case studies
Financial services
Internal Accounting Strategy
- Client
- UK Clearing Bank
- Sector
- Financial services
Project description
The Bank saw an opportunity to re-engineer its internal accounting structure and systems in order to reduce cost, improve quality and provide better management information.
The scope was internal accounting to support UK customers, including internal money transmission, branch and central operations, reconciliation, reporting and query handling. Income, expenditure, sundry and suspense accounts were considered.
The assignment covered the first two phases of re-engineering:
- initial study - an early assessment of feasibility and benefits
- strategy definition - including development of
- design principles for internal and customer accounts
- initial business, operational and technical designs
- preliminary accounting structure and process definition
- outline implementation plans
- outline business case.
ItemPlus took responsibility for specific deliverables, and led the team’s activities. ItemPlus also prepared the executive briefing and the checkpoint and final reports.
Outcome
The strategy recommendations were accepted by the responsible Directors.
