FinWIP Accounting System Enhancement
Modernizing Financial Workflows and Accuracy at Freeport-McMoRan
Overview
The Financial Work-In-Progress (FinWIP) system was redesigned to streamline accounting workflows, enhance visibility, and reduce reliance on manual spreadsheets. By introducing centralized review tools, intelligent automation, and user-centric interfaces, the solution empowered corporate accountants to achieve faster, more accurate, and transparent financial reporting.
Challenge
The existing FinWIP process was fragmented and Excel-dependent, resulting in communication gaps, limited automation, and inconsistent output formats. These challenges created delays, data quality concerns, and hindered the ability to meet compliance standards with confidence.
Approach
We conducted in-depth research through contextual inquiry, value stream mapping, and usability testing with corporate and site-level accountants. Insights drove the design of a new 'Reviewer's Workspace'—a centralized hub for approvals, NRV Reversal, and forecast analysis. We aligned system terminology, introduced ad-hoc calculation support, enhanced report generation tools, and created a WIP Progress Overview tailored to the Corporate Accountant role. The solution was delivered through an agile, SCRUM-based roadmap in close collaboration with Freeport leadership and internal dev teams.
Outcome
The modernized FinWIP system improved data transparency, reduced manual entry, and accelerated financial close cycles. Corporate accountants reported higher confidence in data accuracy and compliance. Communication bottlenecks were eliminated through robust notifications and an intuitive UI, resulting in faster decision-making, reduced reporting costs, and a streamlined enterprise-wide financial process.