Finance and Accounting
Record to Report
Today's CFOs often struggle to improve their organization's ability to deliver better information, faster reporting, more quality time for data analysis, and strong governance.
To deal with these challenges, companies need to build better record-to-report operating models that combine process, technology and analytics and be a cornerstone of 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 leading-edge digital technologies, design thinking, and Lean management principles to deliver impact aligned to business outcomes.
We design, transform, and run end to end record to report services that encompass accounting, closing and reporting solutions for statutory and local accounting principle requirements. We also enable high-end processes like tax compliance, statutory reporting, financial planning, budgeting and analysis, treasury, and product costing.
Our dedicated team of global subject matter experts drives value across organizations by deploying process expertise, our Systems of EngagementTM for Finance and Accounting suite, Data-to-Action AnalyticsSM, and Smart Enterprise Processes (SEPSM) framework. We provide:
- 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, report rationalization, cost allocation, reconciliation, service placement design, and financial planning and analytics (FP&A) process redesign
- A strategic partnership with a Big 4 firm for global end-to-end compliance and reporting
- Prebuilt analytical solutions for rapid deployment and faster time to insight
- 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 experts team deploys deep and diverse industry expertise to drive best practices, benchmarking and transformation.
Our digital Systems of EngagementTM technology seamlessly complements enterprise resource planning systems and business intelligence tools through modules that include workflow, a close tracker, and the reconciliation automation customized to meet business requirements.
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.
Virtual business intelligence delivers 18% gain in FP&A productivity and 44% reduction in management reports within six months
Non-standard management reporting processes across five lines of business and under-used business intelligence (BI) platform were severely hampering a leading Australian insurance firm's FP&A capability.
Genpact helped the company standardize and implement self-service reporting that raised productivity by 18%, reduced the number of regular management reports from 93 to 52, and decreased the time spent gathering and integrating data by 64%, all within six months.