Establishment of project controlling and reporting in the area of financial management for an IT start-up
MIGx is a global life science consulting firm who provide customers with highly tailored IT services corresponding to their needs. Their team includes experienced consultants who have worked on many global and local projects. Its growth has raised a challenge to steer its financial aspect
Thao Huynh & Thu Vo, 2021
Bachelor Thesis, MIGx
Betreuende Dozierende: Christoph Langenegger
Keywords: Financial controlling
The company is growing and is expected to increase its turnover significantly. In order to regulate its growth and profitability in the following years, MIGx needs an official financial management tool and process. This objective has established the foundation for this bachelor thesis
The approach has two main parts. Firstly, interviews with employees was conducted to show a comprehensive view of the company. Unstructured and semi-structured interviews were carried out to gain more knowledge on projects and services, current management tools. Internal documents were also provided to get a clearer picture of the company. Afterwards, intensive research was conducted by using different sources (mostly from literature, articles, journals, and website). This supports in applying the financial management theories and methodologies that align with the current process and tools.
After the analysis of available information, a practical solution is applied to the current project of the company with recommendations. In the end, a bottom-up method is used to calculate the cost for a standard offer; Earned Value Analysis (EVA) concept is introduced to control the project performance while ITIL (IT Infrastructure Library) framework for the financial management of services. After that, a percentage of completion method is recommended for revenue recognition to track profit and loss margin in real-time. Furthermore, specific metrics for financial management are provided to support the decision-making process. Lastly, the Clickup app is recommended to control the financial aspect of the company where all available information from their projects can be integrated.
Studiengang: Business Administration International Management (Bachelor)
Fachbereich der Arbeit: Accounting, Banking, Controlling and Finance