Six sigma online course in Finance and Accounting provide training and tools that help identify excessive and wasteful expenditure and ensure cost-effective budget plans. They help organizations achieve goals like eliminating accounting errors, improving customer relations, and assisting businesses to get rid of excess spending.
Implementing and training in Six Sigma in Finance and Accounting helps businesses in customer retention and growth.
Advantages of implementing Six Sigma in Finance and Accounting
Organizations in any industry that apply the principles of Lean Six Sigma (LSS) in Accounting and Finance can get a competitive advantage.
The tools and methodologies used to streamline operations and improve organizational culture.
Some examples of the impact of LSS are below:
Lean Six Sigma allows more focus and efficiency in operations and not manufacturing. In crucial departments in any organization, such as accounting, billing reconciliations can be erroneous. There are instances where customers charged less led to operational losses. Implementing LSS can lead to the near elimination of such errors or problems.
The LSS uses quantitative methods for identifying crucial points of impact (KPI). The efficiency issues identified are solved by LSS using tools like process maps. The boundaries and requirements of the current process are defined, which helps identify existing procedures and issues associated with it. Hence, the processes not generating any value thus get discarded.
Improvement in Accounts process
When applying LSS in accounting, a primary area streamlined is the Accounts Payable department. This area has an excellent opportunity for the company to improve its customer service and customer retention. For example, if a volume of invoices needs to be generated, the LSS defines guidelines for successfully processing invoices and analyses where and how waste gets generated.
The impact of LSS will show that while invoices get completed in time, the approval process is time-consuming for managers. Once the bottleneck gets identified, there will be an improvement in the approval process with better results.
Improvement in the Finance process
The Lean Six Sigma application in Finance is critical as it monitors the process for giving loans. A bank, for example, wants to streamline its credit operations and ensure that land to customers get disbursed faster. The LSS can track every loan processed for a period and analyse how much time and effort is required to process a loan application fully.
A high variance in the time taken to complete credit tasks indicates scope for efficiency improvement. The LSS can build a process map that identifies all the steps taken in an end-to-end credit process and their relation. Common areas in loan processing identified for improvement, including reducing manual data processing and standardizing how loan applicant data is stored.
Lean Six Sigma provides continuous system improvement for any organization. Studies have shown that LSS application in large organizations plays a pivotal role across all business verticals. Hence, it is evident that acquiring Six sigma online learning in Finance and accounts has helped managers to leapfrog their careers to the next level.