The document discusses the impact of Six Sigma methodology on accounting and finance processes. It explains that Six Sigma aims to streamline and standardize processes by eliminating defects. This brings perfect planning and cost control. Six Sigma was created by Motorola in 1986 and is now widely used to improve output quality in manufacturing and business. For accounting processes, Six Sigma can help standardize the intricate workflows of start-up companies and reduce errors. It yields benefits like improved accuracy, reduced manual work and cycle times, better cash flow management and customer satisfaction.

1. Consulting | Outsourcing
Giving New Definition
To Your Business
Finance and Accounting
The Impact of Six Sigma
Methodology in Accounting
& Finance Process
The implementation of Six Sigma methodologies
in accounting and finance process is to streamline
and standardize the overall process of financing
porting systems by eliminating unproductive processes, erroneous results and cost overruns. This
apparently brings forth the maintenance of
perfect planning and costing to every aspect of
the finance process to a company’s business.
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2. Brought into existence by
Motorola in 1986, the Six Sigma
technique or methodology finds
its applauded application in
various manufacturing and business processes worldwide today.
It is considered to be one of the
key resources to make accounting process outputs better and
quality by identifying and
removing defects.
Since this technique encompasses a variety of quality management methodologies, it benefits a company create a large
talent pool so as to increase
process
improvement
for
accounting and finance work.
Six Sigma Implementation –
The accounting process is said
to be one of the most intricate
and esoteric processes to deal
with. That’s why an expert on
the subject matter is required for
a startup
company to handle such
esoteric process. Moreover,
startup companies oftentimes
experience abstruse issues in
relation
with
systematic
handling of account related
chores.
Also, such companies have
rudimentaryaccounting/book
keeping process beset with
disorganized and erroneous
process solution that eventually
yields operational deformity in
accounting works.
Given that accounting is one of
the most imperative parts of a
company, the actualization of
the time-consuming accounting
process faster and in the best
satisfactory way conceivable has
its own significance. And, Six
Sigma is just the name of the
means to evince satisfactory
solutions in accounting and
finance process.
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3. Six Sigma in Accounting & Finance Processes
The Six Sigma implementation in startup’s accounting and finance
process yields one of the key benefits – a well managed cash flow
advantage. Six Sigma involves numerous tools and techniques to
streamline and standardize any seemingly complicated accounting
works in a company.
SIX SIGMA IMPACT ON FINANCE & ACCOUNTS
Improves
accounting
process accuracy
Reduces
manual
workflow
Zeroes
erroneous
rate in the
billing process
It has been ascertained that post
Six Sigma implementation
almost zeroed the erroneous
rate in the billing process with
faster turnaround time (6 days of
billing cycle time was reduced to
3 days). Thus, the implementation of Six Sigma reduces
manual workflow and improves
accounting process accuracy.
Also, it has improved customer
satisfaction level substantially.
In addition, the variability of
cycle
time
management,
reduction of erroneous rates in
Streamlines
and Standardizes
financing reporting
process
Cash
flow
Management
Reduces
cycle time
management
billing process and employment
satisfaction evinced in those
companies which applied Six
Sigma technique. Moreover, this
technique plays a major role in
cycle time reduction for
financial reporting process as
well as the reduction of the time
associated with closing books.
Apart from that it decreases
changeability in the process of
financial reporting, improves
the value of shareholders and
makes
financial
process
accurate.
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4. There is no denying the fact that financial performance bears
positive impact by the application of Six Sigma methodology. It is
one of the surefire ways to streamline finance processing activities.
It helps an industry achieve maximum turnaround time to
accomplish operational excellence in its finance and accounting
service.
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© 2014 Acelerar. All rights reserved. All brand names and trademarks belong to their respective owners.
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