Finance and Accounting
The manual processes and diverse data and legacy systems used to create financial reports must provide accurate, timely information. Genpact’s General Accounting (GA) solutions combine record to report (R2R) processes into standardized, efficient workflows that enable organizations to capture and share accurate financial data across the enterprise. Over 7,600 specialists deliver general accounting services to more than 100 global clients to shorten cycle times, reduce rework, automate processes, and lower the risk of negative legal and financial consequences from inaccurate reporting.
Genpact’s GA solutions are based on our Lean DigitalSM approach that harnesses design-thinking methods, Lean principles that enable end-to-end process redesign, and advanced digital technologies, such as machine learning, natural language processing, and artificial intelligence.
Our experience of working in multi-currency, global, and cross industry environment benefits clients by sharing best-practices and market trends. Genpact's GA team leverages broad statutory expertise from the U.S., UK GAAP, IFRS, etc., to handle multiple books of account.
Genpact’s GA solutions include:
- Expense accruals
- Fixed assets accounting
- Inventory and supply chain accounting
- Account reconciliations (bank, cash, sub-ledger)
- Intercompany accounting
- Accruals and reserves
- Journal entries
Genpact's R2R solutions encompass policy rationalization, technology optimization, and end-to-end process transformation. Our proven capabilities with enterprise resource planning (ERP) systems, such as SAP, Oracle, JD Edwards, and PeopleSoft, and bolt-on tools, including Blackline, Trintech, Smart View, SAP Runbook, and AssureNET, enable us to optimize clients' return on technology investments.
We deploy Systems of EngagementTM – a thin layer of technology that sits on systems of records and provides a unified, standardized, and simplified interface – to drive greater efficiency, effectiveness, and governance at scale. These solutions are supported by our Digital Smart Enterprise Processes (DSEPSM) framework, which combines process design and execution, analytics, and technologies to reimagine business outcomes.
70% reduction in open items and 50% improvement in first pass yield with smarter reconciliations
A leading global U.S.-based pharmaceuticals company experienced long resolution times for its intercompany disconnects. The company lacked robust request/invoice tracking and research mechanisms, and generally had delayed or no response from the markets regarding aged items. Genpact instituted a series of process changes that included central tracking of open items, ticketing solutions, dashboard reporting, and a robust communication and escalation matrix. This reduced aged intercompany disconnects by 70% and increased efficiency for invoices paid on time.
50% reporting cycle time reduction for a leading infrastructure development company
The company's long reporting cycle used manual data consolidation, review, and analysis of cost and financial data and was subject to misreporting and delays. Genpact studied the “as is" process and data activity flow during the 70-day reporting cycle, identified gaps, verified results with division leads, and recommended changes. Our solution reduced the time to report by 50% and improved productivity by 45%, with a corresponding 20% decrease in journal adjustments.