In the uncertain global economy, amid new age technology, revolutionary business ideas and rapidly changing markets, Intelligent Enterprises must keep a tab on their financial pulse. Now, more than ever, enterprises must be ready to adapt swiftly to upscale or downsize the operations to seize top line opportunities.
In such dynamic times, the factual financial truth to support operational decision-making depends upon the seamless Accounting, Closing & Reporting (ACR) solutions. ACR enables internal and external stakeholders in making informed decisions to avoid costly surprises.
Which is why, at Genpact, we present end-to-end Accounting, Closing, and Reporting services, as well as high-end ACR services, to address regulatory and reporting requirements such as SEC reporting, local GAAP reporting, investment accounting and investor reporting.
Genpact’s smarter analytics and reengineering solutions accelerate the closing cycle and improve the quality of data to enable decision makers to make informed decisions, and achieve superior business outcomes. Rather than focusing solely on labor arbitrage, Genpact creates significant value for enterprises by focusing on smarter business processes that eliminate delays and errors and enhance controller ship:
- Optimizing closing cycles
- Reducing manual journals
- Reducing accounts reconciliation open items
- Fewer intercompany mismatches
- Timely capitalization of fixed assets
- Enhanced statutory compliance
We believe that accurate information and timely reporting are the keys to good decision making. Whereas deep domain knowledge and smarter processes are essential to reduce operational cost, and generate superior business outcomes. Genpact’s process rigor, implemented by dedicated ACR experts using our proven suite of proprietary tools and our Smart Enterprise Processes (SEPSM) framework, ensure that our clients meet or exceed their business goals:
- Standardized operating procedures, closing calendars, and reconciliation templates
- Help with developing and adapting to reconciliation, inter-company and fixed assets policies that drive effectiveness and efficiencies
- Enhanced controller-ship through workflows, dashboard status reporting, and inbuilt audit trails in tools
- Enhanced efficiency through automation and greater accuracy and visibility
- Process effectiveness, enhanced controller-ship, statutory compliance, risk mitigation and performance management at the sub-process level
Our smarter processes are the foundation stone on which intelligent enterprises take informed decisions to accelerate revenue, and assertively meet rapidly changing business challenges.
Contact us today to find out how Genpact ACR solutions would infuse intelligence, and would add value in your financial framework, enabling you to succeed in such dynamic times.
Key Facts About Genpact’s ACR Services
- 25 languages
- Serving 70+ clients from delivery locations in India, China, EMEA, LATAM and North America centers
- Supports multiple ERPs (SAP, Oracle, JDE, People-soft, Great Plains, etc.)
Simplification of close process reduced close cycle process from 8 days to 2
One of our Manufacturing clients had 38 legacy systems, and spent significant time on converting 13-digit legacy accounting codes to 31-digit Oracle Accounting Flex Field (AFF). Also, the subsystems closed two weeks prior to close, resulting in manual GL uploads and estimation of accruals. Genpact changed the Account Code mapping in the subsystems to Oracle Accounting Flex Field, facilitating accurate and automated data upload from subsystems. This enabled subsystem close one day prior to GL close, thereby reducing the close cycle process from 8 days to 2 days.
$3.5mm reduction in intercompany disconnects from automating cross-charge process
The European arm of a US based client experienced large intercompany disconnects in expense allocation because of cost allocation and recharges. Genpact automated the cross-charge process, implemented pre-approvals to reduce delays and disputes, and recharged costs by raising invoices. These measures helped to reduce intercompany disconnects by $3.5MM and reduced the manual effort required by 70%.
60% reduction in close cycle time for large publishing company
Genpact is responsible for the execution of a significant part of month-end close for a client with geographical headquarters in Europe and North America. Genpact’s ACR experts undertook a diagnostic study to produce a road map for reducing the period end close from 5 days to 2 days in a phased manner over six quarters. The team through smarter processes helped the client to prioritize process, policy, and IT-related initiatives that could yield one-day acceleration within two quarters with minimal investment. As part of the evaluation Genpact highlighted process inconsistencies across regions and countries and benchmarked key client business outcome metrics against Genpact to identify possible improvement opportunities. This client has been able to harmonize processes across regions and drive efficiencies that have aided close time reduction.
Genpact is an exhibitor at NACM's 117th Credit Congress & Expo 2013, Las Vegas, NV
May 19 - 22, 2013, Las Vegas, NV