5 Questions with Finance: Ron Patel, Head of Finance, Pacific Current Group

The office of finance is at a crossroads, with regulatory change imposing challenges on one side and a call for faster, more in-depth analysis from stakeholders on the other. This has led many finance leaders to reconsider their processes and technologies, and a growing investment in modernizing their operations—more commonly known as finance transformation. 

For perspective on one organisation’s recent transformation initiatives, we sat down with Ron Patel, Head of Finance - Investment Analysis and Valuations, of the Pacific Current Group. Here is what Ron had to say.

1. What drivers inspired your organisation to initiate your reporting transformation project?

Our ASX-listed firm Treasury Group merged with Seattle-based Northern Lights Capital Group a few years ago. This strategic merger created a diverse portfolio of investment managers across different regions, with unique economic and reporting arrangements. This increased the complexity and scale of our financial reporting significantly. We needed to integrate all our reporting pieces into a single source of truth and automate many manual processes.

We found our solution when a new financial controller joined our US team. They had used Workiva before and suggested we try it. The Workiva platform met all our specific needs in the initial exploration phase, and we decided it was the best option for our team. We then started our reporting transformation project.

2. What challenges did you identify that helped create your business case for change in technology?

Like many finance teams, we faced daily issues such as multiple versions, broken links, last-minute changes and lack of a single source of truth for different reports. These challenges were compounded by our teams working in different time zones.

We worked hard to consolidate all our reporting under tight schedules and heavy workloads. We tried to enhance our internal processes to make reporting more efficient over the past few years, which was helpful, but we clearly needed a technology-based solution to take it to the next level.

3. What was at risk for your team if nothing had changed?  

As a listed firm, we report to our shareholders, management team and board of directors. The key risk that we and many finance professionals face is the confidence in the numbers that we report. Therefore, it is essential that our reporting is timely, accurate, reliable and efficient.

The journey from raw data collection stage to output reports used to take us several days, as we had to manually process the data and still could not achieve a single source of truth. With Workiva, our processes are now automated and much faster, taking only minutes instead of days. Any changes to the data are instantly reflected in all the reports, such as management reports, annual report and presentations. Moreover, we now have consistent set of data across all our reports.

4. What are some benefits you are experiencing now? 

We have observed a significant advantage in the rapid flow of data from the collection phase to the final output report. This streamlined process has notably reduced our team’s manual workload, particularly in tasks such as formatting and linking data. This has freed up more time for us to focus on the critical aspects of data review and analysis, which has improved the accuracy and reliability of our work.

Workiva has enhanced our collaboration, which is evident in the platform’s dynamic activity. The real-time interaction is amazing. When a reviewer finds an error or suggests a change, their comments are visible to all other reviewers, avoiding duplicate queries for the preparer.

This is our first year of reporting with Workiva, and we’ve seen remarkable improvements in our processes. Our team collaborates seamlessly across different cities—Melbourne, Sydney and Seattle/Tacoma. Changes happen overnight as teams in different time zones start their workday, eliminating concerns about inconsistencies or version control issues. This fluid collaboration has been a great benefit for us.

5. What advice do you have for others considering a finance transformation project? 

The success of any transformation project depends on the team’s engagement and motivation. To encourage ownership and commitment, it’s important to involve a wider group of stakeholders in the planning and execution. Also, keeping the team motivated throughout the journey is essential. Clear communication about the project’s purpose and benefits, and celebrating small wins, can improve team morale and dedication.

A dynamic vision that aligns with the organization’s strategic goals is key. This vision should be flexible to adjust to changing conditions, technology and challenges. Defining the project’s objectives and setting specific, measurable milestones to track progress helps keep focus and gives a sense of achievement as the project advances.