Business Challenge

A Fortune 10 company was unable to meet it’s internal / external reporting / audit timelines due to a backlog of almost 5 months in accounting due to high employee turnover and an ERP implementation.

Solution Implemented

Designed and successfully implemented the solution in 6 months, across 3 different entities. The scope of work included :

• Backlog clearance : Updated backlog recrords, validated openig balnces transitioned to the ERP, created supporting data for key Balance Sheet ledgers.
• Stabilised Finance Operations : Streamlined Accounts Payable & Receivable processes to avoid repeat of backlogs.
• Month close Porcess : Created a Month Close Checklist with roles & responsibilities along with preparation of audit schedules on a monthly basis to ensure Audit Readiness.
• Data quality Assurance : Enhanced assurance for critical process such as Revenue Recognition, Cash Application, Receivable Management, Asset Tracking, etc.

Our Impact

• Audit completion : Ensutred audit completion within 6 months across 3 entities
• DSO reduction : Backlogs led to pile up of receivables, brought to target limits within 3 months. .
• Plug Revenue Leakage : Broken processes & data led to AMC Revenue not being billed, corrected the same leading to enhanced revenue.