Case Study: Finance Transformation At An Internet Company - Fasten Your Seat Belt
- Tags:
- Deloitte Touche Tohmatsu,
- Finance,
- Finance Organization,
- Financial,
- Financial Accounting,
- Financial Statements,
- Internet
- Source:
- Deloitte Touche Tohmatsu
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Overview: A large Internet company was struggling to operate independently after its recent spin-off. Rapid growth and numerous restructurings had saddled the finance function with inadequate systems and processes, making it difficult to close the books or produce accurate financial statements. The company, one of the first Internet businesses in its field, had enjoyed excellent annual revenue growth since its inception. Unfortunately, it had underinvested in financial operations over that period and was now experiencing enormous difficulty closing the books and producing accurate financial statements. Moreover, its current form after the spin-off included four legacy businesses that had been bundled together into a single company. Each had formerly run its own accounting department with its own policies, procedures and systems, creating a maze of nonstandardized processes that precluded efficient and effective operations. The finance organization's difficulties threatened the company's ability to carry out an initial public offering (IPO) and make the necessary reports to the Securities and Exchange Commission to operate as a publicly held company. Learn more about the issues.
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Format: PDF | Size: 146KB | Date: Jan 2008 | Pages: 2
