Finance and Accounting
Record to Report
Today's CFOs often struggle to improve their organization's ability to deliver better information, faster reporting, more time for data analysis, and strong governance.
To deal with these challenges, companies are building better record to report operating models that combine process, technology and analytics to create intelligent enterprise operations that are able to sense, act, and learn from their actions at scale.
Genpact's Record to Report (R2R) solutions draw on our Lean DigitalSM approach that brings together design-thinking principles, and Lean practices with digital technologies and analytics, and deep domain expertise. We reimagine organizations beyond the front, middle and back office to deliver business outcomes.
Closing and Reporting
Genpact's Closing and Reporting processes mitigate risk and lower costs by reducing accounting silos, delays, and errors, and creating standardized, globally compliant processes.
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.
Product Cost Accounting
Genpact's product cost accounting solutions provide end-to-end oversight of the entire supply chain, from Bill of Material (BoM) setup, updates, and reviews to forecasting and budgeting, factory accounting and reconciliation, and reporting.
Genpact's Tax Compliance Services help businesses lighten the load and focus on transparency, facilitating cross-border collaboration, process efficiency and effectiveness, and visibility and control over local compliance outside headquarters.
Genpact's treasury outsourcing expertise provides our clients with instant access to country- and industry-specific knowledge from more than 200 treasury domain specialists.
We design, transform, and run record to report services that encompass general accounting and closing and reporting solutions for statutory and local accounting principle requirements. We also enable complex processes like tax compliance, statutory reporting, treasury, and product cost costing.
Our dedicated global team of subject matter experts drives value across organizations by deploying process knowledge, our Systems of EngagementTM for Finance and Accounting suite, Data-to-Action AnalyticsSM, and our Digital Smart Enterprise Processes (SEPSM) framework that reimagines outcomes. We support record to report teams through:
- Global harmonization of processes, closing calendars, reconciliation frameworks and templates
- Reconciliation, intercompany, and fixed assets policies that drive effectiveness and efficiency
- Frameworks for close optimization, cost allocation, reconciliation, and service placement design
- A strategic partnership with a big-four firm for global end-to-end compliance and reporting
- Surprise-free operations with our proprietary control frameworks
- Global coverage, deep expertise, capabilities, and tools
Genpact serves over 100 clients from delivery locations in India, China, EMEA and Latin America in more than 20 languages. Our global team of industry experts drives best practices, benchmarking and transformation.
Optimizing the close process globally for a pharmaceutical company
A pharmaceutical company needed smarter close optimization processes across its European, Latin American, and Asia Pacific regions to reduce inconsistencies across countries, and improve 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 including policy, processes, operating models, and technology implementations that produced $2.3 million in total savings over the period of 18 months.
Process transformation and Systems of EngagementTM increase reconciliations by 43%
A global hospitality company faced challenges with its reconciliations processes as it could close only 68 percent in a timely manner. This led to overworked staff, and error-prone reporting, which hindered the overall view of financial information and contributed to a lack of controllership.
Genpact reimagined processes with digital technologies and analytics to increase standardization and productivity. This helped the client close 97 percent of reconciliations within established timelines, and allowed staff to focus on analytical activities and creating action plans.