StylusFMS’ delivery methodology:
Enabling enhanced performance of finance and accounting department.
Well-defined delivery methodologies that are easy to repeat improve the performance of any service . StylusFMS’ delivery methodology is called STEP Methodology – (Strategy, Execution & Performance management).
Our client’s business is at the core of the STEP Methodology is the Client’s business. Most often finance and accounting departments and other departments in businesses work in silos. STEP methodology focuses in building a bridge between the two. The objective is to ensure that the finance and accounts department of the client organization is strengthened and developed into a true partner of business operations.
We would like to equate STEP Methodology to ‘you are here maps’ found in a mall. ‘You are here maps’ help you find your position and navigate through a large mall. We believe that the finance department should be able to provide the leadership of the business a clear financial perspective. It should not only showcase current financial status to them but also advise a financial perspective on business performance.
STEP Methodology is suitable for a single outsourced process as well as the total outsourcing of the finance and accounting department.
STEP Methodology has 3 phases:
Phase 1: Strategy Phase – (Establishing strategic framework for the execution)
- a) Business Performance Framework:
- Identify the workflows
- Identify the bottlenecks
- Develop performance management criteria
- Design execution plan
Studying various entities and/or departments that constitute the business and the leadership vision for their performance. Following is achieved at this phase:
b) The KPIs : Identifying the Key Performance Indicators that are demanded by the Business Performance Framework from the F&A Department
c) The F&A Organization :
Setting up the Execution and Performance framework for the F&A department that maximizes its full potential to serve the business .
Phase 2: Execution Phase – following is accomplished during execution phase:
From the Process master sheet, identify the critical paths that are significant towards achieving the KPIs of the F&A organization.
Phase 3: F&A department performance management
- a) Performance matrix :
- High level overview diagram
- Flow charts
- Detailed screen shot taken
A Matrix that details process and task distribution with timelines – here the tasks are distributed to various members of the team and the timeline assigned.
b) 3 Level Documentation : For troubleshooting and transitioning purpose
c) Reviews :
Team & Stakeholder collaboration involving daily team meetings and weekly reviews