Destination: Intercompany paradise
You could be facing millions in statutory fines, have a lack of process visibility, and extended close times—contributing to your team’s burnout. Or, you could have immaterial out-of-balance positions, auto-reconciled balance sheet accounts, timely invoices, zero audit findings, minimal days to close, and local tax reporting ease. All that and more—in intercompany paradise.
It’s not as far away as you might think. But before you embark, some logistics need to be ironed out. Here are your pre-trip to-dos:
1. Grab your companions
Who will be traveling with you? Intercompany is a global process with multiple stakeholders—supply chain, tax, treasury, accounting, and internal controls. To truly drive transformation and lasting success, all team members need to be on board to ensure their processes are understood and requirements met.
2. Set your itinerary
Technology is your ticket to success, but your processes make your schedule. You aren’t going anywhere unless you have your ride to the airport, bags packed, and plans made. Similarly, if your workflows are disparate and your regions and business units are inconsistently invoicing, you might be late for takeoff. Get a handle on your tasks, including who owns what.
3. Pick your top sights
There’s so much you can’t predict—expect unforeseen flight delays. To keep your transformation reasonable, set your sights on intercompany and curate a bucket list of your top goals. For example, while it might not be realistic to turn over every individual invoice ever recorded, you can still get a better grip on the majority of your transactions. Define what needs to be addressed and what will have a lasting impact. Strive for effective; not exhausting.
4. Explore new avenues
Organizational success is often a defined by growth—but scale and pace can often be the root of your intercompany issues. Statutory requirements, system landscapes, and new legislation will evolve as you make new acquisitions. Be flexible enough to change your plans and adapt alongside your organization.
5. Find a trusted tour guide
Having a partner who knows the ins and outs of your issues, ongoing initiatives, and technology will reduce the culture shock of your transformation. They’ll keep you on the right track, answer your questions, and help you develop the plan that’s right sized for you. That means making sure you’re focused on critical activities that drive the most efficiencies and attending to industry-leading practices underpinned by the best technology—BlackLine.
We know it’s a lot to think through—and whether you’re ready for take-off or still planning your excursion, we’re here. In the meantime, explore more of our intercompany travel tips in our pre-flight checklist.