The firm faced challenges with business processes and the optimization of resources used in finance and accounting.

ERG was engaged to:

• Assess existing business processes and data management
•  Provide advisory to improve financial close and reporting processes
• Identify the right automated tools to support business processes
• Support implementation of automated tools

Solution

• Conducted an edge-to-edge audit of finance, accounting, and reporting business processes the results of which led to:
• Streamlining of data extraction, consolidation, and reconciliation
• Elimination of clerically intensive manual processes
• Enhancement of Excel-based processes involving deployment of tailored data management tools in Power Query
• Documentation of accounting and reporting policies and procedures
• Restructuring of Chart of Accounts to support data reconciliation and reporting
• Development and implementation of data visualization dashboards
• Training and support to process owners and report users

Results

ERG deliverables improved efficiency achieving a significant reduction in the firm’s timeline to close from 23 to 5 days and a reduction in related costs. Timely and accurate reporting was available to report users with improved data visualization and analytics.