Finance and Accounting
Closing and Reporting
Optimizing closing cycles, capitalizing fixed assets, and reducing manual journals, open item reconciliations, and intercompany mismatches can unlock significant value.
Genpact's Closing and Reporting processes mitigate risk and lower costs by reducing accounting silos, delays and errors, and creating standardized, globally compliant processes. Our group consolidation services deliver transparency and timely accounting close financial reporting that support insightful decision-making.
Genpact's financial close and reporting services encompass complex solutions that address regulatory and other reporting requirements from, for example, the Securities and Exchange Commission, local Generally Accepted Accounting Principles (GAAP), and investment accounting and investor reporting.
Our solution follows a Lean DigitalSM approach that harnesses design-thinking methods, Lean principles that enable end-to-end process redesign, and advanced digital technologies, underpinned by domain knowledge. Our closing and reporting solutions deliver:
- Standardized global closing and reporting processes, closing calendars, frameworks and templates for reconciliation, fixed assets, and inter-company processes
- Peak-load balancing to reduce month-end close efforts and allow effective utilization of resources
- Optimal use of existing IT investments through, for example, systems of engagement
- Closing and reporting policy harmonization that drives effectiveness and efficiency
- Group consolidation services that simplify and accelerate reporting
Our approach to accounting close financial reporting delivers significant benefits:
- Enhanced controllership through improved workflow, global process monitoring tools, and inbuilt audit trails
- Greater accuracy, and better visibility from increased use of automation
- Statutory compliance, risk mitigation, and performance management at the sub-process level
Our dedicated global closing and reporting group of experts leverages Genpact's Systems of EngagementTM(SoE) for Finance and Accounting to help clients design, transform, and run advanced operating models for financial close and reporting activities. SoEs offer an agile technology layer that link multiple data systems (such as, ERPs, including SAP, Oracle, JDE, PeopleSoft, etc.) through one user-friendly interface. We also deploy solution-specific technologies, such as workflow for bill of material, chart of account updates, and Interco tool, for example, to address client needs and enhance end-to-end process effectiveness. Using our Digital Smart Enterprise Processes (DSEPSM) framework of smart processes, analytics, and technology, we reimagine business outcomes, such as agility, user experience, speed, and cost to serve.
U.K.-based pharmaceutical company realizes millions in business impact
The company needed smarter close optimization processes across its European, LATAM, and APAC regions to reduce variability across countries and optimize its existing IT tools and technologies. Genpact's solution encompassed four key areas: process harmonization, right shoring, the creation of a Center of Excellence, and close optimization. We implemented 77 initiatives encompassing policy, processes, operating models, and technology that together produced $2.3 million in total impact.
A large publishing company reduced close cycle time by 60%
Genpact executes a significant part of the month-end close for this client, which is geographically headquartered in Europe and North America. Our ACR experts conducted an SEPSM diagnostic to reduce the period end close from five days to two. They prioritized process-, policy-, and IT-related initiatives, highlighted process inconsistencies across geographies, and benchmarked key business outcome metrics against the industry median and best in class. This harmonized process across regions drove efficiencies that reduced close times by 60%.