In today’s fast paced corporate environment, financial controlling plays a crucial role when ensuring stability, efficiency and strategic resource allocation. A huge aspect of this is the role of Commercial Services in maintaining financial discipline while supporting corporate functions. Take achieving a net zero budget for example, this ensures that resources are utilized efficiently without passing unexpected costs onto other business units. Having that assurance and expertise not only strengthens Siemens’ financial positioning but impacts all businesses in a positive way collectively.

Importance of Budget Management

When it comes to budgeting and controlling, one of the challenges is balancing financials to hit net zero while accommodating unforeseen expenses that do not align with the overall budget. This requires decision-making and extreme cross collaboration across many corporate functions which often can be hard to accomplish. This fiscal year, the Commercial Services team was challenged with the task to maintain a net zero budget across Siemens Corporation Country Support Functions from Barbara Humpton.

Proving to rise to the challenge, the Commercial Services team was able to successfully meet that goal by closely partnering with their customers to strategically mitigate any unexpected expenses, ensuring they were not passed onto the business units such as Siemens Industrial and Siemens Digital Industries.

Function of Finance Controllers & Financial Reporting

Financial Controllers are a pillar when it comes to Commercial Services. They are true business partners to function heads, guiding them through complex financial landscapes and taking care of all of the day-to-day accounting operations. From ensuring accurate and timely reporting, to maintaining internal controls and procedures, they are the backbone of making sure your financial accounts are accurate and compliant.

Another pillar to Commercial Services is Financial Reporting, a key resource in providing up to date reporting in financial figures, projects, performance KPI’s and management topics to allow different levels of insight with financial planning. These professionals serve as key intermediaries, managing corporate cost structures while ensuring business divisions receive the financial support they need.

Addressing Misconceptions

A common misconception about Commercial Services is that they operate in isolation without a deep understanding of business functions. However, the reality is quite the opposite:

• Finance Controllers Possess in-depth knowledge of Siemens’ financial structure.

• Collaboration They collaborate extensively with different business units, ensuring a holistic financial strategy.

• Expertise Their expertise (250+ years of combined controlling) extends beyond general controlling, helping businesses make the most impactful decisions.

These teams are instrumental in understanding financial intricacies and assurance in financial decisions. Providing you with peace of mind by ensuring your business goals, financial planning, and requirements are met—something external consultants, lacking Siemens-specific knowledge, cannot fully grasp or replicate.

Beyond financial expertise, Commercial Services’ capabilities extend from a variety of activities. Putting your goals at the frontline, GBS Commercial Services acts as an extension of your function or business, knowing what you think, how you should plan and even anticipate other improvements.

Don’t get stuck having to perform or fall behind on these tasks, leaving you to feel unsure about your financial future. Our team is ready to collaborate with you and provide you with the confidence in your financial journey. For more information, visit our Access GBS page.