Wabtec: finance standards embedded in three companies

Interim senior finance specialist for Stemmann-Technik, PanTrac and Annax: international receivables management with nine-figure volume, best practices and reporting standards.

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Fact sheet

Period04/2021 – 12/2024
CompanyWabtec Corporation – Stemmann-Technik, PanTrac, Annax (transport technology)
Roleinterim senior finance specialist, remote
Scopeabas ERP, Business Central, SAP Business One; nine-figure receivables volume
StatusCompleted

Loretta Schneiders

Overview

For more than three years, Loretta Schneiders supported Wabtec Corporation remotely as interim senior finance specialist in three group companies – Stemmann-Technik, PanTrac and Annax. The focus: international receivables management, closing support and consistent standards.

Situation

Three companies with different ERP systems and organically grown workflows were to work more transparently and consistently within the group. At the same time, high-volume international receivables management and the closure of a site in France were on the agenda.

Approach

Owning receivables management

International receivables management with nine-figure volume, including dunning, collections and contribution to the monthly closing.

Developing best practices

Developed reporting standards and best practices for receivables management and embedded them in all three companies.

Payables in a shared services context

Took over accounts payable in a shared services environment.

Supporting a site closure

Supported the closure of the French site on the finance side together with the CFO.

Result

Result and handover

Process and reporting standards embedded in all three companies and a significant improvement in financial transparency and accuracy, as confirmed by the referee.

What others can take away

Standards only work when they are lived every day. Whoever is operationally responsible for the processes can design them so that teams embrace them.