Digital Products and Services

Cora FinancialControllership

Get the record to report process under control

Finance and accounting professionals are up against tight deadlines during the month-end close. Often understaffed, they struggle with disparate data, manual spreadsheets, multiple legacy systems, and localized processes that lack automation. And even when organizations attempt to bolt on the latest digital solutions, they still fail to generate satisfactory outcomes.

Left unaddressed, a sub-optimal situation increases cost and the risk of non-compliance, impacts the integrity of financial statements, lengthens audit times, and delays information, all of which adversely affects decision making. Genpact helps companies accelerate the close cycle and make financial records more reliable by aiding record to report processes with Cora FinancialControllership.

Solutions

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Genpact FinancialControllership, powered by Genpact Cora, manages closing and reconciliation processes, and journal entries across multiple ERPs. It facilitates the automated preparation, review, and approval of journal entries, intercompany reconciliation, and transaction matching, and its dynamic workflow handles exceptions, adjustments and ad hoc reporting requests.

The product's key features include:

Reconciliation controller
The solution replaces spreadsheets and manual processes with automated reconciliations across balance-sheet categories. Configurable templates, automated transaction matching, embedded analytical dashboards, tight management of exceptions, reviews and approvals, account balancing, and audit trails shorten the process, tighten control, identify exposures, and help prioritize effort before period-end.

Journal entry controller
This module alleviates the compliance risks related to manual journal adjustments performed under pressure. It automates the preparation, review, and approval of journal entries, and uses standard templates for tracking adjustments, exceptions, and validations for high-volume, non-automated journal entries.

Intercompany controller
To automate the preparation, review, and approval of intercompany reconciliation, Financial Controllership has standard templates for managing reconciliations, adjustments, exceptions, intercompany settlement, and validations.

Close controller
The close controller provides visibility into the status of all close process activities in real time, defines activity details, and offers proactive alerts and escalations. This module includes audit trails for each closing task as well as reporting and analysis tools to optimize financial close cycle times and make effective use of resources.

Reporting controller
Real-time request tracking, load balancing, and mandatory managerial reviews address the challenges finance teams face when responding to requests for ad hoc reports and determining whether existing information can be used for internal stakeholders. Managers can assign reports to team members. And the reporting workflow can be used for customized analysis to improve operations.

 

Impact

Cora FinancialControllership helps organizations reduce reconciliation times by up to 50%, and improve productivity by 10%–20%. It identifies issues that impact the financial close period to improve compliance and increase confidence in financial records.

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