- Case study
Settling accounts
How one hotel giant revamped reconciliations with digital technology
A multibillion-dollar hospitality company with nearly 600 properties worldwide.
Reconciling accounts took so long that the finance and accounting team had no time to resolve open items or analyze data. Controllership was suffering.
We transformed the reconciliation process by introducing intelligent operations. Our approach incorporated automation, improved policies, and got the most of the people involved.
A global hospitality company could reconcile just 68% of its accounts on time, even though it was using a leading reconciliation-management tool. This led to lengthy cycle times, overworked staff, and error-prone reporting. As a result, it was hard to get solid, comprehensive financial information. Controllership suffered, too. We combined smarter processes and analytics with our Systems of EngagementTM. These technologies overlay existing ERPs to enhance productivity. The new structure created a continuous feedback loop that harnesses data and insights from processes to drive improvements and bring about Intelligent Operations. The solution helped the company close 97% of reconciliations within established timelines. That freed up finance staff and executives to dedicate more time to analytical activities, such as resolving open items, conducting root-cause analyses, and creating effective action plans.
Challenge
The finance and accounting team responsible for the company’s North American hotel properties could only reconcile 68% of accounts on time. It had already invested in a dedicated technology tool that promised tighter controllership, faster and more responsive decision-making, and greater efficiency. Yet the team wasn’t seeing results. The backlog of open items meant that the finance and accounting staff—and the controller—had no time for root-cause analyses, open-item resolution, or other value-added activities.
Solution
Inspired by our Intelligent Operations approach, which builds smart processes that can sense, act, and learn at scale, the company chose Genpact to help reimagine its reconciliation process.
Genpact standardized and automated the end-to-end reconciliations process and localized procedures. We also eliminated silos, gaps in knowledge and processes, and manual entry. Our work continues to accelerate the delivery of more cost-effective, accurate processing, freeing up time for finance and accounting staff to deliver work of higher value.
To transform reconciliations, Genpact:
With an eye on technology transformation, we also:
Impact
After it re-engineered its processes and made the most out of its technology, the company achieved best-in-class status for account reconciliations. Other benefits the company enjoye