Genpact accounting outsourcing and transformation services are foundational to our Finance and Accounting (F&A) capabilities. Genpact employs over 4,500 GA personnel, offering a full suite of GA solutions to more than 75 clients, all built on the power of Lean Six Sigma to maximize process effectiveness and business impact.
Our F&A outsourcing solutions include simplifying and transforming the end-to-end Record to Report (R2R) process, group consolidation activities, and GA services. As a market leader in providing F&A services, our global reach and long experience help you grow with confidence through acquisition support that quickly integrates financial systems and data migration. Our dedicated subject matter experts and case study forums bring our best practices to your F&A business processes for more effective GA operations from day one.
Genpact GA services include:
- Expense Accruals
- Fixed Assets Accounting
- Inventory and Supply Chain Accounting
- Closing and Group Consolidation
- Account Reconciliations (bank, cash, sub-ledger)
- Intercompany Accounting
- Accruals and Reserves
- Journal Entries
Our experience working in multi-currency environments benefits more than 75 GA clients spread across Asia, Australia, Europe, and America, allowing foreign-exchange implications to be accurately reflected. The GA team leverages broad statutory expertise (U.S., UK GAAP, IFRS, etc.) to handle multiple books.
Genpact’s approach to GA services combines a deep understanding of financial accounting and the Record to Record process with a broad knowledge of running industrialized business services for the CFO’s organization. We are market leaders in Finance Business Process Outsourcing (BPO), using our long heritage of Lean Six Sigma to effect true transformation and deliver measurable, ongoing business impact. Thanks to our experience, we are able to drive transformation to Finance operations, including those retained in-house and in Shared Service environments.
Our knowledge is crystallized in our Smart Enterprise Processes (SEPSM) framework, combining process design and execution, analytics, and technologies. SEP links key process drivers to business outcomes in processes as wide-ranging as Fixed Asset Accounting, Intercompany Accounting, Reconciliations, and Closing and Group Consolidation. For more than 14 years, we have provided actionable, real-time accounting insights to businesses in industries as diverse as Auto, Media, Banking/Finance, Insurance, and Hospitality.
In addition, our robust training capabilities and experienced pool of resources provides our clients with a targeted mix of well-tested expertise and hands-on operational experience in accounting outsourcing.
We use Citrix-based applications to access remote databases, and customized web-based applications to support various diversified businesses and drive overall Finance BPO.
Genpact’s R2R experience also encompasses deployment of customized tax and currency translation/adjustment programs and formula-based automated-journal entries that optimize the close cycle. A host of tools and technologies further drive GA efficiency and improvement and ensure appropriate controls and checks. Our proven capabilities include ERP systems such as SAP, Oracle, JD Edwards, and PeopleSoft, and tools such as Blackline, Trintech, Smart View, SAP Runbook, and AssureNet.
Genpact Finance BPO is aimed at driving maximum impact from greater process effectiveness:
A 70% reduction in open items and a 50% improvement in first pass yield with a smarter reconciliations process
A top global U.S. based pharmaceuticals company experienced long resolution times for its intercompany disconnects. The company lacked a robust request/invoice tracking system and research mechanism, and generally had delayed or no response from the markets regarding aged items. Genpact leveraged its long history of applying Lean Six Sigma principles to F&A services to institute a series of process changes. These included central tracking of open items, ticketing solutions, dashboard reporting, and a robust communication and escalation matrix. The change allowed the client to reduce aged intercompany disconnects by 70% and increase efficiency regarding invoices paid on time.
A 50% reporting cycle time reduction for a leading infrastructure development company
The client engages in civil engineering, road construction, housing developments, property development, open mining, and project management solutions. The company’s long reporting cycle included cost reporting and financial reporting, with manual consolidation, review, and analysis of data. Lacking an automated reporting tool, the reporting mechanism was subject to risks in misreporting and delays. Working closely with the client, Genpact studied the “as is” process and data activity flow during the reporting cycle, which spanned 70 working days. Our team identified gaps in the existing system and verified results with division leads. Recommended solutions included implementing automated tools for consolidating and reporting, defining the Chart of Accounts, timely reconciliation to clear all variances, and redefining the workflow with periodic communication for review, as well as clearly defined responsibilities. Our solution reduced the time to report by 50% and improved productivity by 45%, with a corresponding 20% decrease in journal adjustments.