A CFO of a $500 million medical device company which grew by acquisition wanted to:
1
Understand its Quote to Revenue Recognition Process
2
Identify all key Internal controls
3
Look for opportunities to improve the process
Approach
Monomoy deployed resources from both its technical accounting and operations excellence practice to:
- Develop and managed a wholistic project plan with clearly defined deliverables
- Managed the project with clear quantified status reports
- Worked collaboratively across functions and the globe
- Adjusted to the client’s fast paced environment
Results
The client gained a clear understanding of its direct and distributor processes from Quote to the Point of Revenue recognition, a list of numerous continues improvement ideas for further assessment, a concise list of the key controls, control improvement ideas and a better understanding the overall control environment. The project also resulted in developing cross functional relationships and a better understanding of each function’s part of the overall process. Based upon this effort, the company embarked on a new project to manage the Opportunity to Cash process in a more integrated fashion.