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In recent years, companies have begun using Six Sigma Methodology to reduce errors, excessive cycle times, inefficient processes, and cost overruns related to financial reporting systems. This paper presents a case study to illustrate the application of Six Sigma Methodology within a finance department. Specifically, the case relates to the Continuing Account Reconciliation Enhancement project undertaken by the finance department of a major U.S. defense contractor. The goal of the project was to streamline and standardize the establishment and maintenance of costing and planning for all business activities within the current financial management process. The Six Sigma implementation resulted in a significant reduction in the average cycle time and cost, per unit of activity, needed to produce the required financial reports.
Key Words: Six Sigma, Process Management, Quality Management, Finance
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