Finance and Accounting
The manual processes and diverse data systems used to create financial reports must provide accurate, timely information. Genpact General Accounting (GA) solutions combine Record to Report (R2R) processes into standardized, efficient workflows that ensure accurate financial data is captured and shared across the enterprise. Over 5,600 specialists deliver general accounting services to more than 90 global clients, shortening cycle times, reducing rework, automating tedious processes, and lowering the risk of negative legal and financial consequences arising from inaccurate reporting.
For more than 16 years, Genpact GA solutions have provided actionable, real-time accounting insights to businesses in industries as diverse as Automotive, Consumer goods and retail, Media, Banking and Finance, Insurance, and Hospitality. Genpact deploys our Systems of EngagementTM for R2R processes to help clients design, transform, and run advanced operating models that drive greater efficiency, effectiveness, and governance at scale. These systems are supported by our Smart Enterprise Processes (SEPSM) framework, which combines process design and execution, analytics, and technologies to link key process drivers to business outcomes and drive continuous improvement.
Our experience working in multi-currency environments benefits clients globally, catering for foreign-exchange implications. Genpact's GA team leverages broad statutory expertise (U.S., UK GAAP, IFRS, etc.) to handle multiple books of account.
Genpact GA solutions include the following:
- 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
Genpact's R2R solutions encompass customized tax and currency translation/adjustment programs, policy rationalization, and formula-based automated journal entries to 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 with Enterprise Resource Planning (ERP) systems such as SAP, Oracle, JD Edwards, and PeopleSoft and bolt-on tools such as Blackline, Trintech, Smart View, SAP Runbook, and AssureNET optimize clients' return on technology investments.
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.