An international building products manufacturer had self-implemented Account Reconciliations and requested our expertise to provide optimization and additional implementation services.
01.
The Challenge
Due to a reduced and remote workforce, the client needed optimization services having previously self-implemented Account Reconciliations. The client then enlisted us to guide their Task Management and Transaction Matching implementations.
02.
What We Did
- Leveraged our experiences and leading/industry practices
- Identified efficiency gains (quick wins and longer efforts) for Recs with templates, setups, and automation
- Implemented Task Management and Transaction Matching for further efficiency gains
- Provided training, testing, and go-live support
- Assisted client in addressing and resolving issues with one of the banks as part of the Transaction Matching implementation
03.
Our Impact
- Shortened the overall close process by 2 days and reduced dependencies on spreadsheets and other manual tools
- Automated monthly reconciliations with the 4 primary banks (>90% banking transactions)
- Established the standard for other entities within the multi-national corporation
- Completed plans to implement the Journal Entry product in the next fiscal year
