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Business Week 2011

University of Piraeus

Sofia TsakmakliHead of Finance, Business Control & Planning, Sony Ericsson Mobile

Communications South East Europe & Mediterranean

FINANCIAL MANAGEMENT IN THE NEW ERA

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FINANCIAL MANAGEMENT

• The New Role of Finance Manager

• Organizational Structure - Main functions of Financial Management

• New Ways and Techniques of Working

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NEW ROLE OF FINANCE MANAGER

Working as a fully engaged Business Partner to support the company

in achieving its long term goals by providing:

• Business Consultancy and Support

• Transparency and Integrity

• Internal Control and Compliance

Mission

In order to succeed in this mission you need to implement A…

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NEW ORGANIZATIONAL STRUCTURE

Main functions of Financial Management

Business Controlling

Reporting

Finance & Accounting

• Help the company to manage risk

• Improve company Return on Investment

and efficiency

• Participate in decision making by providing

support and recommendations

• Time efficiency

• Provide meaningful and timely information

to top management to enable the right

business decisions

• Acting in a professional and ethical manner

• Safeguard Co‟s assets including reputation

• Secure efficient usage of resources and

optimize cost structure

• Ensure appropriate compliance with

company „s policies and laws

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Analysis of functions Financial Management

In order to implement the new structure we need to apply new ways of working

like….

Business Controlling

• Budgeting and Forecasting

• Credit Management

• Pricing Management

• OPEX Control (SGA &Marketing)

Reporting• Preparation of Monthly, quarterly and Annual FS

• Actual vs Budget and Forecast reports in all areas(Revenue, OPEX, Cos KPIs )

Finance & Accounting

• Manual/ Automated (ERP related) Accounting Postings

• Reconciliations

• Tax reporting preparation

• Maintenance of CAD

NEW ORGANIZATIONAL STRUCTURE

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NEW WAYS OF WORKING

• SSC (Shared Services Centers)

• Global Processes

• Web Based Reporting and Communication

• Consolidated Functions

• Remote Management

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SSC (Shared Services Centers)

•Standardize the finance processes across function and geography.

•Improve efficiency and effectiveness within the organization.

•Strengthen the control environment and also improve transparency.

•Reduce overall General and Administration costs across the Finance group.

Global processes

• All the finance employees working in a common way

• “Work shadowing” and knowledge of local entities and their requirements

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Web based reporting and ways of communication

• Global ERP system

• Telepresence

• Conference calls

• Webex

• E- Mail

• Live chat using the intranet - Communicator

• Phone

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Consolidated functions

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Functional and Remote Line Management

Assigned employee• Show global team spirit

• Display accountability

• Deliver according to assignment

• Pursue global processes and ways of working -

standardization

•Continues dialog with line and functional manager

Head of Finance &

BC

Global Finance Manager

Assigned Employee

Coordination & Alignment

• Assignment agreement

• Agree principles for personal development, training,

conditions/compensation

• Agree performance measurements and criteria

• Feedback on performance

• Resource and capacity plans & decisions

• Day-to-day mgmt & support to assigned employee

• Secure process- and ways of working standardization

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How is the manager updated and how updates the employees?

- Weekly teleconference update of where we are and what we

should do

- Constructive feedback from mangers to employees and vice versa

- Updates remote employees for local changes

- Conversation and brain storming with team members

- Participation in global and regional meetings

- Trainings

Functional and Remote Line Management

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SUMMARY- of the New Finance concept

What are we forcing to reach today

• Standardized ways of working

• Increased focus on global processes and methods

• New global matrix structure

• New role as Business Partner

• Increased opportunities for self development and promotions though job rotation.

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Conclusion

Changing the mentality in Finance

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Thank you!

Q&A