procedures (SOPs)
In addition, to gain added efficiency and enhance controls, CTS Impact worked with the client’s Human Resources system, UltiPro, to develop, test and implement a seamless integration between UltiPro Payroll and NetSuite.
Once go-live, CTS Impact provided post go-live support during the initial month-end close process to ensure knowledge system.
ERP Upgrade – PeopleSoft – Financials, HR and Supply Chain
Background: With the concurrent upgrade of its human resources, financials and supply chain ERP system (PeopleSoft), CTS Impact provided operational expertise in finance & accounting, supply chain and HR with specific PeopleSoft implementation and user experience throughout the entire life-cycle of the upgrade to perform the following:
CTS Impact Solution: Using PMI-based project management methodologies, CTS performed:
- Business process analysis
- Workflow design and documentation
- Data mapping
- Data conversion and clean-up
- UAT and system testing
- User-training and roll-out support
- Design reporting tools (reports and queries)
Budget Process Support and Training – Hyperion HFM
Background: With the recent migration to a new financial planning tool (Hyperion HFM), this prestigious higher education institution was preparing for its first annual budget cycle using the new system. In a highly de-centralized environment, each of its 35 departments and academic units were performing the budget process differently. Given the roll-out of a new planning system, these processes needed to be standardized in order to utilize the system in an efficient manner.
CTS Impact Solution:
To provide one-on-one functional support to users across the entire organization, the CTS Impact team worked as an extension of the Budget Office throughout the entire annual budget process, working closely with the 35 departments and academic units.
- Identify opportunities to optimize use of Hyperion HCM
- Interviewed 75% of the departments
- Designed efficient way to collect data from departments
- Utilized Web Forms and SmartView for various reporting needs
- Develop budget process tools
- Glossary of standard terms
- Develop FAQ’s – budget process
- Developed job aids/cheat sheets
- Tip of the Day feature on intranet
- Documented standard operating procedures
ERP Upgrade – JD Edwards – Financial Process Re-Design
Background: In tandem with its accounting migration into a shared services center, this CTS Impact client needed to upgrade its JD Edwards Enterprise One software system.
CTS Impact Solution: With significant real estate accounting operations and JD Edwards system implementation and user experience, the CTS Impact staff performed the following:
- Business process analysis
- Workflow design and documentation
- Testing
- Develop methodology
- Script development
- System and user testing
- Develop user-training program and manual
- Trouble-shooting and support during go-live
Human Resources System Selection and Implementation – UltiPro
Background: This large multi-national investment management firm had numerous disparate Human Recourses software solutions which were not fully integrated, which led to inefficiencies and errors. Moreover, its Payroll system was not tied to the Human Resources system. As a result, the client’s goal was to implement one system to meet all of its payroll and human resources requirements.
Concurrently, this organization’s financial system needed to be replaced, since it was no longer meeting business needs related to financial reporting.
CTS Impact Solution:
In order to assist this multi-national financial services firm to select and implement a new Human Resources, Payroll and Financial System, CTS Impact provided a team with deep industry experience to lead the software selection, analysis and implementation of a new HR, Payroll and Financial system.
To compress the timeline of this complex project, and given the diverse functionality of these systems, the CTS Impact project team had a blend of hands-on experience in HR, payroll and accounting, rather than two independent functional teams.
Leveraging the CTS Impact Toolkit, CTS Impact worked closely with the client to document current processes in order to define requirements and to identify future state process improvements and system automation opportunities in each area:
- Human Resources
- Benefits administration
- Performance management
- Applicant tracking/recruitment
- Compensation management
- Payroll
- Accounting
- Accounts payable
- General ledger
- Financial reporting
Once requirements were defined, the CTS Impact team developed a targeted RFP and led facilitated system demos to review a cross-section of software vendors including cloud and ERP options (UltiPro, Workday, and Oracle).
As a result of this integrated analysis, the client selected UltiPro.
In anticipation of the implementation of a new HR, Payroll and Financial system, CTS Impact worked with process owners to prepare for the implementation, including:
- Detail process analysis
- Facilitated process design workshops to identify the future state processes and to assist the software vendor with configuration decisions.
- Define new delegation of authority and approval levels to support auto-workflow processing
- Define system security levels and permissions
- Data clean-up (e.g. chart of accounts, vendor master file, job codes, skills & competencies, etc.)
- Definition of future state reporting requirements
Throughout the entire implementation, including design, configuration and testing of each of UltiPro’s modules, CTS Impact worked as an extension of the client’s teams to liaison with UltiPro’s technical configuration support teams.
Prior to go-live, CTS Impact developed tailored user-training documentation and job aids, including the client-specific standard operating procedures for cross-training.
In addition, to gain added efficiency and enhance controls, CTS Impact developed, tested and implemented a seamless integration between UltiPro Payroll and NetSuite.
Once go-live, CTS Impact provided post go-live support to ensure the systems were achieving the client’s business needs and to facilitate knowledge transfer. Also, CTS Impact developed standard reporting using UltiPro’s business intelligence (BI) tool.
Subsequently, CTS Impact assisted this client with the implementation of additional HR applications including HighGround (performance management) and Avature (applicant-tracking & recruitment).
CTS Impact provided continuity of staff throughout the entire life-cycle to eliminate any unnecessary ramp-up time and to avoid costs to the client.
Human Resources System and Process Design & Implementation
Background: Given this large university system’s decision to convert to a new Human Resources system (Workday HCM), detail business processes needed to be analyzed as part of the new system configuration. In addition, the Provost’s office needed to validate their specific business requirements related to faculty and other academic appointments were being met in the design of the new system.
CTS Impact Solution:
To assist this client with their analysis of a new HR system, the CTS Impact team provided first-hand Workday HCM experience to document and analyze the Provost’s office critical business requirements.
Once the requirements were identified, the CTS Impact team liaisoned with the Project Management Office (PMO) to confirm these requirements were addressed during configuration. In addition, CTS Impact assisted with data clean-up related to job codes and department allocations in order to establish standard data governance.
Business Intelligence – SAP BPC – Software Evaluation & Implementation
Background: To support its management reporting requirements, this CTS Impact client needed a user-friendly tool that could be implemented on an expedited basis across its worldwide business units.
Key considerations for the evaluation were the need to support standard distribution of reports, expanded drill-down capabilities, and dashboard of key performance metrics.
CTS Impact provided hands-on project management expertise who applied their first-hand knowledge of various business intelligence tools to perform the following:
- Requirements definition and prioritization — business and technical requirements
- Vendor analysis and scoring (Hyperion, SAP BPC, Cognos)
- Perform business case analysis
- System and reporting design (SAP BPC)
- Report design
- Business process workflow
- Data architecture
- Conduct testing and troubleshoot exceptions
- Develop end-user training program and manual
- Provide end-user support during ‘go-live’
Commission System Implementation and Process Re-Design
Background: As part of its migration to a shared services environment, this CTS Impact client was centralizing its worldwide Commissions function, including a new software tool. Previously, several different software applications were in use supporting various business units, and with disparate business processes with varying degrees of complexity.
CTS Impact Solution: As an experienced IT Project Manager with hands-on experience with commissions processes, CTS Impact performed the following:
- Requirements definition
- Define future state model
- Identify specific reporting needs
- Data mapping and design
- Research all data inflows and outflows
- System mapping of over 50 commission plans
- Design and document
- Process design
- Document standard operating procedures
- User-acceptance testing (UAT)
- User-training and roll-out support
CRM Process and System Design and Implementation – SalesLogix
Background: In order to manage its customer relationships from inception through deal close, this CTS Impact client selected an automated CRM tool, SAGE SalesLogix to manage its data. However, the client’s Project Management Office (PMO) was resource-constrained, and lacked specific real estate industry expertise critical to the implementation of this tool.
CTS Impact Solution:
- Project management — Real Estate industry experience
- Develop and maintain project plan
- Status reporting
- Issue escalation and communication
- Business process design
- Business requirements analysis
- Workflow analysis
- Documentation of business processes
- System design
- Conduct conference room pilot
- System configuration
- Coordinate data cleansing
- UAT testing
- Implementation
- Coordinate staged roll-out to users
- User-training and documentation
IT Governance Policy Development and Compliance
Background: With over 850 business units globally, this de-centralized IT function needed to establish formal IT governance standards and guidelines as part of its Enterprise Risk Management program.
CTS Impact Solution: Using the COBIT / ITGI standard framework as a best practice, CTS Impact performed the following:
- Conduct risk assessment
- Develop and document IT policies and guidelines
- Disaster recovery and business continuity
- Physical, environmental and system security
- Access controls
- IT operations
- Change management – applications and technical infrastructure
- Data management
- SLA compliance
- Monitor and review compliance
- Coordinate self-assessments on annual basis
- Perform testing of high risk business units
- SOC 1 review of significant third-party providers
IT Security and PCI Compliance
Background: In a technology-centric operation, this CTS Impact client had identified significant internal control weaknesses which required disclosure in its annual report to the SEC. Due to the dynamic nature of the client’s environment, numerous applications, hardware, networks and other technical infrastructure were in place due in part to informal IT governance.
CTS Impact Solution: In order to remediate the material controls weaknesses, the first step was to identify ALL systems in use, understanding their connectivity and interaction, and then to address the controls deficiencies. CTS Impact provided a Project Manager and staff to perform the following:
- System mapping
- Identify critical systems (software, hardware, networks, interfaces)
- Document comprehensive systems in use (over 100 identified)
- Identify gaps and inefficiencies
- Analysis and Remediation
- Perform risk assessment
- Documentation of key controls
- Perform IT compliance testing
- Remediation planning and execution, including development of standard operating procedures
Given the depth of understanding of this client’s systems, business processes, culture and overall environment, CTS also assisted this client with the following other projects:
- IT project management
- Payment Card Industry (PCI) data security compliance
- Treasury workstation design, roll-out and user-training
- Interim Business Analyst — financial systems
Disaster Recovery and Business Continuity Planning
Background: Although certain business practices were in place, this CTS Impact client lacked a formal disaster recovery program to manage its enterprise-wide risk. Once designed, the operational effectiveness of the controls needed to be evaluated.
CTS Impact Solution:
- Identify and map existing systems & processes
- Document standard operating procedures
- Perform testing of emergency procedures, based on risk assessment
- Contingency planning
- Develop business continuity planning framework
Acquisition Integration – Business and Systems Integration
To further diversify its vast real estate portfolio, this CTS Impact client expanded into a new segment; hotels, via acquisition of 3 major portfolios within an 8-month period. With acquired hotel assets of over $2.5 billion, this client needed specific hotel accounting experience to manage this back office integration and standardization.
As Project Manager, CTS Impact provided hands-on hotel and hospitality industry expertise to manage the acquisition integration onto its corporate platform. In addition to leveraging economies of scale, CTS Impact led the efforts to develop new business processes, along with new reporting tools and standard operating procedures. Deploying CTS Impact staff with hands-on financial systems experience, the legacy Timberline financial system was seamlessly converted to JD Edwards.
Throughout the transition, until the client was able to hire on permanent staff, CTS Impact provided interim accounting and financial reporting staff to support these new operations.
Other CTS Impact Solutions:
- Financial Reporting and Systems
- Purchase accounting and reconciliation
- SEC reporting
- Design new reporting tools
- Implement Content Management System (iManage)
- Tax Compliance
- Sales & use tax dispute investigation and resolution
- Interim staffing-Federal, state & local income tax assistance
- Asset Management and Joint Ventures
- Develop standard processes to monitor investments
- Partner and lender reporting
- Litigation support
- Internal Audit – SOS 404 Compliance
- Risk assessment
- Develop standard tools/templates
- Document key controls
- Perform testing
- Remediation planning
- Status reporting and Audit Committee updates
IPO-Readiness, Financial System Implementation, and Internal Audit
Background:
In the midst of unprecedented company growth, this global technology and social networking company’s reporting needs expanded in both complexity and volume. With multi-national operations in over 40 countries worldwide, a standardized and automated reporting tool was mission-critical to produce GAAP-basis consolidated financial statements.
Financial data needed to be mapped from many different financial systems, including multi-currency transactions in 35 different local currencies. Joint venture and minority interest ownership of certain entities were also key issues for the consolidation of financial results.
In anticipation of its planned initial public offering, Groupon accounting staff had limited SEC expertise on staff. Also, the financial and systems controls needed to be reviewed and documented to analyze any potential gaps.
CTS Impact Solution:
Financial Systems Design and Implementation
- Cloud-based financial reporting tool (Host Analytics)–Rapid design and deployment
- Chart of accounts design
- Integration with cloud-based general ledger system (NetSuite)
IPO readiness
- S-1 registration statement preparation support and disclosures
- Interim staffing–financial reporting and consolidations
Corporate Governance and Compliance
- Risk assessment of internal control environment
- Documentation of key controls and processes (Financial and IT)
- Analysis of potential gaps
- Remediation planning
Acquisition Integration
Background: This publicly-held international pharmaceutical company was experiencing very rapid growth through multiple significant acquisitions. Each acquisition maintained their accounting records on different financial system platforms, so the client needed to migrate these disparate systems to a standard platform (SAP).
Also, prior to the roll-out of a new financial reporting tool (Adaptive Insights), the CTS Impact team maintained a parallel tool to perform the consolidation process, as well as the report validation process throughout the system implementation.
CTS Impact Solution:
CTS Impact needed to provide significant hands-on experience to assist this client in several ways simultaneously:
- Acquisition integration (3 major acquisitions within 1 year)
- Account mapping to new chart of accounts
- Reconciliation and analysis
- System conversion from Great Plains Dynamics to SAP
- Assist with process design
- Testing
- Document standard operating procedures (SOPs)
- Interim accounting activities
- Backfill support for various accounting and financial reporting roles while client conducted hiring process for permanent hires
- Monthly/quarterly/year-end close activities
- Consolidations
- Inventory accounting
- Cross-training and transition to new permanent staff
- Backfill support for various accounting and financial reporting roles while client conducted hiring process for permanent hires
Consistent with CTS Impact hands-on approach, while performing these roles, CTS Impact implemented process improvements to streamline the month-end close process. In addition, CTS Impact documented standard operating procedures (at the desktop level) to provide cross-training for new hires.
Sale – Foreign Ownership – Integration
Background: With the announcement of its sale to a large, Europe-based public utility company, this CTS Impact client needed enhanced reporting and analysis to support its new ownership. Also, re-engineering of business processes was required to align with its new corporate parent standards.
CTS Impact Solution:
- Financial reporting & analysis
- IFRS financial reporting (previously on GAAP basis)
- Develop annual budget
- Develop methodology
- Cash flow forecasting
- Tax support (1099 reporting)
- Business processes and controls
- Re-design purchasing and accounts payable processes (EDI, procurement card, T&E)
- Document accounting policies and operating procedures
- Internal controls review
Merger Integration and Process Standardization
Background: With the merger of 3 operating companies located across the U.S., this CTS Impact client needed to design and develop a standard back-office platform — business processes, policies & procedures, and systems, to support its integrated operations. In addition, the back-office was being centralized to a new headquarters location
CTS Impact Solution: With a blend of hands-on experience with financial systems and processes, the CTS Impact team managed the following:
- Financial systems conversion (Great Plains Dynamics)
- Develop financial reporting and analysis tools
- Develop and document standard business processes and operating procedures
- Ramp-up staffing until permanent hires in place and cross-trained
Interim Controller and ERP Project Manager – JD Edwards
Background: When the Controller resigned abruptly, CTS Impact stepped in on an interim basis to manage the year-end closing process, as well as to spearhead the financial systems project.
- Manage month-end closing
- Prepare financial statements
- Oversee reconciliation & analysis
- Prepare budgets and forecasts
- Project management of financial system upgrade (JD Edwards)
Interim IT Project Manager – Report Design
Background: In order to automate financial reporting processes until a new long term solution was fully implemented, CTS Impact performed the following:
- Created Access database to support management reporting requirements
- Developed macros, filters, VLOOKUPS and other spreadsheet management tools
- Perform system testing in support of system upgrades
- Issue identification and resolution
- Developed data warehouse plan (Microsoft Analysis Server)
CTS Impact Solution: With significant real estate accounting operations and JD Edwards system implementation and user experience, the CTS staff performed the following:
- Business process analysis
- Workflow design and documentation
- Testing
- Develop methodology
- Script development
- System and user testing
- Develop user-training program and manual
- Trouble-shooting and support during go-live
Co-Sourcing – Accounting Operations – U.S. and Middle East
Background: In order to manage the variability of accounting operations needs, CTS Impact provided Interim staff to perform various financial operations activities:
- Property accounting
- Development accounting
As part of serving in these functions on a daily basis, CTS Impact also performed special projects
- Financial systems (Yardi) — optimization of system functionality of existing modules
- Financial processes and controls to support expansion into Middle East (Abu Dhabi)
- Develop accounting policies
- Document standard operating procedures
Interim Business Analyst – Financial Systems
Background: With the objective to further automate various financial processes, numerous IT projects were pending. In order to facilitate the prioritization and execution of these activities, CTS Impact provided an Interim Business Analyst:
- Serve as key liaison with business owners and IT department
- Define specific reporting requirements based on interviews with business functions
- Evaluate options to meet requirements
- Design and develop performance metrics reports
- Monitor progress of related IT projects in progress
CTS Impact Solution: With significant real estate accounting operations and JD Edwards system implementation and user experience, the CTS staff performed the following:
- Business process analysis
- Workflow design and documentation
- Testing
- Develop methodology
- Script development
- System and user testing
- Develop user-training program and manual
- Trouble-shooting and support during go-live
Interim Controller – Outsourcing Migration
Background: In preparation for the outsourcing of its accounting operations, CTS Impact provided interim staff to perform:
- Manage and perform day-to-day finance and accounting activities
- Coordinate of migration to outsource third-party service provider
- Billing process re-design
- Document business processes in anticipation of Great Plains Dynamics system upgrade
CTS Impact Solution: With significant real estate accounting operations and JD Edwards system implementation and user experience, the CTS staff performed the following:
- Business process analysis
- Workflow design and documentation
- Testing
- Develop methodology
- Script development
- System and user testing
- Develop user-training program and manual
- Trouble-shooting and support during go-live
Software Selection, Design & Implementation
The CTS Impact team offers an objective and unbiased approach to your software tool selection, backed by decades of real-world professional user experience working with a diverse range of ERP, Cloud, and Business Intelligence tools. We understand the importance of getting a maximum return on your technology investment, and our recommendations and implementation strategies come from a place of lived experience in your shoes.
Our team has hands-on, real-world experience implementing and using the following systems:
| ERP | Cloud and SaaS | Business Intelligence & Reporting |
Database Management | Content Management | CRM | Data Analysis and Integration | Project Mgmt/ PPM | |
|---|---|---|---|---|---|---|---|---|
| Financial | HR | |||||||
| SAP | NetSuite | UltiPro | Hyperion Financial Mgmt (HFM) | Hyperion Essbase | SharePoint | Salesforce.com | .NET Web Services | MS Project |
| PeopleSoft | Workday Financial | Workday HCM | Hyperion Enterprise | MS Access | Dropbox | SalesLogix (Sage) | Boomi AtomSphere | CA Clarity PPM |
| Oracle | BlackLine | ADP | Adaptive Insights | SQL | Box | Outlook BCM | Java | Oracle Primavera |
| JD Edwards | Taleo | nVision | Autonomy / Interwoven / iManage | Informatica | JIRA | |||
| Microsoft Dynamics GP (Great Plains) | HighGround | SAP-BPC | Visio | |||||
| Microsoft Dynamics AX | Avature | COGNOS | ||||||
| Yardi | Host Analytics | |||||||
| Lawson | Microsoft Analysis Server | |||||||
| Timberline | Microsoft Reporting Services | |||||||
| Sage-FAS/MAS | ||||||||
Implementation and User Experience
Our Offerings:
- Software selection and recommendations, including defining business and technical requirements using our CTS Impact Toolkit, RFP development, and vendor analysis
- Software design and implementation for ERP, Cloud, and BI that covers initial design all the way through implementation, including business process design and change management, workflow and system documentation, data clean-up, reporting tools design, testing and data conversion, user-training, and post go-live support.
Business Process Improvement – Accounting Close Cycle
Background: To improve its financial reporting process, this multi-national financial institution wanted to reduce its month-end accounting close process from 10 days to 5 days.
CTS Impact Solution:
In order to identify and implement process improvements to reduce this client’s month-end close process, the CTS Impact team interviewed and observed current processes across the entire accounting function. As a result, over 50 opportunities for process improvement were identified including:
- Quick hits/short-term improvements
- Create a standard month-end close checklist
- Reduce number of allocations
- Develop recurring journal entries
- Expedite accrual entries through use of budget data
- Earlier cut-off of accounts payable
- Revise employee expense reimbursement policy
- Mid and long-term improvements
- Chart of accounts clean-up
- Automate account reconciliation and analysis using BlackLine
- Develop a standard quarterly management reporting package
- Document standard operating procedures
- Upgrade financial system to take advantage of auto-workflow functionality (Lawson)
Immediately after the implementation of the quick hits process improvements, the client’s month-end close process was reduced to 7 days. With the implementation of the long-term improvements, the client’s close process cycle time will be reduced by at least 50%.
Accounts Payable Process Improvement
Background: Due to rapid growth, this publicly-traded healthcare services company needed to identify more streamlined business processes for its Accounts Payable function in order to gain efficiencies to be scaleable in support of future growth, and to enhance its internal control environment.
In addition, the Accounts Payable department was experiencing very high-turnover, and did not have documentation of standard procedures to conduct cross-training and support of newly-hired staff.
CTS Impact Solution:
The CTS Impact team worked side-by-side with this client’s Accounts Payable team to identify and implement process improvements to its current processes.
As a starting point, CTS Impact staff performed day-to-day tasks of the accounts payable function, enabling them to identify and implement process improvements and system automation opportunities on a real-time basis. This approach also helped ensure the client did not fall behind on its vendor payments, while it searched and hired for new permanent staff.
Using best practices as a benchmark, CTS Impact also benchmarked the client’s current processes compared to peer organizations to determine key operating metrics, target operating model and service levels.
Through its targeted review across all facets of the Accounts Payable process, CTS Impact implemented numerous process improvements including:
- Elimination of AP backlog
- Automation of invoice-coding in accounting system (Lawson)
- Expanded use of EDI
- New expense reimbursement policy
- Documented standard operating procedures, including PHI considerations for HIPAA compliance
- Implemented new cloud-based tool to prepare 1099’s
Business Process Improvement – Center of Excellence Program Development
Background: In order to manage the large volume of user requests across all corporate administrative functions (e.g. finance, legal, human resources, marketing, etc.), reporting and analysis tools were needed to define user requirements, estimate resource requirements and allocations, estimate level of effort, prioritize concurrent and potentially conflicting activities and analyze the business case to evaluate the return on investment for new projects.
CTS Impact Solution: Using industry best practices, CTS performed the following:
- Project management
- Develop and prepare project plans
- Status reporting and updates to Steering Committee
- Program design and development
- Design standard tools and templates
- Develop prioritization model to evaluate organizational impact and level of effort
- Formalized communications plan for frequent updates to user-community
- Deployment of request management tracking tool (Primavera) to manage in-flight projects
- Conduct pilot
- Meet with business owners to define requirements
- Develop business cases to analyze ROI
- Prepare project charters and projet plans
- Liaison to IT and business community
- Program roll-out and on-going support
- Train new Business Analysts on usage of standard processes and tools
- Provide Interim Business Analysts to preform day-to-day activities
Transition Services – Planning and Implementation
Background: As part of its new services to provide third-party accounting services to its clients, this Germany-based renewable energy company engaged CTS to develop planning and implementation tools to support the on-boarding and transition of their new clients to a standard accounting platform (SAP).
CTS Impact Solution: The CTS Impact Project Manager provided deep experience to develop a standard transition plan as follows:
- Develop PMO tools
- Standard project plan for Transition Services
- Estimation model for proposal process
- Resource/workload allocation model for accounting organization
- Define key metrics and service levels
Once these standard planning tools and templates were in place, CTS Impact utilized these tools and provided a Transition team to manage the migration and integration of these new services into the client’s existing accounting function, and to provide interim accounting assistance during the transition as follows:
- Mapping of chart of accounts
- Data conversion and validation
- Interim accounting operations during transition
- Interim financial reporting (IFRS)
- Cross-training to internal staff
- Document standard operating procedures
Project Management Office (PMO) Development and Support
Background: Due to the extensive number of concurrent projects underway within the Finance function of this Fortune 500 multi-national manufacturer, this client needed to launch and support a PMO to manage progress, and to provide an efficient way for status reporting and resource allocation across competing priorities.
CTS Impact Solution: To support this client through the launch and on–going management of the PMO, CTS Impact provided strong project management expertise to perform the following:
- Develop PMO tools and templates
- Standard project charter
- Standard tool to analyze business case and project ROI
- Workload/resource allocation and prioritization model
- Standard project planning templates
- System and user testing
- Standard status reporting (for management, executives, steering committee, etc.)
- Post–implementation review analysis tool (budget, deliverables, etc.)
- Hands – on project management (CTS Impact staff)
- PMO Lead – pilot and implement tools
- Project Managers – assigned to specific client projects
Business Process Improvement – Europe, Latin America, China
Background: The international operations of this Fortune 500 CTS Impact client did not have standard processes or systems across its 13 production facilities, which limited transparency and consistency of data available to the corporate management team.
CTS Impact Solution: With extensive work experience in foreign operations (along with foreign language proficiency), the CTS Impact Project Manager leveraged his significant financial and supply chain industry expertise to lead efforts as follows:
- Workflow analysis
- On-site data-gathering at 13 foreign plant facilities
- China (Hong Kong, Shanghai and Shenzhen)
- Europe (UK, Poland)
- Latin America (Argentina, Chile, Mexico)
- Facilitate joint-design work sessions to define future state requirements
- Gap analysis to design future state processes
- Develop and document standard operating procedures
- Develop web-based reporting tools to map to Hyperion
Process and System Design – Production Planning
Background: As a rapidly growing wireless telecommunications company, the current production planning and scheduling processes were not scalable to meet this CTS Impact client’s future business requirements.
CTS Impact Solution:
- Identify business requirements
- Develop a net purchasing requirements (NPR) model and related tools
- Document standard operating procedures
- Design reports in tandem with new MRP system (SAGE)
- Cross-training of staff
Software Evaluation, Design & Implementation-Workday Financials and Workday HCM
With the rapid expansion of this investment management firm into new lines of business including investment banking and insurance, reporting requirements grew in both size and complexity. To address its future reporting needs, the current financial system (Great Plains) needed to be replaced.
In addition, due to the complexity of its legal entity structure, including numerous joint ventures and minority-interest entities, along with foreign exchange transactions, an automated reporting tool was needed to consolidate financial results and report on them more efficiently.
As the Business Project Lead, CTS Impact provided a financial services industry-experienced Project Manager with significant capital markets background to assist with documentation of current processes in order to capture current state and to define future business requirements to support the software selection.
Once the new cloud-based software application was selected (Workday Financials and Workday HCM), CTS Impact supported the full life-cycle implementation of this tool, including re-design of the Chart of Accounts and other business processes, documentation of internal controls, user-acceptance (UAT) & systems testing, and end-user training, as well as post go-live support.
Concurrently, the CTS team assisted the management reporting team with its migration to Hyperion Financial Management (HFM) reporting tool and an Essbase business intelligence tool. Significant data clean-up was performed to facilitate data conversion, along with documentation of standard operating procedures. The financial system project design to go-live was completed ahead of schedule and under-budget due to the efficiency of experienced CTS Impact team, in collaboration with the internal staff.
In a parallel workstream, CTS Impact also provided hands-on report design expertise to automate short-term reporting processes until the new, long-term solutions were placed into production.
Other CTS Impact Services Provided:
- Asset Management – Investment Operations
- Back-office optimization
- Develop and document standard operating procedures
- Interim staffing
- Internal Controls – Project management
- SOC-1 readiness and reporting (and SAS 70 previously)
- Perform risk assessment
- Documentation of key controls
- Perform testing
- Liaison to external auditors
- SOC-1 readiness and reporting (and SAS 70 previously)
System Selection and Implementation – NetSuite
Background: This large multi-national investment management firm’s financial system was no longer being supported by the software vendor, so it was imperative to migrate to a new financial system quickly to mitigate risk. In addition, its financial reporting requirements had evolved significantly, so they needed to improve their accounting processes.
In addition, this client needed to select and replace a disparate group of HR and payroll systems, to gain efficiencies from a standard platform.
CTS Impact Solution:
In order to assist this client, CTS Impact provided a team with deep industry experience to lead the software selection design, analysis and implementation of a new financial system. To compress the timeline of this complex project, and given the diverse functionality of these systems, the CTS Impact project team had a blend of hands-on experience in HR, payroll and accounting, rather than two independent functional teams.
Software Vendor Analysis
As the first step, CTS Impact worked closely with the process owners to identify business requirements for a new financial system. CTS Impact documented current processes in order to define requirements and to identify future state process improvements and automation opportunities.
Leveraging the CTS Impact toolkit, a targeted RFP was developed to review a cross-section of software vendors including cloud and ERP options (NetSuite, Workday, Dynamics AX and Oracle).
Given the diverse functionality of these systems, CTS Impact helped compress the timeline of the client’s software selection by performing much of the pre-screening and analysis prior to the vendor demos presented to the client.
Pre-Implementation
As soon as the client selected NetSuite, CTS Impact worked with each of the functional areas of accounting and finance to prepare for the implementation, including:
- Chart of accounts re-design
- Data clean-up (vendor master file, historical data)
- Detail process analysis
- Define new delegation of authority and approval levels to support auto-workflow processing of accounts payable and journal entries
- Define system security levels and permissions
- Definition of future state reporting requirements
System Implementation and Process Change Management
As an extension of the client’s staff, CTS assisted throughout the entire implementation with:
- Process design worksessions to define future state processes
- Configuration support as liaison to NetSuite technical team
- Data conversion and validation
- Testing
- Develop user-training documentation with client-specific processes
- Document standard operating procedures (SOPs)
In addition, to gain added efficiency and enhance controls, CTS Impact worked with the client’s Human Resources system, UltiPro, to develop, test and implement a seamless integration between UltiPro Payroll and NetSuite.
Once go-live, CTS Impact provided post go-live support during the initial month-end close process to ensure knowledge system.
ERP Upgrade – PeopleSoft – Financials, HR and Supply Chain
Background: With the concurrent upgrade of its human resources, financials and supply chain ERP system (PeopleSoft), CTS Impact provided operational expertise in finance & accounting, supply chain and HR with specific PeopleSoft implementation and user experience throughout the entire life-cycle of the upgrade to perform the following:
CTS Impact Solution: Using PMI-based project management methodologies, CTS performed:
- Business process analysis
- Workflow design and documentation
- Data mapping
- Data conversion and clean-up
- UAT and system testing
- User-training and roll-out support
- Design reporting tools (reports and queries)
Software Design & Implementation – SAP and Hyperion HFM
Background: To facilitate a transformation of financial processes, this CTS Impact client selected a new ERP system (SAP) and a business intelligence reporting tool (Hyperion HFM) to support its future business requirements. Due to the complex nature of the project, this CTS client needed an IT Project Manager who had in-depth knowledge of such tools, as well as financial processes.
CTS Impact Solution: Using PMI-based project management methodologies, CTS Impact performed:
- Project management
- Project plan development and updates (CA Clarity tool)
- Status reporting to Steering Committee
- Issue escalation, management and resolution
- Resource management
- Liaison to off-shore outsource provider (programming)
- Design and testing
- System configuration
- UAT and system test planning & execution
- Go-Live coordination (phased approach)
- Deployment readiness and scheduling
- User support during go-live(programming)
Budget Process Support and Training – Hyperion HFM
Background: With the recent migration to a new financial planning tool (Hyperion HFM), this prestigious higher education institution was preparing for its first annual budget cycle using the new system. In a highly de-centralized environment, each of its 35 departments and academic units were performing the budget process differently. Given the roll-out of a new planning system, these processes needed to be standardized in order to utilize the system in an efficient manner.
CTS Impact Solution:
To provide one-on-one functional support to users across the entire organization, the CTS Impact team worked as an extension of the Budget Office throughout the entire annual budget process, working closely with the 35 departments and academic units.
- Identify opportunities to optimize use of Hyperion HCM
- Interviewed 75% of the departments
- Designed efficient way to collect data from departments
- Utilized Web Forms and SmartView for various reporting needs
- Develop budget process tools
- Glossary of standard terms
- Develop FAQ’s – budget process
- Developed job aids/cheat sheets
- Tip of the Day feature on intranet
- Documented standard operating procedures
ERP Upgrade – JD Edwards – Financial Process Re-Design
Background: In tandem with its accounting migration into a shared services center, this CTS Impact client needed to upgrade its JD Edwards Enterprise One software system.
CTS Impact Solution: With significant real estate accounting operations and JD Edwards system implementation and user experience, the CTS Impact staff performed the following:
- Business process analysis
- Workflow design and documentation
- Testing
- Develop methodology
- Script development
- System and user testing
- Develop user-training program and manual
- Trouble-shooting and support during go-live
Human Resources System Selection and Implementation – UltiPro
Background: This large multi-national investment management firm had numerous disparate Human Recourses software solutions which were not fully integrated, which led to inefficiencies and errors. Moreover, its Payroll system was not tied to the Human Resources system. As a result, the client’s goal was to implement one system to meet all of its payroll and human resources requirements.
Concurrently, this organization’s financial system needed to be replaced, since it was no longer meeting business needs related to financial reporting.
CTS Impact Solution:
In order to assist this multi-national financial services firm to select and implement a new Human Resources, Payroll and Financial System, CTS Impact provided a team with deep industry experience to lead the software selection, analysis and implementation of a new HR, Payroll and Financial system.
To compress the timeline of this complex project, and given the diverse functionality of these systems, the CTS Impact project team had a blend of hands-on experience in HR, payroll and accounting, rather than two independent functional teams.
Leveraging the CTS Impact Toolkit, CTS Impact worked closely with the client to document current processes in order to define requirements and to identify future state process improvements and system automation opportunities in each area:
- Human Resources
- Benefits administration
- Performance management
- Applicant tracking/recruitment
- Compensation management
- Payroll
- Accounting
- Accounts payable
- General ledger
- Financial reporting
Once requirements were defined, the CTS Impact team developed a targeted RFP and led facilitated system demos to review a cross-section of software vendors including cloud and ERP options (UltiPro, Workday, and Oracle).
As a result of this integrated analysis, the client selected UltiPro.
In anticipation of the implementation of a new HR, Payroll and Financial system, CTS Impact worked with process owners to prepare for the implementation, including:
- Detail process analysis
- Facilitated process design workshops to identify the future state processes and to assist the software vendor with configuration decisions.
- Define new delegation of authority and approval levels to support auto-workflow processing
- Define system security levels and permissions
- Data clean-up (e.g. chart of accounts, vendor master file, job codes, skills & competencies, etc.)
- Definition of future state reporting requirements
Throughout the entire implementation, including design, configuration and testing of each of UltiPro’s modules, CTS Impact worked as an extension of the client’s teams to liaison with UltiPro’s technical configuration support teams.
Prior to go-live, CTS Impact developed tailored user-training documentation and job aids, including the client-specific standard operating procedures for cross-training.
In addition, to gain added efficiency and enhance controls, CTS Impact developed, tested and implemented a seamless integration between UltiPro Payroll and NetSuite.
Once go-live, CTS Impact provided post go-live support to ensure the systems were achieving the client’s business needs and to facilitate knowledge transfer. Also, CTS Impact developed standard reporting using UltiPro’s business intelligence (BI) tool.
Subsequently, CTS Impact assisted this client with the implementation of additional HR applications including HighGround (performance management) and Avature (applicant-tracking & recruitment).
CTS Impact provided continuity of staff throughout the entire life-cycle to eliminate any unnecessary ramp-up time and to avoid costs to the client.
Human Resources System and Process Design & Implementation
Background: Given this large university system’s decision to convert to a new Human Resources system (Workday HCM), detail business processes needed to be analyzed as part of the new system configuration. In addition, the Provost’s office needed to validate their specific business requirements related to faculty and other academic appointments were being met in the design of the new system.
CTS Impact Solution:
To assist this client with their analysis of a new HR system, the CTS Impact team provided first-hand Workday HCM experience to document and analyze the Provost’s office critical business requirements.
Once the requirements were identified, the CTS Impact team liaisoned with the Project Management Office (PMO) to confirm these requirements were addressed during configuration. In addition, CTS Impact assisted with data clean-up related to job codes and department allocations in order to establish standard data governance.
Business Intelligence – SAP BPC – Software Evaluation & Implementation
Background: To support its management reporting requirements, this CTS Impact client needed a user-friendly tool that could be implemented on an expedited basis across its worldwide business units.
Key considerations for the evaluation were the need to support standard distribution of reports, expanded drill-down capabilities, and dashboard of key performance metrics.
CTS Impact provided hands-on project management expertise who applied their first-hand knowledge of various business intelligence tools to perform the following:
- Requirements definition and prioritization — business and technical requirements
- Vendor analysis and scoring (Hyperion, SAP BPC, Cognos)
- Perform business case analysis
- System and reporting design (SAP BPC)
- Report design
- Business process workflow
- Data architecture
- Conduct testing and troubleshoot exceptions
- Develop end-user training program and manual
- Provide end-user support during ‘go-live’
Commission System Implementation and Process Re-Design
Background: As part of its migration to a shared services environment, this CTS Impact client was centralizing its worldwide Commissions function, including a new software tool. Previously, several different software applications were in use supporting various business units, and with disparate business processes with varying degrees of complexity.
CTS Impact Solution: As an experienced IT Project Manager with hands-on experience with commissions processes, CTS Impact performed the following:
- Requirements definition
- Define future state model
- Identify specific reporting needs
- Data mapping and design
- Research all data inflows and outflows
- System mapping of over 50 commission plans
- Design and document
- Process design
- Document standard operating procedures
- User-acceptance testing (UAT)
- User-training and roll-out support
CRM Process and System Design and Implementation – SalesLogix
Background: In order to manage its customer relationships from inception through deal close, this CTS Impact client selected an automated CRM tool, SAGE SalesLogix to manage its data. However, the client’s Project Management Office (PMO) was resource-constrained, and lacked specific real estate industry expertise critical to the implementation of this tool.
CTS Impact Solution:
- Project management — Real Estate industry experience
- Develop and maintain project plan
- Status reporting
- Issue escalation and communication
- Business process design
- Business requirements analysis
- Workflow analysis
- Documentation of business processes
- System design
- Conduct conference room pilot
- System configuration
- Coordinate data cleansing
- UAT testing
- Implementation
- Coordinate staged roll-out to users
- User-training and documentation
IT Security and PCI Compliance
Background: In a technology-centric operation, this CTS Impact client had identified significant internal control weaknesses which required disclosure in its annual report to the SEC. Due to the dynamic nature of the client’s environment, numerous applications, hardware, networks and other technical infrastructure were in place due in part to informal IT governance.
CTS Impact Solution: In order to remediate the material controls weaknesses, the first step was to identify ALL systems in use, understanding their connectivity and interaction, and then to address the controls deficiencies. CTS Impact provided a Project Manager and staff to perform the following:
- System mapping
- Identify critical systems (software, hardware, networks, interfaces)
- Document comprehensive systems in use (over 100 identified)
- Identify gaps and inefficiencies
- Analysis and Remediation
- Perform risk assessment
- Documentation of key controls
- Perform IT compliance testing
- Remediation planning and execution, including development of standard operating procedures
Given the depth of understanding of this client’s systems, business processes, culture and overall environment, CTS also assisted this client with the following other projects:
- IT project management
- Payment Card Industry (PCI) data security compliance
- Treasury workstation design, roll-out and user-training
- Interim Business Analyst — financial systems
Acquisition Integration – Business and Systems Integration
To further diversify its vast real estate portfolio, this CTS Impact client expanded into a new segment; hotels, via acquisition of 3 major portfolios within an 8-month period. With acquired hotel assets of over $2.5 billion, this client needed specific hotel accounting experience to manage this back office integration and standardization.
As Project Manager, CTS Impact provided hands-on hotel and hospitality industry expertise to manage the acquisition integration onto its corporate platform. In addition to leveraging economies of scale, CTS Impact led the efforts to develop new business processes, along with new reporting tools and standard operating procedures. Deploying CTS Impact staff with hands-on financial systems experience, the legacy Timberline financial system was seamlessly converted to JD Edwards.
Throughout the transition, until the client was able to hire on permanent staff, CTS Impact provided interim accounting and financial reporting staff to support these new operations.
Other CTS Impact Solutions:
- Financial Reporting and Systems
- Purchase accounting and reconciliation
- SEC reporting
- Design new reporting tools
- Implement Content Management System (iManage)
- Tax Compliance
- Sales & use tax dispute investigation and resolution
- Interim staffing-Federal, state & local income tax assistance
- Asset Management and Joint Ventures
- Develop standard processes to monitor investments
- Partner and lender reporting
- Litigation support
- Internal Audit – SOS 404 Compliance
- Risk assessment
- Develop standard tools/templates
- Document key controls
- Perform testing
- Remediation planning
- Status reporting and Audit Committee updates
IPO-Readiness, Financial System Implementation, and Internal Audit
Background:
In the midst of unprecedented company growth, this global technology and social networking company’s reporting needs expanded in both complexity and volume. With multi-national operations in over 40 countries worldwide, a standardized and automated reporting tool was mission-critical to produce GAAP-basis consolidated financial statements.
Financial data needed to be mapped from many different financial systems, including multi-currency transactions in 35 different local currencies. Joint venture and minority interest ownership of certain entities were also key issues for the consolidation of financial results.
In anticipation of its planned initial public offering, Groupon accounting staff had limited SEC expertise on staff. Also, the financial and systems controls needed to be reviewed and documented to analyze any potential gaps.
CTS Impact Solution:
Financial Systems Design and Implementation
- Cloud-based financial reporting tool (Host Analytics)–Rapid design and deployment
- Chart of accounts design
- Integration with cloud-based general ledger system (NetSuite)
IPO readiness
- S-1 registration statement preparation support and disclosures
- Interim staffing–financial reporting and consolidations
Corporate Governance and Compliance
- Risk assessment of internal control environment
- Documentation of key controls and processes (Financial and IT)
- Analysis of potential gaps
- Remediation planning
Acquisition Integration
Background: This publicly-held international pharmaceutical company was experiencing very rapid growth through multiple significant acquisitions. Each acquisition maintained their accounting records on different financial system platforms, so the client needed to migrate these disparate systems to a standard platform (SAP).
Also, prior to the roll-out of a new financial reporting tool (Adaptive Insights), the CTS Impact team maintained a parallel tool to perform the consolidation process, as well as the report validation process throughout the system implementation.
CTS Impact Solution:
CTS Impact needed to provide significant hands-on experience to assist this client in several ways simultaneously:
- Acquisition integration (3 major acquisitions within 1 year)
- Account mapping to new chart of accounts
- Reconciliation and analysis
- System conversion from Great Plains Dynamics to SAP
- Assist with process design
- Testing
- Document standard operating procedures (SOPs)
- Interim accounting activities
- Backfill support for various accounting and financial reporting roles while client conducted hiring process for permanent hires
- Monthly/quarterly/year-end close activities
- Consolidations
- Inventory accounting
- Cross-training and transition to new permanent staff
- Backfill support for various accounting and financial reporting roles while client conducted hiring process for permanent hires
Consistent with CTS Impact hands-on approach, while performing these roles, CTS Impact implemented process improvements to streamline the month-end close process. In addition, CTS Impact documented standard operating procedures (at the desktop level) to provide cross-training for new hires.
Interim Controller and ERP Project Manager – JD Edwards
Background: When the Controller resigned abruptly, CTS Impact stepped in on an interim basis to manage the year-end closing process, as well as to spearhead the financial systems project.
- Manage month-end closing
- Prepare financial statements
- Oversee reconciliation & analysis
- Prepare budgets and forecasts
- Project management of financial system upgrade (JD Edwards)
Interim IT Project Manager – Report Design
Background: In order to automate financial reporting processes until a new long term solution was fully implemented, CTS Impact performed the following:
- Created Access database to support management reporting requirements
- Developed macros, filters, VLOOKUPS and other spreadsheet management tools
- Perform system testing in support of system upgrades
- Issue identification and resolution
- Developed data warehouse plan (Microsoft Analysis Server)
CTS Impact Solution: With significant real estate accounting operations and JD Edwards system implementation and user experience, the CTS staff performed the following:
- Business process analysis
- Workflow design and documentation
- Testing
- Develop methodology
- Script development
- System and user testing
- Develop user-training program and manual
- Trouble-shooting and support during go-live
Co-Sourcing – Accounting Operations – U.S. and Middle East
Background: In order to manage the variability of accounting operations needs, CTS Impact provided Interim staff to perform various financial operations activities:
- Property accounting
- Development accounting
As part of serving in these functions on a daily basis, CTS Impact also performed special projects
- Financial systems (Yardi) — optimization of system functionality of existing modules
- Financial processes and controls to support expansion into Middle East (Abu Dhabi)
- Develop accounting policies
- Document standard operating procedures
Interim Business Analyst – Financial Systems
Background: With the objective to further automate various financial processes, numerous IT projects were pending. In order to facilitate the prioritization and execution of these activities, CTS Impact provided an Interim Business Analyst:
- Serve as key liaison with business owners and IT department
- Define specific reporting requirements based on interviews with business functions
- Evaluate options to meet requirements
- Design and develop performance metrics reports
- Monitor progress of related IT projects in progress
CTS Impact Solution: With significant real estate accounting operations and JD Edwards system implementation and user experience, the CTS staff performed the following:
- Business process analysis
- Workflow design and documentation
- Testing
- Develop methodology
- Script development
- System and user testing
- Develop user-training program and manual
- Trouble-shooting and support during go-live
Interim Controller – Outsourcing Migration
Background: In preparation for the outsourcing of its accounting operations, CTS Impact provided interim staff to perform:
- Manage and perform day-to-day finance and accounting activities
- Coordinate of migration to outsource third-party service provider
- Billing process re-design
- Document business processes in anticipation of Great Plains Dynamics system upgrade
CTS Impact Solution: With significant real estate accounting operations and JD Edwards system implementation and user experience, the CTS staff performed the following:
- Business process analysis
- Workflow design and documentation
- Testing
- Develop methodology
- Script development
- System and user testing
- Develop user-training program and manual
- Trouble-shooting and support during go-live
Data Analytics and Business Intelligence
We believe a successful business is a well-informed business. CTS Impact has decades of practical experience converting disparate data from different systems into a pathway for data-driven decision-making in a competitive marketplace. CTS Impact not only helps businesses organize and visualize their data, we also assist our partners in analyzing and interpreting the collected information to implement predictive analytics and actionable insights, driving your top line revenue and maximizing profitability.
Our team has hands-on user and implementation experience utilizing a robust list of Data Analytics and Business Intelligence tools including:
Our Offerings:
- Data governance to establish data consistency and ensure the quality of data is reliable and meaningful
- Reporting and visualization, including creating easy-to-use dashboards, defining KPIs and metrics, and forecasting models to easily identify trends and efficiencies
- Informed decision-making to translate client data into actionable information, including growth opportunities, competitive advantages, customer satisfaction, and risks
- Predictive and prescriptive analytics, helping clients anticipate and resolve issues proactively
| Data Analytics & Business Intelligence Tools | |
|---|---|
| Tableau | Adaptive Insights |
| Power BI | IBM Cognos Analytics |
| Microsoft SQL Server Reporting | Dundas BI |
| SAP Crystal Reports | Birst |
| Factset | Datapine |
| MicroStrategy | BDB |
| Looker | Sisense |
| QlikView | YellowFin |
| Oracle / Hyperion Essbase | Domo |
| Google Analytics | |
Business Process Improvement – Accounting Close Cycle
Background: To improve its financial reporting process, this multi-national financial institution wanted to reduce its month-end accounting close process from 10 days to 5 days.
CTS Impact Solution:
In order to identify and implement process improvements to reduce this client’s month-end close process, the CTS Impact team interviewed and observed current processes across the entire accounting function. As a result, over 50 opportunities for process improvement were identified including:
- Quick hits/short-term improvements
- Create a standard month-end close checklist
- Reduce number of allocations
- Develop recurring journal entries
- Expedite accrual entries through use of budget data
- Earlier cut-off of accounts payable
- Revise employee expense reimbursement policy
- Mid and long-term improvements
- Chart of accounts clean-up
- Automate account reconciliation and analysis using BlackLine
- Develop a standard quarterly management reporting package
- Document standard operating procedures
- Upgrade financial system to take advantage of auto-workflow functionality (Lawson)
Immediately after the implementation of the quick hits process improvements, the client’s month-end close process was reduced to 7 days. With the implementation of the long-term improvements, the client’s close process cycle time will be reduced by at least 50%.
Accounts Payable Process Improvement
Background: Due to rapid growth, this publicly-traded healthcare services company needed to identify more streamlined business processes for its Accounts Payable function in order to gain efficiencies to be scaleable in support of future growth, and to enhance its internal control environment.
In addition, the Accounts Payable department was experiencing very high-turnover, and did not have documentation of standard procedures to conduct cross-training and support of newly-hired staff.
CTS Impact Solution:
The CTS Impact team worked side-by-side with this client’s Accounts Payable team to identify and implement process improvements to its current processes.
As a starting point, CTS Impact staff performed day-to-day tasks of the accounts payable function, enabling them to identify and implement process improvements and system automation opportunities on a real-time basis. This approach also helped ensure the client did not fall behind on its vendor payments, while it searched and hired for new permanent staff.
Using best practices as a benchmark, CTS Impact also benchmarked the client’s current processes compared to peer organizations to determine key operating metrics, target operating model and service levels.
Through its targeted review across all facets of the Accounts Payable process, CTS Impact implemented numerous process improvements including:
- Elimination of AP backlog
- Automation of invoice-coding in accounting system (Lawson)
- Expanded use of EDI
- New expense reimbursement policy
- Documented standard operating procedures, including PHI considerations for HIPAA compliance
- Implemented new cloud-based tool to prepare 1099’s
Business Process Improvement – Center of Excellence Program Development
Background: In order to manage the large volume of user requests across all corporate administrative functions (e.g. finance, legal, human resources, marketing, etc.), reporting and analysis tools were needed to define user requirements, estimate resource requirements and allocations, estimate level of effort, prioritize concurrent and potentially conflicting activities and analyze the business case to evaluate the return on investment for new projects.
CTS Impact Solution: Using industry best practices, CTS performed the following:
- Project management
- Develop and prepare project plans
- Status reporting and updates to Steering Committee
- Program design and development
- Design standard tools and templates
- Develop prioritization model to evaluate organizational impact and level of effort
- Formalized communications plan for frequent updates to user-community
- Deployment of request management tracking tool (Primavera) to manage in-flight projects
- Conduct pilot
- Meet with business owners to define requirements
- Develop business cases to analyze ROI
- Prepare project charters and projet plans
- Liaison to IT and business community
- Program roll-out and on-going support
- Train new Business Analysts on usage of standard processes and tools
- Provide Interim Business Analysts to preform day-to-day activities
Transition Services – Planning and Implementation
Background: As part of its new services to provide third-party accounting services to its clients, this Germany-based renewable energy company engaged CTS to develop planning and implementation tools to support the on-boarding and transition of their new clients to a standard accounting platform (SAP).
CTS Impact Solution: The CTS Impact Project Manager provided deep experience to develop a standard transition plan as follows:
- Develop PMO tools
- Standard project plan for Transition Services
- Estimation model for proposal process
- Resource/workload allocation model for accounting organization
- Define key metrics and service levels
Once these standard planning tools and templates were in place, CTS Impact utilized these tools and provided a Transition team to manage the migration and integration of these new services into the client’s existing accounting function, and to provide interim accounting assistance during the transition as follows:
- Mapping of chart of accounts
- Data conversion and validation
- Interim accounting operations during transition
- Interim financial reporting (IFRS)
- Cross-training to internal staff
- Document standard operating procedures
Project Management Office (PMO) Development and Support
Background: Due to the extensive number of concurrent projects underway within the Finance function of this Fortune 500 multi-national manufacturer, this client needed to launch and support a PMO to manage progress, and to provide an efficient way for status reporting and resource allocation across competing priorities.
CTS Impact Solution: To support this client through the launch and on–going management of the PMO, CTS Impact provided strong project management expertise to perform the following:
- Develop PMO tools and templates
- Standard project charter
- Standard tool to analyze business case and project ROI
- Workload/resource allocation and prioritization model
- Standard project planning templates
- System and user testing
- Standard status reporting (for management, executives, steering committee, etc.)
- Post–implementation review analysis tool (budget, deliverables, etc.)
- Hands – on project management (CTS Impact staff)
- PMO Lead – pilot and implement tools
- Project Managers – assigned to specific client projects
Standardization and Optimization
Background: As a result of several major acquisitions, this CTS Impact client needed to update its Investment Operations processes in order to be scalable to support future business requirements. Concurrently, the client was experiencing a high rate of staffing turnover in various management and staff roles.
CTS Impact Solution:
- Issue identification and resolution
- Reconciliation and settlement
- Trade operations
- Data integrity
- Pricing and performance
- Interim Operations Management
- Performed Interim Directorship activities until new permanent hire in place and cross-trained
- Month-end reporting and reconciliation activities
- Key liaison to internal audit staff during controls review and remediation effort
- Status updates to Executive Committee
- Optimization
- Re-vamped organizational structure and drafted job descriptions
- Designed standard processes
- Documented standard operating procedures
Business Process Improvement – Europe, Latin America, China
Background: The international operations of this Fortune 500 CTS Impact client did not have standard processes or systems across its 13 production facilities, which limited transparency and consistency of data available to the corporate management team.
CTS Impact Solution: With extensive work experience in foreign operations (along with foreign language proficiency), the CTS Impact Project Manager leveraged his significant financial and supply chain industry expertise to lead efforts as follows:
- Workflow analysis
- On-site data-gathering at 13 foreign plant facilities
- China (Hong Kong, Shanghai and Shenzhen)
- Europe (UK, Poland)
- Latin America (Argentina, Chile, Mexico)
- Facilitate joint-design work sessions to define future state requirements
- Gap analysis to design future state processes
- Develop and document standard operating procedures
- Develop web-based reporting tools to map to Hyperion
Business Process Improvement – Procure to Pay Processes
Background: As part of a cost management initiative, this CTS Impact client needed to streamline its Purchase-to-Pay processes, where many bottlenecks and inefficiencies existed. In addition, opportunities existed to leverage functionality from its existing financial system, PeopleSoft.
CTS Impact Solution:
- Conduct off-site work sessions to identify common bottlenecks and inefficiencies
- Develop future state process roadmap to resolve process breakdowns
- Investigate use of existing PeopleSoft functionality to identify further automation options
- Develop and maintain an action plan to implement process and systems changes
Standard Operating Procedures – Import/Customs
Background: In order to manage its global import function consistently, and to manage the enterprise risk associated with Import activities, this CTS Impact client needed to establish formal standard policies and operating procedures.
CTS Impact Solution:
- Data-gathering
- Coordinate business unit self-assessments
- Serve as key liaison to plant management to obtain survey responses
- Data analysis
- Prepare reports to track and monitor compliancy and audit readiness
- Development of database tool to collect plant data
- Documentation of standard operating procedures
- Develop procedures manual
- Provide training
- Customs Audits
- Provide first-level support for business units and plants
- Interface with Legal department for information requests related to Customs Audits
- Design and execute pre-audit reviews to ensure compliance in future
Process and System Design – Production Planning
Background: As a rapidly growing wireless telecommunications company, the current production planning and scheduling processes were not scalable to meet this CTS Impact client’s future business requirements.
CTS Impact Solution:
- Identify business requirements
- Develop a net purchasing requirements (NPR) model and related tools
- Document standard operating procedures
- Design reports in tandem with new MRP system (SAGE)
- Cross-training of staff
Strategic Sourcing Analysis and Program Design
Background: To leverage its massive purchasing power for the procurement of raw materials, this CTS Impact client needed to formalize its sourcing process for certain goods and services through a strategic sourcing program.
CTS Impact Solution:
- Analysis
- Perform risk assessment
- Define requirements & key metrics
- Vendor analysis of commodity families
- Vendor negotiation assistance
- Design and implement
- Conduct pilot of selected providers
- Select preferred providers
- Monitor compliance & performance
- Develop Access database tracking tool to monitor vendor compliance and performance
Software Evaluation, Design & Implementation-Workday Financials and Workday HCM
With the rapid expansion of this investment management firm into new lines of business including investment banking and insurance, reporting requirements grew in both size and complexity. To address its future reporting needs, the current financial system (Great Plains) needed to be replaced.
In addition, due to the complexity of its legal entity structure, including numerous joint ventures and minority-interest entities, along with foreign exchange transactions, an automated reporting tool was needed to consolidate financial results and report on them more efficiently.
As the Business Project Lead, CTS Impact provided a financial services industry-experienced Project Manager with significant capital markets background to assist with documentation of current processes in order to capture current state and to define future business requirements to support the software selection.
Once the new cloud-based software application was selected (Workday Financials and Workday HCM), CTS Impact supported the full life-cycle implementation of this tool, including re-design of the Chart of Accounts and other business processes, documentation of internal controls, user-acceptance (UAT) & systems testing, and end-user training, as well as post go-live support.
Concurrently, the CTS team assisted the management reporting team with its migration to Hyperion Financial Management (HFM) reporting tool and an Essbase business intelligence tool. Significant data clean-up was performed to facilitate data conversion, along with documentation of standard operating procedures. The financial system project design to go-live was completed ahead of schedule and under-budget due to the efficiency of experienced CTS Impact team, in collaboration with the internal staff.
In a parallel workstream, CTS Impact also provided hands-on report design expertise to automate short-term reporting processes until the new, long-term solutions were placed into production.
Other CTS Impact Services Provided:
- Asset Management – Investment Operations
- Back-office optimization
- Develop and document standard operating procedures
- Interim staffing
- Internal Controls – Project management
- SOC-1 readiness and reporting (and SAS 70 previously)
- Perform risk assessment
- Documentation of key controls
- Perform testing
- Liaison to external auditors
- SOC-1 readiness and reporting (and SAS 70 previously)
System Selection and Implementation – NetSuite
Background: This large multi-national investment management firm’s financial system was no longer being supported by the software vendor, so it was imperative to migrate to a new financial system quickly to mitigate risk. In addition, its financial reporting requirements had evolved significantly, so they needed to improve their accounting processes.
In addition, this client needed to select and replace a disparate group of HR and payroll systems, to gain efficiencies from a standard platform.
CTS Impact Solution:
In order to assist this client, CTS Impact provided a team with deep industry experience to lead the software selection design, analysis and implementation of a new financial system. To compress the timeline of this complex project, and given the diverse functionality of these systems, the CTS Impact project team had a blend of hands-on experience in HR, payroll and accounting, rather than two independent functional teams.
Software Vendor Analysis
As the first step, CTS Impact worked closely with the process owners to identify business requirements for a new financial system. CTS Impact documented current processes in order to define requirements and to identify future state process improvements and automation opportunities.
Leveraging the CTS Impact toolkit, a targeted RFP was developed to review a cross-section of software vendors including cloud and ERP options (NetSuite, Workday, Dynamics AX and Oracle).
Given the diverse functionality of these systems, CTS Impact helped compress the timeline of the client’s software selection by performing much of the pre-screening and analysis prior to the vendor demos presented to the client.
Pre-Implementation
As soon as the client selected NetSuite, CTS Impact worked with each of the functional areas of accounting and finance to prepare for the implementation, including:
- Chart of accounts re-design
- Data clean-up (vendor master file, historical data)
- Detail process analysis
- Define new delegation of authority and approval levels to support auto-workflow processing of accounts payable and journal entries
- Define system security levels and permissions
- Definition of future state reporting requirements
System Implementation and Process Change Management
As an extension of the client’s staff, CTS assisted throughout the entire implementation with:
- Process design worksessions to define future state processes
- Configuration support as liaison to NetSuite technical team
- Data conversion and validation
- Testing
- Develop user-training documentation with client-specific processes
- Document standard operating procedures (SOPs)
In addition, to gain added efficiency and enhance controls, CTS Impact worked with the client’s Human Resources system, UltiPro, to develop, test and implement a seamless integration between UltiPro Payroll and NetSuite.
Once go-live, CTS Impact provided post go-live support during the initial month-end close process to ensure knowledge system.
ERP Upgrade – PeopleSoft – Financials, HR and Supply Chain
Background: With the concurrent upgrade of its human resources, financials and supply chain ERP system (PeopleSoft), CTS Impact provided operational expertise in finance & accounting, supply chain and HR with specific PeopleSoft implementation and user experience throughout the entire life-cycle of the upgrade to perform the following:
CTS Impact Solution: Using PMI-based project management methodologies, CTS performed:
- Business process analysis
- Workflow design and documentation
- Data mapping
- Data conversion and clean-up
- UAT and system testing
- User-training and roll-out support
- Design reporting tools (reports and queries)
Budget Process Support and Training – Hyperion HFM
Background: With the recent migration to a new financial planning tool (Hyperion HFM), this prestigious higher education institution was preparing for its first annual budget cycle using the new system. In a highly de-centralized environment, each of its 35 departments and academic units were performing the budget process differently. Given the roll-out of a new planning system, these processes needed to be standardized in order to utilize the system in an efficient manner.
CTS Impact Solution:
To provide one-on-one functional support to users across the entire organization, the CTS Impact team worked as an extension of the Budget Office throughout the entire annual budget process, working closely with the 35 departments and academic units.
- Identify opportunities to optimize use of Hyperion HCM
- Interviewed 75% of the departments
- Designed efficient way to collect data from departments
- Utilized Web Forms and SmartView for various reporting needs
- Develop budget process tools
- Glossary of standard terms
- Develop FAQ’s – budget process
- Developed job aids/cheat sheets
- Tip of the Day feature on intranet
- Documented standard operating procedures
ERP Upgrade – JD Edwards – Financial Process Re-Design
Background: In tandem with its accounting migration into a shared services center, this CTS Impact client needed to upgrade its JD Edwards Enterprise One software system.
CTS Impact Solution: With significant real estate accounting operations and JD Edwards system implementation and user experience, the CTS Impact staff performed the following:
- Business process analysis
- Workflow design and documentation
- Testing
- Develop methodology
- Script development
- System and user testing
- Develop user-training program and manual
- Trouble-shooting and support during go-live
Human Resources System Selection and Implementation – UltiPro
Background: This large multi-national investment management firm had numerous disparate Human Recourses software solutions which were not fully integrated, which led to inefficiencies and errors. Moreover, its Payroll system was not tied to the Human Resources system. As a result, the client’s goal was to implement one system to meet all of its payroll and human resources requirements.
Concurrently, this organization’s financial system needed to be replaced, since it was no longer meeting business needs related to financial reporting.
CTS Impact Solution:
In order to assist this multi-national financial services firm to select and implement a new Human Resources, Payroll and Financial System, CTS Impact provided a team with deep industry experience to lead the software selection, analysis and implementation of a new HR, Payroll and Financial system.
To compress the timeline of this complex project, and given the diverse functionality of these systems, the CTS Impact project team had a blend of hands-on experience in HR, payroll and accounting, rather than two independent functional teams.
Leveraging the CTS Impact Toolkit, CTS Impact worked closely with the client to document current processes in order to define requirements and to identify future state process improvements and system automation opportunities in each area:
- Human Resources
- Benefits administration
- Performance management
- Applicant tracking/recruitment
- Compensation management
- Payroll
- Accounting
- Accounts payable
- General ledger
- Financial reporting
Once requirements were defined, the CTS Impact team developed a targeted RFP and led facilitated system demos to review a cross-section of software vendors including cloud and ERP options (UltiPro, Workday, and Oracle).
As a result of this integrated analysis, the client selected UltiPro.
In anticipation of the implementation of a new HR, Payroll and Financial system, CTS Impact worked with process owners to prepare for the implementation, including:
- Detail process analysis
- Facilitated process design workshops to identify the future state processes and to assist the software vendor with configuration decisions.
- Define new delegation of authority and approval levels to support auto-workflow processing
- Define system security levels and permissions
- Data clean-up (e.g. chart of accounts, vendor master file, job codes, skills & competencies, etc.)
- Definition of future state reporting requirements
Throughout the entire implementation, including design, configuration and testing of each of UltiPro’s modules, CTS Impact worked as an extension of the client’s teams to liaison with UltiPro’s technical configuration support teams.
Prior to go-live, CTS Impact developed tailored user-training documentation and job aids, including the client-specific standard operating procedures for cross-training.
In addition, to gain added efficiency and enhance controls, CTS Impact developed, tested and implemented a seamless integration between UltiPro Payroll and NetSuite.
Once go-live, CTS Impact provided post go-live support to ensure the systems were achieving the client’s business needs and to facilitate knowledge transfer. Also, CTS Impact developed standard reporting using UltiPro’s business intelligence (BI) tool.
Subsequently, CTS Impact assisted this client with the implementation of additional HR applications including HighGround (performance management) and Avature (applicant-tracking & recruitment).
CTS Impact provided continuity of staff throughout the entire life-cycle to eliminate any unnecessary ramp-up time and to avoid costs to the client.
Human Resources System and Process Design & Implementation
Background: Given this large university system’s decision to convert to a new Human Resources system (Workday HCM), detail business processes needed to be analyzed as part of the new system configuration. In addition, the Provost’s office needed to validate their specific business requirements related to faculty and other academic appointments were being met in the design of the new system.
CTS Impact Solution:
To assist this client with their analysis of a new HR system, the CTS Impact team provided first-hand Workday HCM experience to document and analyze the Provost’s office critical business requirements.
Once the requirements were identified, the CTS Impact team liaisoned with the Project Management Office (PMO) to confirm these requirements were addressed during configuration. In addition, CTS Impact assisted with data clean-up related to job codes and department allocations in order to establish standard data governance.
Business Intelligence – SAP BPC – Software Evaluation & Implementation
Background: To support its management reporting requirements, this CTS Impact client needed a user-friendly tool that could be implemented on an expedited basis across its worldwide business units.
Key considerations for the evaluation were the need to support standard distribution of reports, expanded drill-down capabilities, and dashboard of key performance metrics.
CTS Impact provided hands-on project management expertise who applied their first-hand knowledge of various business intelligence tools to perform the following:
- Requirements definition and prioritization — business and technical requirements
- Vendor analysis and scoring (Hyperion, SAP BPC, Cognos)
- Perform business case analysis
- System and reporting design (SAP BPC)
- Report design
- Business process workflow
- Data architecture
- Conduct testing and troubleshoot exceptions
- Develop end-user training program and manual
- Provide end-user support during ‘go-live’
Commission System Implementation and Process Re-Design
Background: As part of its migration to a shared services environment, this CTS Impact client was centralizing its worldwide Commissions function, including a new software tool. Previously, several different software applications were in use supporting various business units, and with disparate business processes with varying degrees of complexity.
CTS Impact Solution: As an experienced IT Project Manager with hands-on experience with commissions processes, CTS Impact performed the following:
- Requirements definition
- Define future state model
- Identify specific reporting needs
- Data mapping and design
- Research all data inflows and outflows
- System mapping of over 50 commission plans
- Design and document
- Process design
- Document standard operating procedures
- User-acceptance testing (UAT)
- User-training and roll-out support
CRM Process and System Design and Implementation – SalesLogix
Background: In order to manage its customer relationships from inception through deal close, this CTS Impact client selected an automated CRM tool, SAGE SalesLogix to manage its data. However, the client’s Project Management Office (PMO) was resource-constrained, and lacked specific real estate industry expertise critical to the implementation of this tool.
CTS Impact Solution:
- Project management — Real Estate industry experience
- Develop and maintain project plan
- Status reporting
- Issue escalation and communication
- Business process design
- Business requirements analysis
- Workflow analysis
- Documentation of business processes
- System design
- Conduct conference room pilot
- System configuration
- Coordinate data cleansing
- UAT testing
- Implementation
- Coordinate staged roll-out to users
- User-training and documentation
IT Governance Policy Development and Compliance
Background: With over 850 business units globally, this de-centralized IT function needed to establish formal IT governance standards and guidelines as part of its Enterprise Risk Management program.
CTS Impact Solution: Using the COBIT / ITGI standard framework as a best practice, CTS Impact performed the following:
- Conduct risk assessment
- Develop and document IT policies and guidelines
- Disaster recovery and business continuity
- Physical, environmental and system security
- Access controls
- IT operations
- Change management – applications and technical infrastructure
- Data management
- SLA compliance
- Monitor and review compliance
- Coordinate self-assessments on annual basis
- Perform testing of high risk business units
- SOC 1 review of significant third-party providers
IT Security and PCI Compliance
Background: In a technology-centric operation, this CTS Impact client had identified significant internal control weaknesses which required disclosure in its annual report to the SEC. Due to the dynamic nature of the client’s environment, numerous applications, hardware, networks and other technical infrastructure were in place due in part to informal IT governance.
CTS Impact Solution: In order to remediate the material controls weaknesses, the first step was to identify ALL systems in use, understanding their connectivity and interaction, and then to address the controls deficiencies. CTS Impact provided a Project Manager and staff to perform the following:
- System mapping
- Identify critical systems (software, hardware, networks, interfaces)
- Document comprehensive systems in use (over 100 identified)
- Identify gaps and inefficiencies
- Analysis and Remediation
- Perform risk assessment
- Documentation of key controls
- Perform IT compliance testing
- Remediation planning and execution, including development of standard operating procedures
Given the depth of understanding of this client’s systems, business processes, culture and overall environment, CTS also assisted this client with the following other projects:
- IT project management
- Payment Card Industry (PCI) data security compliance
- Treasury workstation design, roll-out and user-training
- Interim Business Analyst — financial systems
Disaster Recovery and Business Continuity Planning
Background: Although certain business practices were in place, this CTS Impact client lacked a formal disaster recovery program to manage its enterprise-wide risk. Once designed, the operational effectiveness of the controls needed to be evaluated.
CTS Impact Solution:
- Identify and map existing systems & processes
- Document standard operating procedures
- Perform testing of emergency procedures, based on risk assessment
- Contingency planning
- Develop business continuity planning framework
Acquisition Integration – Business and Systems Integration
To further diversify its vast real estate portfolio, this CTS Impact client expanded into a new segment; hotels, via acquisition of 3 major portfolios within an 8-month period. With acquired hotel assets of over $2.5 billion, this client needed specific hotel accounting experience to manage this back office integration and standardization.
As Project Manager, CTS Impact provided hands-on hotel and hospitality industry expertise to manage the acquisition integration onto its corporate platform. In addition to leveraging economies of scale, CTS Impact led the efforts to develop new business processes, along with new reporting tools and standard operating procedures. Deploying CTS Impact staff with hands-on financial systems experience, the legacy Timberline financial system was seamlessly converted to JD Edwards.
Throughout the transition, until the client was able to hire on permanent staff, CTS Impact provided interim accounting and financial reporting staff to support these new operations.
Other CTS Impact Solutions:
- Financial Reporting and Systems
- Purchase accounting and reconciliation
- SEC reporting
- Design new reporting tools
- Implement Content Management System (iManage)
- Tax Compliance
- Sales & use tax dispute investigation and resolution
- Interim staffing-Federal, state & local income tax assistance
- Asset Management and Joint Ventures
- Develop standard processes to monitor investments
- Partner and lender reporting
- Litigation support
- Internal Audit – SOS 404 Compliance
- Risk assessment
- Develop standard tools/templates
- Document key controls
- Perform testing
- Remediation planning
- Status reporting and Audit Committee updates
IPO-Readiness, Financial System Implementation, and Internal Audit
Background:
In the midst of unprecedented company growth, this global technology and social networking company’s reporting needs expanded in both complexity and volume. With multi-national operations in over 40 countries worldwide, a standardized and automated reporting tool was mission-critical to produce GAAP-basis consolidated financial statements.
Financial data needed to be mapped from many different financial systems, including multi-currency transactions in 35 different local currencies. Joint venture and minority interest ownership of certain entities were also key issues for the consolidation of financial results.
In anticipation of its planned initial public offering, Groupon accounting staff had limited SEC expertise on staff. Also, the financial and systems controls needed to be reviewed and documented to analyze any potential gaps.
CTS Impact Solution:
Financial Systems Design and Implementation
- Cloud-based financial reporting tool (Host Analytics)–Rapid design and deployment
- Chart of accounts design
- Integration with cloud-based general ledger system (NetSuite)
IPO readiness
- S-1 registration statement preparation support and disclosures
- Interim staffing–financial reporting and consolidations
Corporate Governance and Compliance
- Risk assessment of internal control environment
- Documentation of key controls and processes (Financial and IT)
- Analysis of potential gaps
- Remediation planning
Acquisition Integration
Background: This publicly-held international pharmaceutical company was experiencing very rapid growth through multiple significant acquisitions. Each acquisition maintained their accounting records on different financial system platforms, so the client needed to migrate these disparate systems to a standard platform (SAP).
Also, prior to the roll-out of a new financial reporting tool (Adaptive Insights), the CTS Impact team maintained a parallel tool to perform the consolidation process, as well as the report validation process throughout the system implementation.
CTS Impact Solution:
CTS Impact needed to provide significant hands-on experience to assist this client in several ways simultaneously:
- Acquisition integration (3 major acquisitions within 1 year)
- Account mapping to new chart of accounts
- Reconciliation and analysis
- System conversion from Great Plains Dynamics to SAP
- Assist with process design
- Testing
- Document standard operating procedures (SOPs)
- Interim accounting activities
- Backfill support for various accounting and financial reporting roles while client conducted hiring process for permanent hires
- Monthly/quarterly/year-end close activities
- Consolidations
- Inventory accounting
- Cross-training and transition to new permanent staff
- Backfill support for various accounting and financial reporting roles while client conducted hiring process for permanent hires
Consistent with CTS Impact hands-on approach, while performing these roles, CTS Impact implemented process improvements to streamline the month-end close process. In addition, CTS Impact documented standard operating procedures (at the desktop level) to provide cross-training for new hires.
Sale – Foreign Ownership – Integration
Background: With the announcement of its sale to a large, Europe-based public utility company, this CTS Impact client needed enhanced reporting and analysis to support its new ownership. Also, re-engineering of business processes was required to align with its new corporate parent standards.
CTS Impact Solution:
- Financial reporting & analysis
- IFRS financial reporting (previously on GAAP basis)
- Develop annual budget
- Develop methodology
- Cash flow forecasting
- Tax support (1099 reporting)
- Business processes and controls
- Re-design purchasing and accounts payable processes (EDI, procurement card, T&E)
- Document accounting policies and operating procedures
- Internal controls review
Merger Integration and Process Standardization
Background: With the merger of 3 operating companies located across the U.S., this CTS Impact client needed to design and develop a standard back-office platform — business processes, policies & procedures, and systems, to support its integrated operations. In addition, the back-office was being centralized to a new headquarters location
CTS Impact Solution: With a blend of hands-on experience with financial systems and processes, the CTS Impact team managed the following:
- Financial systems conversion (Great Plains Dynamics)
- Develop financial reporting and analysis tools
- Develop and document standard business processes and operating procedures
- Ramp-up staffing until permanent hires in place and cross-trained
Interim Controller and ERP Project Manager – JD Edwards
Background: When the Controller resigned abruptly, CTS Impact stepped in on an interim basis to manage the year-end closing process, as well as to spearhead the financial systems project.
- Manage month-end closing
- Prepare financial statements
- Oversee reconciliation & analysis
- Prepare budgets and forecasts
- Project management of financial system upgrade (JD Edwards)
Interim IT Project Manager – Report Design
Background: In order to automate financial reporting processes until a new long term solution was fully implemented, CTS Impact performed the following:
- Created Access database to support management reporting requirements
- Developed macros, filters, VLOOKUPS and other spreadsheet management tools
- Perform system testing in support of system upgrades
- Issue identification and resolution
- Developed data warehouse plan (Microsoft Analysis Server)
CTS Impact Solution: With significant real estate accounting operations and JD Edwards system implementation and user experience, the CTS staff performed the following:
- Business process analysis
- Workflow design and documentation
- Testing
- Develop methodology
- Script development
- System and user testing
- Develop user-training program and manual
- Trouble-shooting and support during go-live
Co-Sourcing – Accounting Operations – U.S. and Middle East
Background: In order to manage the variability of accounting operations needs, CTS Impact provided Interim staff to perform various financial operations activities:
- Property accounting
- Development accounting
As part of serving in these functions on a daily basis, CTS Impact also performed special projects
- Financial systems (Yardi) — optimization of system functionality of existing modules
- Financial processes and controls to support expansion into Middle East (Abu Dhabi)
- Develop accounting policies
- Document standard operating procedures
Interim Business Analyst – Financial Systems
Background: With the objective to further automate various financial processes, numerous IT projects were pending. In order to facilitate the prioritization and execution of these activities, CTS Impact provided an Interim Business Analyst:
- Serve as key liaison with business owners and IT department
- Define specific reporting requirements based on interviews with business functions
- Evaluate options to meet requirements
- Design and develop performance metrics reports
- Monitor progress of related IT projects in progress
CTS Impact Solution: With significant real estate accounting operations and JD Edwards system implementation and user experience, the CTS staff performed the following:
- Business process analysis
- Workflow design and documentation
- Testing
- Develop methodology
- Script development
- System and user testing
- Develop user-training program and manual
- Trouble-shooting and support during go-live
Interim Controller – Outsourcing Migration
Background: In preparation for the outsourcing of its accounting operations, CTS Impact provided interim staff to perform:
- Manage and perform day-to-day finance and accounting activities
- Coordinate of migration to outsource third-party service provider
- Billing process re-design
- Document business processes in anticipation of Great Plains Dynamics system upgrade
CTS Impact Solution: With significant real estate accounting operations and JD Edwards system implementation and user experience, the CTS staff performed the following:
- Business process analysis
- Workflow design and documentation
- Testing
- Develop methodology
- Script development
- System and user testing
- Develop user-training program and manual
- Trouble-shooting and support during go-live
Mergers, Acquisitions & IPO Readiness
Mergers, Acquisitions, and IPO Readiness are a particular passion of CTS Impact. As businesses grow and transform, CTS Impact can assist with the integration of your new operations to achieve a maximum return on investment.
Our Offerings:
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- Acquisition integration for business processes and systems, including standardizing and document business processes, system migration and data conversion, organizational structure redesign and definition, and documentation of standard operating procedures
- Source, organize, and manage staffing during transitions
- Due diligence and valuation support on both the buy and sell-side, spin-offs, and roll-ups
- IPO-readiness
Acquisition Integration – Business and Systems Integration
To further diversify its vast real estate portfolio, this CTS Impact client expanded into a new segment; hotels, via acquisition of 3 major portfolios within an 8-month period. With acquired hotel assets of over $2.5 billion, this client needed specific hotel accounting experience to manage this back office integration and standardization.
As Project Manager, CTS Impact provided hands-on hotel and hospitality industry expertise to manage the acquisition integration onto its corporate platform. In addition to leveraging economies of scale, CTS Impact led the efforts to develop new business processes, along with new reporting tools and standard operating procedures. Deploying CTS Impact staff with hands-on financial systems experience, the legacy Timberline financial system was seamlessly converted to JD Edwards.
Throughout the transition, until the client was able to hire on permanent staff, CTS Impact provided interim accounting and financial reporting staff to support these new operations.
Other CTS Impact Solutions:
- Financial Reporting and Systems
- Purchase accounting and reconciliation
- SEC reporting
- Design new reporting tools
- Implement Content Management System (iManage)
- Tax Compliance
- Sales & use tax dispute investigation and resolution
- Interim staffing-Federal, state & local income tax assistance
- Asset Management and Joint Ventures
- Develop standard processes to monitor investments
- Partner and lender reporting
- Litigation support
- Internal Audit – SOS 404 Compliance
- Risk assessment
- Develop standard tools/templates
- Document key controls
- Perform testing
- Remediation planning
- Status reporting and Audit Committee updates
IPO-Readiness, Financial System Implementation, and Internal Audit
Background:
In the midst of unprecedented company growth, this global technology and social networking company’s reporting needs expanded in both complexity and volume. With multi-national operations in over 40 countries worldwide, a standardized and automated reporting tool was mission-critical to produce GAAP-basis consolidated financial statements.
Financial data needed to be mapped from many different financial systems, including multi-currency transactions in 35 different local currencies. Joint venture and minority interest ownership of certain entities were also key issues for the consolidation of financial results.
In anticipation of its planned initial public offering, Groupon accounting staff had limited SEC expertise on staff. Also, the financial and systems controls needed to be reviewed and documented to analyze any potential gaps.
CTS Impact Solution:
Financial Systems Design and Implementation
- Cloud-based financial reporting tool (Host Analytics)–Rapid design and deployment
- Chart of accounts design
- Integration with cloud-based general ledger system (NetSuite)
IPO readiness
- S-1 registration statement preparation support and disclosures
- Interim staffing–financial reporting and consolidations
Corporate Governance and Compliance
- Risk assessment of internal control environment
- Documentation of key controls and processes (Financial and IT)
- Analysis of potential gaps
- Remediation planning
Acquisition Integration
Background: This publicly-held international pharmaceutical company was experiencing very rapid growth through multiple significant acquisitions. Each acquisition maintained their accounting records on different financial system platforms, so the client needed to migrate these disparate systems to a standard platform (SAP).
Also, prior to the roll-out of a new financial reporting tool (Adaptive Insights), the CTS Impact team maintained a parallel tool to perform the consolidation process, as well as the report validation process throughout the system implementation.
CTS Impact Solution:
CTS Impact needed to provide significant hands-on experience to assist this client in several ways simultaneously:
- Acquisition integration (3 major acquisitions within 1 year)
- Account mapping to new chart of accounts
- Reconciliation and analysis
- System conversion from Great Plains Dynamics to SAP
- Assist with process design
- Testing
- Document standard operating procedures (SOPs)
- Interim accounting activities
- Backfill support for various accounting and financial reporting roles while client conducted hiring process for permanent hires
- Monthly/quarterly/year-end close activities
- Consolidations
- Inventory accounting
- Cross-training and transition to new permanent staff
- Backfill support for various accounting and financial reporting roles while client conducted hiring process for permanent hires
Consistent with CTS Impact hands-on approach, while performing these roles, CTS Impact implemented process improvements to streamline the month-end close process. In addition, CTS Impact documented standard operating procedures (at the desktop level) to provide cross-training for new hires.
Due Diligence – Acquisitions
Background: In order to expand into new lines of business, this CTS Impact client pursued several acquisition opportunities across the U.S. Due to the entrepreneurial nature of these targeted operations, due diligence was necessary to determine an appropriate valuation, as well as to ascertain corporate fit and integration readiness.
CTS Impact Solution: In support of 4 different acquisitions, CTS Impact performed due diligence services in a compressed timeframe using the CTS Acquisition Toolkit, and by leveraging highly-experienced CTS Impact financial analysis staff who possessed strong first-hand operations and finance experience in the retail industry to perform the following:
- Conduct site visits to observe operations
- Interview key management
- Testing
- Review significant contracts and agreements
- Analyze historical financial data
- Perform pro forma analysis
- Review existing accounting procedures and controls
- Document systems in use for integration planning
Sale – Foreign Ownership – Integration
Background: With the announcement of its sale to a large, Europe-based public utility company, this CTS Impact client needed enhanced reporting and analysis to support its new ownership. Also, re-engineering of business processes was required to align with its new corporate parent standards.
CTS Impact Solution:
- Financial reporting & analysis
- IFRS financial reporting (previously on GAAP basis)
- Develop annual budget
- Develop methodology
- Cash flow forecasting
- Tax support (1099 reporting)
- Business processes and controls
- Re-design purchasing and accounts payable processes (EDI, procurement card, T&E)
- Document accounting policies and operating procedures
- Internal controls review
Merger Integration and Process Standardization
Background: With the merger of 3 operating companies located across the U.S., this CTS Impact client needed to design and develop a standard back-office platform — business processes, policies & procedures, and systems, to support its integrated operations. In addition, the back-office was being centralized to a new headquarters location
CTS Impact Solution: With a blend of hands-on experience with financial systems and processes, the CTS Impact team managed the following:
- Financial systems conversion (Great Plains Dynamics)
- Develop financial reporting and analysis tools
- Develop and document standard business processes and operating procedures
- Ramp-up staffing until permanent hires in place and cross-trained
Strategic Transaction Analysis – Potential Sale
Background: Based on the success of its products, this CTS Impact client explored various strategic transactions, including a potential sale. As a part of these efforts, the client needed to understand and analyze the financial impact of these potential transactions, in order to make the best decision for the organization.
CTS Impact Solution:
- Prepare pro forma financial information for potential sale
- Prepare budget updates and cash flow forecasting
- Perform operational analysis
- Market analysis
- Competitive analysis of comparable businesses
- Establish electronic data room
- Draft Offering Memorandum
- Coordinate responses to information requests from third parties
Internal Audit Compliance & IT Security
CTS Impact understands the importance of enhancing internal control environments without disrupting day-to-day operations. Our team provides expert hands-on guidance through analysis and development of standard processes and procedures to ensure compliance in a practical, real-world context.
Our Offerings:
- Internal audit, including risk assessment, Sarbanes-Oxley 404 compliance for operational and IT system controls, document standard policies and procedures, and forensics and litigation support
- IT Security, including data mapping, data governance, documenting IT policies and procedures, and SOC-1 reporting readiness
Standard Operating Procedures – Import/Customs
Background: In order to manage its global import function consistently, and to manage the enterprise risk associated with Import activities, this CTS Impact client needed to establish formal standard policies and operating procedures.
CTS Impact Solution:
- Data-gathering
- Coordinate business unit self-assessments
- Serve as key liaison to plant management to obtain survey responses
- Data analysis
- Prepare reports to track and monitor compliancy and audit readiness
- Development of database tool to collect plant data
- Documentation of standard operating procedures
- Develop procedures manual
- Provide training
- Customs Audits
- Provide first-level support for business units and plants
- Interface with Legal department for information requests related to Customs Audits
- Design and execute pre-audit reviews to ensure compliance in future
Strategic Sourcing Analysis and Program Design
Background: To leverage its massive purchasing power for the procurement of raw materials, this CTS Impact client needed to formalize its sourcing process for certain goods and services through a strategic sourcing program.
CTS Impact Solution:
- Analysis
- Perform risk assessment
- Define requirements & key metrics
- Vendor analysis of commodity families
- Vendor negotiation assistance
- Design and implement
- Conduct pilot of selected providers
- Select preferred providers
- Monitor compliance & performance
- Develop Access database tracking tool to monitor vendor compliance and performance
Software Evaluation, Design & Implementation-Workday Financials and Workday HCM
With the rapid expansion of this investment management firm into new lines of business including investment banking and insurance, reporting requirements grew in both size and complexity. To address its future reporting needs, the current financial system (Great Plains) needed to be replaced.
In addition, due to the complexity of its legal entity structure, including numerous joint ventures and minority-interest entities, along with foreign exchange transactions, an automated reporting tool was needed to consolidate financial results and report on them more efficiently.
As the Business Project Lead, CTS Impact provided a financial services industry-experienced Project Manager with significant capital markets background to assist with documentation of current processes in order to capture current state and to define future business requirements to support the software selection.
Once the new cloud-based software application was selected (Workday Financials and Workday HCM), CTS Impact supported the full life-cycle implementation of this tool, including re-design of the Chart of Accounts and other business processes, documentation of internal controls, user-acceptance (UAT) & systems testing, and end-user training, as well as post go-live support.
Concurrently, the CTS team assisted the management reporting team with its migration to Hyperion Financial Management (HFM) reporting tool and an Essbase business intelligence tool. Significant data clean-up was performed to facilitate data conversion, along with documentation of standard operating procedures. The financial system project design to go-live was completed ahead of schedule and under-budget due to the efficiency of experienced CTS Impact team, in collaboration with the internal staff.
In a parallel workstream, CTS Impact also provided hands-on report design expertise to automate short-term reporting processes until the new, long-term solutions were placed into production.
Other CTS Impact Services Provided:
- Asset Management – Investment Operations
- Back-office optimization
- Develop and document standard operating procedures
- Interim staffing
- Internal Controls – Project management
- SOC-1 readiness and reporting (and SAS 70 previously)
- Perform risk assessment
- Documentation of key controls
- Perform testing
- Liaison to external auditors
- SOC-1 readiness and reporting (and SAS 70 previously)
Internal Controls Review and SOX Compliance – Post-Fraud
Background: In the aftermath of a material accounting fraud, this CTS Impact client was required to restate several years of financial data. In conjunction with this effort, an extensive review of its internal controls was required, including remediation of material weaknesses in its controls over financial reporting at both the field operations and at the corporate level.
CTS Impact Solution:
- Field testing coordination
- Develop and manage a Field Testing Help Desk, along with related project management tools, to coordinate testing at over 100 facilities across the U.S.
- Review test results submitted by field testing teams to identify controls gaps
- Develop test plans and conduct testing at selected facilities
- Liaison with external auditors and other third-party service providers
- Corporate testing
- Document and test corporate-level controls including treasury, cash management and tax functions
- Remediation planning to address material weaknesses
SOX 404 Compliance – Financial and IT Systems
Background: In order to manage a global Sarbanes-Oxley 404 corporate compliance program, business tools needed to be developed and maintained to analyze and track progress, manage resource utilization and control costs. The diverse program encompassed a team of 30 professionals across numerous legal entities in over 50 countries. Due to the varying levels of detail to meet the information requirements of the constituents (e.g. field operations, Steering Committee, Audit Committee), status reporting presented some unique challenges.
CTS Impact Solution: As the Global SOX Project Manager, CTS Impact supported the full life-cycle of this multi-year program:
- Project plan updates and status reporting
- Develop standard reporting tools to monitor and analyze progress on a global basis
- Functional design of project intranet site
- Coordination of all compliance activities (financial operations and IT systems)
- Documentation of key controls
- Testing
- Remediation oversight
- Foreign operations support – CTS Impact staff worked on-site across Europe and Latin America to provide hands-on assistance to the operating business units with all phases of this compliance program.
SAS 70 & SOC 1 Reporting Readiness
Background: In preparation for its SOC 1 review, this CTS Impact client needed to develop its approach and prepare for its subsequent review.
CTS Impact Solution: Led by a CTS Impact Project Manager with deep financial services experience, the following services were provided. As a result, this client received a clean Type 2 report.
- Perform risk assessment to identify key controls
- Documentation of key controls and underlying processes
- Pre-audit test plan development
- Perform testing to identify areas of exposure
- Remediation of control gaps
- Liaison to Big 4 external auditors
IT Governance Policy Development and Compliance
Background: With over 850 business units globally, this de-centralized IT function needed to establish formal IT governance standards and guidelines as part of its Enterprise Risk Management program.
CTS Impact Solution: Using the COBIT / ITGI standard framework as a best practice, CTS Impact performed the following:
- Conduct risk assessment
- Develop and document IT policies and guidelines
- Disaster recovery and business continuity
- Physical, environmental and system security
- Access controls
- IT operations
- Change management – applications and technical infrastructure
- Data management
- SLA compliance
- Monitor and review compliance
- Coordinate self-assessments on annual basis
- Perform testing of high risk business units
- SOC 1 review of significant third-party providers
IT Security and PCI Compliance
Background: In a technology-centric operation, this CTS Impact client had identified significant internal control weaknesses which required disclosure in its annual report to the SEC. Due to the dynamic nature of the client’s environment, numerous applications, hardware, networks and other technical infrastructure were in place due in part to informal IT governance.
CTS Impact Solution: In order to remediate the material controls weaknesses, the first step was to identify ALL systems in use, understanding their connectivity and interaction, and then to address the controls deficiencies. CTS Impact provided a Project Manager and staff to perform the following:
- System mapping
- Identify critical systems (software, hardware, networks, interfaces)
- Document comprehensive systems in use (over 100 identified)
- Identify gaps and inefficiencies
- Analysis and Remediation
- Perform risk assessment
- Documentation of key controls
- Perform IT compliance testing
- Remediation planning and execution, including development of standard operating procedures
Given the depth of understanding of this client’s systems, business processes, culture and overall environment, CTS also assisted this client with the following other projects:
- IT project management
- Payment Card Industry (PCI) data security compliance
- Treasury workstation design, roll-out and user-training
- Interim Business Analyst — financial systems
Internal Audit – Operational, Financial and IT Systems
Background: As part of its annual operational audits of this CTS Impact client’s 850 manufacturing facilities, field audits were performed globally on a rotational basis, driven by an annual risk assessment.
Due to resource-constraints, this client needed experienced auditors with manufacturing industry experience who could quickly ramp-up to execute audit plans related to operational efficiency, financial controls and IT systems controls.
CTS Impact Solution: With significant depth in large, complex manufacturing environments, CTS Impact deployed a team of experienced Internal Auditors to perform the following:
- Develop test plans based on internal control questionnaires (ICQ)
- Operational
- Financial
- IT (using COBIT/ITGI framework)
- Perform testing and document audit findings
- Identify operational inefficiencies
- Conduct closing meetings with business units to communicate findings and recommendations
- Prepare audit reports
Project Management – Global SOX 404 Compliance
Background: As a result of a spin-off and subsequent IPO, this CTS client needed to demonstrate compliance with SOX 404 requirements. Previously, this company was an operating subsidiary of another larger firm, and did not have in-house expertise. Moreover, little formal documentation existed to substantiate its internal controls in place.
During the review, some financial data was required to be restated due to a material accounting error. Due to this added complexity, the level of scrutiny performed by the external auditors was extensive.
CTS Impact Solution: By leveraging the CTS SOX Toolkit, CTS managed the comprehensive SOX program and provided hands-on staff to perform all facets of the review including Financial, IT, and Entity-Level controls.
- Perform risk assessment based on COSO framework and AS 5
- Rationalize and document key controls, and underlying business processes
- Develop test plans and perform testing
- SAS 70 review of third-party service providers
- Analysis of deficiencies
- Remediation planning and oversight
- Anti-fraud controls review
- Liaison to Big 4 external auditors
- Audit Committee updates
Other Services: Concurrently, this client required assistance with day-to-day accounting activities during peak periods including:
- SEC reporting
- Interim Accounting Manager to oversee transaction processing activities
Also, with its expansive network of telecommunications infrastructure, this client leased a high volume of real estate holdings nationwide. To automate the lease administration process, a new Lease Administration System was licensed. CTS Impact assisted with the data conversion and testing during the implementation of the new system.
Forensic IT Analysis
Background: In the wake of several financial reporting errors and inconsistencies, this CTS Impact client needed to investigate the root cause of these issues on a confidential basis. Once identified, new standard operating procedures were needed to enhance the internal controls to prevent re-occurrence.
CTS Impact Solution: With significant real estate accounting operations and JD Edwards system implementation and user experience, the CTS Impact staff performed the following:
- Data extraction and analysis
- Targeted data-mining and queries of multiple conditions and scenarios
- Analyze content for potential conflicts and/or other inappropriate activities
- Publish final report
- Document standard operating procedures
Forensic Accounting and Litigation Support
Background: As a result of deteriorating financial returns from one of its joint venture investments, this CTS Impact client needed to scrutinize the operations of its partner at a more detailed level.
Once management control was exercised over the joint venture, all accounting operations needed to be migrated to the home office shared services platform, along with other asset management activities.
CTS Impact Solution: To analyze the complexities of this venture, CTS Impact provided forensic accounting expertise with deep real estate industry experience to investigate and report on the following:
- Transaction mapping and analysis
- Funds flow analysis
- Review of significant contracts and agreements
- Loan review
- Reconstruction of financial statements
- Pro forma analysis
Once litigation was initiated, CTS Impact assisted with the identification of potential issues, along with preparing analysis and support for various litigation strategies deployed by the client.
Disaster Recovery and Business Continuity Planning
Background: Although certain business practices were in place, this CTS Impact client lacked a formal disaster recovery program to manage its enterprise-wide risk. Once designed, the operational effectiveness of the controls needed to be evaluated.
CTS Impact Solution:
- Identify and map existing systems & processes
- Document standard operating procedures
- Perform testing of emergency procedures, based on risk assessment
- Contingency planning
- Develop business continuity planning framework
Acquisition Integration – Business and Systems Integration
To further diversify its vast real estate portfolio, this CTS Impact client expanded into a new segment; hotels, via acquisition of 3 major portfolios within an 8-month period. With acquired hotel assets of over $2.5 billion, this client needed specific hotel accounting experience to manage this back office integration and standardization.
As Project Manager, CTS Impact provided hands-on hotel and hospitality industry expertise to manage the acquisition integration onto its corporate platform. In addition to leveraging economies of scale, CTS Impact led the efforts to develop new business processes, along with new reporting tools and standard operating procedures. Deploying CTS Impact staff with hands-on financial systems experience, the legacy Timberline financial system was seamlessly converted to JD Edwards.
Throughout the transition, until the client was able to hire on permanent staff, CTS Impact provided interim accounting and financial reporting staff to support these new operations.
Other CTS Impact Solutions:
- Financial Reporting and Systems
- Purchase accounting and reconciliation
- SEC reporting
- Design new reporting tools
- Implement Content Management System (iManage)
- Tax Compliance
- Sales & use tax dispute investigation and resolution
- Interim staffing-Federal, state & local income tax assistance
- Asset Management and Joint Ventures
- Develop standard processes to monitor investments
- Partner and lender reporting
- Litigation support
- Internal Audit – SOS 404 Compliance
- Risk assessment
- Develop standard tools/templates
- Document key controls
- Perform testing
- Remediation planning
- Status reporting and Audit Committee updates
IPO-Readiness, Financial System Implementation, and Internal Audit
Background:
In the midst of unprecedented company growth, this global technology and social networking company’s reporting needs expanded in both complexity and volume. With multi-national operations in over 40 countries worldwide, a standardized and automated reporting tool was mission-critical to produce GAAP-basis consolidated financial statements.
Financial data needed to be mapped from many different financial systems, including multi-currency transactions in 35 different local currencies. Joint venture and minority interest ownership of certain entities were also key issues for the consolidation of financial results.
In anticipation of its planned initial public offering, Groupon accounting staff had limited SEC expertise on staff. Also, the financial and systems controls needed to be reviewed and documented to analyze any potential gaps.
CTS Impact Solution:
Financial Systems Design and Implementation
- Cloud-based financial reporting tool (Host Analytics)–Rapid design and deployment
- Chart of accounts design
- Integration with cloud-based general ledger system (NetSuite)
IPO readiness
- S-1 registration statement preparation support and disclosures
- Interim staffing–financial reporting and consolidations
Corporate Governance and Compliance
- Risk assessment of internal control environment
- Documentation of key controls and processes (Financial and IT)
- Analysis of potential gaps
- Remediation planning
Sale – Foreign Ownership – Integration
Background: With the announcement of its sale to a large, Europe-based public utility company, this CTS Impact client needed enhanced reporting and analysis to support its new ownership. Also, re-engineering of business processes was required to align with its new corporate parent standards.
CTS Impact Solution:
- Financial reporting & analysis
- IFRS financial reporting (previously on GAAP basis)
- Develop annual budget
- Develop methodology
- Cash flow forecasting
- Tax support (1099 reporting)
- Business processes and controls
- Re-design purchasing and accounts payable processes (EDI, procurement card, T&E)
- Document accounting policies and operating procedures
- Internal controls review
Interim Tax Manager
Background: Due to the sudden departure of the head of its Tax department, CTS Impact provided an Interim Tax Manager with a blend of tax compliance and GAAP-basis reporting experience to assist with the following:
- Compliance — Federal, State, County and City
- Created a compliance database to monitor all tax-related deadlines
- Sales & use, business and other miscellaneous tax compliance
- Year-end tax provision and payments
- Prepare FAS 109 tax accrual and prepare tax payments
- Coordinate preparation and issuance of 1099’s
- Tax audits and notices
- Develop a comprehensive system for tracking the status of all tax notices and audits
- Dispute investigation and resolution, resulting in > $1 million in hard-dollar savings
Interim Staffing & Co-Sourcing
To complement our hands-on business consulting services, CTS Impact also provides staff augmentation and co-sourcing. This service offers our clients the flexibility to manage variable workload needs and to scale staffing up or down for improved cost management.
Our Offerings:
- Finance and Accounting, including staffing for Interim Controller, Financial Analyst, Tax Manager, and more. We assist our clients with the following:
- Financial reporting, including GAAP and IFRS. This includes month, quarter, and year-end close, SEC and management reporting, and financial statement preparation and footnote disclosure
- Financial planning and analysis, including budget preparation, cash flow forecasting, and financial modeling and analysis
- Treasury and cash management
- Tax compliance
- Information Technology, including staffing for Interim Project Manager, Business Analyst, and more. We assist our clients with the following:
- IT Project Management including requirements definition and report design
- Business Analysis
- Human Resources, including staffing for Interim HRIS, HR Manager, and more. We assist our clients with the following:
- Documentation of standard policies and procedures
- Development of reporting tools, including ACA and HRIS
Business Process Improvement – Center of Excellence Program Development
Background: In order to manage the large volume of user requests across all corporate administrative functions (e.g. finance, legal, human resources, marketing, etc.), reporting and analysis tools were needed to define user requirements, estimate resource requirements and allocations, estimate level of effort, prioritize concurrent and potentially conflicting activities and analyze the business case to evaluate the return on investment for new projects.
CTS Impact Solution: Using industry best practices, CTS performed the following:
- Project management
- Develop and prepare project plans
- Status reporting and updates to Steering Committee
- Program design and development
- Design standard tools and templates
- Develop prioritization model to evaluate organizational impact and level of effort
- Formalized communications plan for frequent updates to user-community
- Deployment of request management tracking tool (Primavera) to manage in-flight projects
- Conduct pilot
- Meet with business owners to define requirements
- Develop business cases to analyze ROI
- Prepare project charters and projet plans
- Liaison to IT and business community
- Program roll-out and on-going support
- Train new Business Analysts on usage of standard processes and tools
- Provide Interim Business Analysts to preform day-to-day activities
Transition Services – Planning and Implementation
Background: As part of its new services to provide third-party accounting services to its clients, this Germany-based renewable energy company engaged CTS to develop planning and implementation tools to support the on-boarding and transition of their new clients to a standard accounting platform (SAP).
CTS Impact Solution: The CTS Impact Project Manager provided deep experience to develop a standard transition plan as follows:
- Develop PMO tools
- Standard project plan for Transition Services
- Estimation model for proposal process
- Resource/workload allocation model for accounting organization
- Define key metrics and service levels
Once these standard planning tools and templates were in place, CTS Impact utilized these tools and provided a Transition team to manage the migration and integration of these new services into the client’s existing accounting function, and to provide interim accounting assistance during the transition as follows:
- Mapping of chart of accounts
- Data conversion and validation
- Interim accounting operations during transition
- Interim financial reporting (IFRS)
- Cross-training to internal staff
- Document standard operating procedures
Standardization and Optimization
Background: As a result of several major acquisitions, this CTS Impact client needed to update its Investment Operations processes in order to be scalable to support future business requirements. Concurrently, the client was experiencing a high rate of staffing turnover in various management and staff roles.
CTS Impact Solution:
- Issue identification and resolution
- Reconciliation and settlement
- Trade operations
- Data integrity
- Pricing and performance
- Interim Operations Management
- Performed Interim Directorship activities until new permanent hire in place and cross-trained
- Month-end reporting and reconciliation activities
- Key liaison to internal audit staff during controls review and remediation effort
- Status updates to Executive Committee
- Optimization
- Re-vamped organizational structure and drafted job descriptions
- Designed standard processes
- Documented standard operating procedures
Software Evaluation, Design & Implementation-Workday Financials and Workday HCM
With the rapid expansion of this investment management firm into new lines of business including investment banking and insurance, reporting requirements grew in both size and complexity. To address its future reporting needs, the current financial system (Great Plains) needed to be replaced.
In addition, due to the complexity of its legal entity structure, including numerous joint ventures and minority-interest entities, along with foreign exchange transactions, an automated reporting tool was needed to consolidate financial results and report on them more efficiently.
As the Business Project Lead, CTS Impact provided a financial services industry-experienced Project Manager with significant capital markets background to assist with documentation of current processes in order to capture current state and to define future business requirements to support the software selection.
Once the new cloud-based software application was selected (Workday Financials and Workday HCM), CTS Impact supported the full life-cycle implementation of this tool, including re-design of the Chart of Accounts and other business processes, documentation of internal controls, user-acceptance (UAT) & systems testing, and end-user training, as well as post go-live support.
Concurrently, the CTS team assisted the management reporting team with its migration to Hyperion Financial Management (HFM) reporting tool and an Essbase business intelligence tool. Significant data clean-up was performed to facilitate data conversion, along with documentation of standard operating procedures. The financial system project design to go-live was completed ahead of schedule and under-budget due to the efficiency of experienced CTS Impact team, in collaboration with the internal staff.
In a parallel workstream, CTS Impact also provided hands-on report design expertise to automate short-term reporting processes until the new, long-term solutions were placed into production.
Other CTS Impact Services Provided:
- Asset Management – Investment Operations
- Back-office optimization
- Develop and document standard operating procedures
- Interim staffing
- Internal Controls – Project management
- SOC-1 readiness and reporting (and SAS 70 previously)
- Perform risk assessment
- Documentation of key controls
- Perform testing
- Liaison to external auditors
- SOC-1 readiness and reporting (and SAS 70 previously)
Human Resources System Selection and Implementation – UltiPro
Background: This large multi-national investment management firm had numerous disparate Human Recourses software solutions which were not fully integrated, which led to inefficiencies and errors. Moreover, its Payroll system was not tied to the Human Resources system. As a result, the client’s goal was to implement one system to meet all of its payroll and human resources requirements.
Concurrently, this organization’s financial system needed to be replaced, since it was no longer meeting business needs related to financial reporting.
CTS Impact Solution:
In order to assist this multi-national financial services firm to select and implement a new Human Resources, Payroll and Financial System, CTS Impact provided a team with deep industry experience to lead the software selection, analysis and implementation of a new HR, Payroll and Financial system.
To compress the timeline of this complex project, and given the diverse functionality of these systems, the CTS Impact project team had a blend of hands-on experience in HR, payroll and accounting, rather than two independent functional teams.
Leveraging the CTS Impact Toolkit, CTS Impact worked closely with the client to document current processes in order to define requirements and to identify future state process improvements and system automation opportunities in each area:
- Human Resources
- Benefits administration
- Performance management
- Applicant tracking/recruitment
- Compensation management
- Payroll
- Accounting
- Accounts payable
- General ledger
- Financial reporting
Once requirements were defined, the CTS Impact team developed a targeted RFP and led facilitated system demos to review a cross-section of software vendors including cloud and ERP options (UltiPro, Workday, and Oracle).
As a result of this integrated analysis, the client selected UltiPro.
In anticipation of the implementation of a new HR, Payroll and Financial system, CTS Impact worked with process owners to prepare for the implementation, including:
- Detail process analysis
- Facilitated process design workshops to identify the future state processes and to assist the software vendor with configuration decisions.
- Define new delegation of authority and approval levels to support auto-workflow processing
- Define system security levels and permissions
- Data clean-up (e.g. chart of accounts, vendor master file, job codes, skills & competencies, etc.)
- Definition of future state reporting requirements
Throughout the entire implementation, including design, configuration and testing of each of UltiPro’s modules, CTS Impact worked as an extension of the client’s teams to liaison with UltiPro’s technical configuration support teams.
Prior to go-live, CTS Impact developed tailored user-training documentation and job aids, including the client-specific standard operating procedures for cross-training.
In addition, to gain added efficiency and enhance controls, CTS Impact developed, tested and implemented a seamless integration between UltiPro Payroll and NetSuite.
Once go-live, CTS Impact provided post go-live support to ensure the systems were achieving the client’s business needs and to facilitate knowledge transfer. Also, CTS Impact developed standard reporting using UltiPro’s business intelligence (BI) tool.
Subsequently, CTS Impact assisted this client with the implementation of additional HR applications including HighGround (performance management) and Avature (applicant-tracking & recruitment).
CTS Impact provided continuity of staff throughout the entire life-cycle to eliminate any unnecessary ramp-up time and to avoid costs to the client.
Project Management – Global SOX 404 Compliance
Background: As a result of a spin-off and subsequent IPO, this CTS client needed to demonstrate compliance with SOX 404 requirements. Previously, this company was an operating subsidiary of another larger firm, and did not have in-house expertise. Moreover, little formal documentation existed to substantiate its internal controls in place.
During the review, some financial data was required to be restated due to a material accounting error. Due to this added complexity, the level of scrutiny performed by the external auditors was extensive.
CTS Impact Solution: By leveraging the CTS SOX Toolkit, CTS managed the comprehensive SOX program and provided hands-on staff to perform all facets of the review including Financial, IT, and Entity-Level controls.
- Perform risk assessment based on COSO framework and AS 5
- Rationalize and document key controls, and underlying business processes
- Develop test plans and perform testing
- SAS 70 review of third-party service providers
- Analysis of deficiencies
- Remediation planning and oversight
- Anti-fraud controls review
- Liaison to Big 4 external auditors
- Audit Committee updates
Other Services: Concurrently, this client required assistance with day-to-day accounting activities during peak periods including:
- SEC reporting
- Interim Accounting Manager to oversee transaction processing activities
Also, with its expansive network of telecommunications infrastructure, this client leased a high volume of real estate holdings nationwide. To automate the lease administration process, a new Lease Administration System was licensed. CTS Impact assisted with the data conversion and testing during the implementation of the new system.
Acquisition Integration – Business and Systems Integration
To further diversify its vast real estate portfolio, this CTS Impact client expanded into a new segment; hotels, via acquisition of 3 major portfolios within an 8-month period. With acquired hotel assets of over $2.5 billion, this client needed specific hotel accounting experience to manage this back office integration and standardization.
As Project Manager, CTS Impact provided hands-on hotel and hospitality industry expertise to manage the acquisition integration onto its corporate platform. In addition to leveraging economies of scale, CTS Impact led the efforts to develop new business processes, along with new reporting tools and standard operating procedures. Deploying CTS Impact staff with hands-on financial systems experience, the legacy Timberline financial system was seamlessly converted to JD Edwards.
Throughout the transition, until the client was able to hire on permanent staff, CTS Impact provided interim accounting and financial reporting staff to support these new operations.
Other CTS Impact Solutions:
- Financial Reporting and Systems
- Purchase accounting and reconciliation
- SEC reporting
- Design new reporting tools
- Implement Content Management System (iManage)
- Tax Compliance
- Sales & use tax dispute investigation and resolution
- Interim staffing-Federal, state & local income tax assistance
- Asset Management and Joint Ventures
- Develop standard processes to monitor investments
- Partner and lender reporting
- Litigation support
- Internal Audit – SOS 404 Compliance
- Risk assessment
- Develop standard tools/templates
- Document key controls
- Perform testing
- Remediation planning
- Status reporting and Audit Committee updates
IPO-Readiness, Financial System Implementation, and Internal Audit
Background:
In the midst of unprecedented company growth, this global technology and social networking company’s reporting needs expanded in both complexity and volume. With multi-national operations in over 40 countries worldwide, a standardized and automated reporting tool was mission-critical to produce GAAP-basis consolidated financial statements.
Financial data needed to be mapped from many different financial systems, including multi-currency transactions in 35 different local currencies. Joint venture and minority interest ownership of certain entities were also key issues for the consolidation of financial results.
In anticipation of its planned initial public offering, Groupon accounting staff had limited SEC expertise on staff. Also, the financial and systems controls needed to be reviewed and documented to analyze any potential gaps.
CTS Impact Solution:
Financial Systems Design and Implementation
- Cloud-based financial reporting tool (Host Analytics)–Rapid design and deployment
- Chart of accounts design
- Integration with cloud-based general ledger system (NetSuite)
IPO readiness
- S-1 registration statement preparation support and disclosures
- Interim staffing–financial reporting and consolidations
Corporate Governance and Compliance
- Risk assessment of internal control environment
- Documentation of key controls and processes (Financial and IT)
- Analysis of potential gaps
- Remediation planning
Acquisition Integration
Background: This publicly-held international pharmaceutical company was experiencing very rapid growth through multiple significant acquisitions. Each acquisition maintained their accounting records on different financial system platforms, so the client needed to migrate these disparate systems to a standard platform (SAP).
Also, prior to the roll-out of a new financial reporting tool (Adaptive Insights), the CTS Impact team maintained a parallel tool to perform the consolidation process, as well as the report validation process throughout the system implementation.
CTS Impact Solution:
CTS Impact needed to provide significant hands-on experience to assist this client in several ways simultaneously:
- Acquisition integration (3 major acquisitions within 1 year)
- Account mapping to new chart of accounts
- Reconciliation and analysis
- System conversion from Great Plains Dynamics to SAP
- Assist with process design
- Testing
- Document standard operating procedures (SOPs)
- Interim accounting activities
- Backfill support for various accounting and financial reporting roles while client conducted hiring process for permanent hires
- Monthly/quarterly/year-end close activities
- Consolidations
- Inventory accounting
- Cross-training and transition to new permanent staff
- Backfill support for various accounting and financial reporting roles while client conducted hiring process for permanent hires
Consistent with CTS Impact hands-on approach, while performing these roles, CTS Impact implemented process improvements to streamline the month-end close process. In addition, CTS Impact documented standard operating procedures (at the desktop level) to provide cross-training for new hires.
Merger Integration and Process Standardization
Background: With the merger of 3 operating companies located across the U.S., this CTS Impact client needed to design and develop a standard back-office platform — business processes, policies & procedures, and systems, to support its integrated operations. In addition, the back-office was being centralized to a new headquarters location
CTS Impact Solution: With a blend of hands-on experience with financial systems and processes, the CTS Impact team managed the following:
- Financial systems conversion (Great Plains Dynamics)
- Develop financial reporting and analysis tools
- Develop and document standard business processes and operating procedures
- Ramp-up staffing until permanent hires in place and cross-trained
Interim Controller and ERP Project Manager – JD Edwards
Background: When the Controller resigned abruptly, CTS Impact stepped in on an interim basis to manage the year-end closing process, as well as to spearhead the financial systems project.
- Manage month-end closing
- Prepare financial statements
- Oversee reconciliation & analysis
- Prepare budgets and forecasts
- Project management of financial system upgrade (JD Edwards)
Interim Tax Manager
Background: Due to the sudden departure of the head of its Tax department, CTS Impact provided an Interim Tax Manager with a blend of tax compliance and GAAP-basis reporting experience to assist with the following:
- Compliance — Federal, State, County and City
- Created a compliance database to monitor all tax-related deadlines
- Sales & use, business and other miscellaneous tax compliance
- Year-end tax provision and payments
- Prepare FAS 109 tax accrual and prepare tax payments
- Coordinate preparation and issuance of 1099’s
- Tax audits and notices
- Develop a comprehensive system for tracking the status of all tax notices and audits
- Dispute investigation and resolution, resulting in > $1 million in hard-dollar savings
Interim IT Project Manager – Report Design
Background: In order to automate financial reporting processes until a new long term solution was fully implemented, CTS Impact performed the following:
- Created Access database to support management reporting requirements
- Developed macros, filters, VLOOKUPS and other spreadsheet management tools
- Perform system testing in support of system upgrades
- Issue identification and resolution
- Developed data warehouse plan (Microsoft Analysis Server)
CTS Impact Solution: With significant real estate accounting operations and JD Edwards system implementation and user experience, the CTS staff performed the following:
- Business process analysis
- Workflow design and documentation
- Testing
- Develop methodology
- Script development
- System and user testing
- Develop user-training program and manual
- Trouble-shooting and support during go-live
Co-Sourcing – Accounting Operations – U.S. and Middle East
Background: In order to manage the variability of accounting operations needs, CTS Impact provided Interim staff to perform various financial operations activities:
- Property accounting
- Development accounting
As part of serving in these functions on a daily basis, CTS Impact also performed special projects
- Financial systems (Yardi) — optimization of system functionality of existing modules
- Financial processes and controls to support expansion into Middle East (Abu Dhabi)
- Develop accounting policies
- Document standard operating procedures
Interim Senior Financial Analyst – Planning & Forecasting
Background: As a private equity-backed operation, the planning process needed to be enhanced. CTS Impact worked closely with finance, operations, IT and human resources to develop and support these planning activities:
- Budget preparation and analysis
- Pro forma & sensitivity analysis to support private equity investors information requests
- Bank reporting
- Cash flows forecasting
Interim Business Analyst – Financial Systems
Background: With the objective to further automate various financial processes, numerous IT projects were pending. In order to facilitate the prioritization and execution of these activities, CTS Impact provided an Interim Business Analyst:
- Serve as key liaison with business owners and IT department
- Define specific reporting requirements based on interviews with business functions
- Evaluate options to meet requirements
- Design and develop performance metrics reports
- Monitor progress of related IT projects in progress
CTS Impact Solution: With significant real estate accounting operations and JD Edwards system implementation and user experience, the CTS staff performed the following:
- Business process analysis
- Workflow design and documentation
- Testing
- Develop methodology
- Script development
- System and user testing
- Develop user-training program and manual
- Trouble-shooting and support during go-live
Interim Controller – Outsourcing Migration
Background: In preparation for the outsourcing of its accounting operations, CTS Impact provided interim staff to perform:
- Manage and perform day-to-day finance and accounting activities
- Coordinate of migration to outsource third-party service provider
- Billing process re-design
- Document business processes in anticipation of Great Plains Dynamics system upgrade
CTS Impact Solution: With significant real estate accounting operations and JD Edwards system implementation and user experience, the CTS staff performed the following:
- Business process analysis
- Workflow design and documentation
- Testing
- Develop methodology
- Script development
- System and user testing
- Develop user-training program and manual
- Trouble-shooting and support during go-live
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