Business Challenge

The client faced significant challenges in meeting it’s Month Close deadline with the process extending beyond the group deadline of Workday 7.

Solution Implemented

• Granular Close Calendar: The entire book close process was deconstructed into detailed, specific tasks. Established clear deadlines & responsibilities for each task.
• Automated key processes with detailed drill down capability for quicker turnaround of key processes requiring judgement & approval.
• Templatization and Training: Created a detailed checklist, with standardized roll-forward & rationalisation templates for the key General Ledger accounts, ensuring quicker review and signoff.
• Parallel Task Execution and Coordination: Designed the process to allow many GLs to be closed simultaneously and sent for phased Client review.

Our Impact

• Meeting the Group’s deadline: The updated process enabled the client to finalize their monthly accounts within the WD7 timeframe.
• Improved Accuracy: The creation of standardized templates and detailed checklists reduced errors and inconsistencies.
• Improved Team Morale: A more phased delivery of reports from day one reduced last minute pressure improving team morale.