Solution Overview

Rethink controllership for a strategic finance function

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Reimagine controllership. Quantify automation opportunities and establish transformation priorities to build a robust record-to-report process.

Supporting the strategic CFO

Today’s CFOs want to move beyond traditional controllership and deliver timely strategic insights that build competitive advantage. But too often, legacy systems get in the way. Manual, decentralized, and fragmented processes hamper the flow of information. Data from different sources that is hard to interpret discourages enterprise-wide visibility, undermining integration across the front, middle, and back offices. This degrades service to both internal and external stakeholders and increases risks of non-compliance.

With Genpact’s help, CFOs and financial controllers can reimagine their record-to-report operations. Our goal is to help companies achieve faster, more agile and error-free closure of books, while improving compliance and decision-making ability.

Our approach

Genpact combines design thinking with deep finance expertise to reimagine the record-to-report function and optimize business processes. We apply our Digital Smart Enterprise Processes (DSEPSM) framework to design a faster and error-free financial close process. We generate timely insights and management commentary using artificial intelligence (AI) and machine learning. And to pull all this expertise together we create agile centers of excellence that guide automation efforts and incubate intelligent automation ideas.

What we do

Genpact offers a suite of services and modular products for an intelligent record-to-report operation.

Closing and reporting

  • Closing and reporting services: We help you meet SEC and local GAAP requirements, and deliver monthly closure of books of accounts and group consolidation services for all legal entities.
  • Closing and reporting transformation: We design and implement operating models, create process blueprints, and lead transformation programs. And with access to our robust portfolio of digital products and framework assets, your financial close cycle becomes faster and more insightful with minimal peak load.
  • Cora FinancialControllership: Our flagship digital product for R2R simplifies and automates journal entries, reconciliation and financial closing processes across multiple ERPs, enabling error-free and faster financial close.

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  • Intelligent Reporting Assistant: An AI-based financial reporting product for the CFO’s office that gathers and analyzes structured and unstructured data from internal and external sources. It uses machine learning and AI to provide real-time predictive insights with automated business commentary.

General accounting

  • General accounting services: We manage journal entries, fixed assets accounting, inventory and supply chain accounting, intercompany accounting, account reconciliations, accruals and reserves, and expense accruals across multiple accounting standards.
  • General accounting transformation: We bring best practices and a suite of digital products and frameworks to reimagine your general accounting processes. We make reconciliations smarter, automate month-end journals, and cut the number of open items your team must manage.
  • Accrual Assistant: A SaaS-based product that automates journal entry processing to help close books of accounts faster and more accurately.

Lease accounting

  • Global lease accounting and compliance services: We offer an outcome-based, turnkey solution – powered by LeaseAccelerator – to help you comply with the new regulations. We offer process transformation, data collection and migration, technology implementation, and consulting. And to keep you compliant, we provide ongoing lease management and reporting services.

Tax services

  • Tax accounting: We offer tax compliance support for corporate and transactional taxes, including tax accounting, analysis, tax calculations, and returns preparation. We also reconcile provision and deferred tax accounts, valuation allowances, Fin 48 reserves, and state taxes.
  • Tax returns: We help prepare and submit your US corporate direct tax returns, transactional tax returns, including VAT and sales, US federal and property tax returns, and if you’re an insurance firm – your premium tax returns. We also help companies prepare transfer pricing documentation.

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Treasury services

  • Fund management: Our comprehensive fund management services help clients minimize financial spreading, reduce market risk, and match funding to help minimize interest-rate risk.
  • Fund accounting: We provide cash transactions accounting and clearing of open items. We do intercompany current-account reconciliation and monitor equity, investment, and income accounts of funding entities to comply with regulations while also managing currency exposure accounting.
  • Treasury reporting: We provide statutory treasury reporting, mandated disclosure requirements (FAS 52, 133/61, 115, 157), and transfer pricing reports for multiple jurisdictions.

Figure 1: Digital enablement we drive across the record-to-report value chain

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Outcomes we deliver

Here are just some of the ways our solutions have helped clients:

  • A global hospitality company could reconcile just 68% of its accounts on time, though it was using a leading reconciliation-management tool. We combined smarter processes and analytics with Cora FinancialControllership to close 97% of reconciliations on time.
“Genpact’s global reach and deep understanding of finance operations as well as our industry makes it the strategic partner we need as we build the best snacking company in the world.” - Brian Gladden, Former CFO, Mondelēz International
  • A global diversified bank, wanted to make the cumbersome regulatory reporting process more efficient. We introduced RPA to automate the processing of multiple report types for efficiency gains of 60%, while freeing up high-value personnel for more strategic tasks.
  • An insurance major used machine learning and data science AI to automate the generation of management reports, reducing the time to create reports by 44% while increasing transparency.
  • A global consulting and engineering firm applied our design thinking approach to reimagine the financial close process, increasing productivity by over 50%.
“One provider that’s never shied away from making bold moves to disrupt illustrious competitors is Genpact, with an imaginative move to integrate true artificial intelligence with its business process service.” - Phil Fersht, CEO and Chief Analyst, HfS Research

Why Genpact?

Genpact offers a unique combination of domain knowledge, consulting experience, digital and analytics prowess, and operations expertise. Our record-to-report team is the world’s largest, with more than 11,000 experts delivering services to clients in over 70 countries. We built our domain strength delivering high-value complex services to more than 115 global clients operating in every major industry. Our F&A, digital and analytics capabilities are rated among the best in the world by analysts like Gartner, Forrester, IDC, HfS Research, NelsonHall, and Everest Group.