The transformation of finance at an international high-tech organization

To ensure continuity of financial processes and make the reporting and closing process more efficient and transparent, EIFFEL Finance consultant Herbert van het Reve (https://www.linkedin.com/in/herbert-van-het-reve-mfc-436677a/) was deployed as chief financial accountant within the Dutch division. It quickly became clear that there was a need not only for process optimization, but also for better utilization of existing competencies within the team.

The challenge

While the processes were well streamlined, the finance team worked too much in silos. Internal controls and administrative processes were closely monitored by both internal and external auditors, including the US government. Every transaction, from project budgets to travel expenses, had to be documented and accounted for in detail. The month-end closing took 6 working days, while this could be done faster and more efficiently through targeted improvements and better collaboration within the department.

The approach

Herbert worked closely with the employees to realize a cultural shift within finance. Instead of an individual approach, we chose structured collaboration, where everyone received a clearly defined role. By involving colleagues earlier in the closing process and setting clear deadlines, the month-end closing could be significantly accelerated.

Additionally, we actively focused on knowledge sharing and predictability: no ad-hoc corrections at the last moment, but a tight schedule where project management, cash flow, and internal controls were processed in time. The mentality shifted: reporting was no longer seen as the final destination, but as a continuous process where all financial disciplines were involved early on.

The result

Thanks to this approach, the month-end closing was moved forward from the 6th to the 3rd working day. The finance team worked more efficiently, with greater cohesion and better task distribution. This gave the CFO faster access to the right insights for strategic decisions and reduced pressure on individual employees. The quality and control within financial processes improved structurally, and the team grew into a self-managing, well-coordinated unit.

"By starting the closing process during the month still being closed and working together better, we managed to organize the closing faster and tighter. This not only created more calm within the team, but also provided better and faster insights for the entire organization," Herbert reflects.

Bottom line

With the deployment of Herbert van het Reve and EIFFEL Finance, this international high-tech organization transformed its finance department into a strongly collaborative and strategic partner. Faster closings, better internal control, and a streamlined approach ensure the organization is ready for further growth and success.