Process Engineering And Implementation
A leading consumer lending firm reduces its period-end financial close timeline from 23 days to 5 days, significantly improves business processes and realizes 38% reduction in related costs.
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
- 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
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.