Automate reconciliations, eliminate silos, build knowledge
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:
- Re-engineered the process so tasks move through the process and management tool consistently, automatically, and seamlessly
- Created a center of excellence to get teams on side, help share ideas and best practices, and reduce people dependencies
- Prioritized the company’s accounts by risk, and defined the level of detail and frequency needed to reconcile each account
- Improved governance and tracking so that teams reconcile accounts by a set deadline
- Built a more knowledgeable finance and accounting team, so they could focus their talents on value-added strategic activities
With an eye on technology transformation, we also:
- Evaluated the company’s back-office operations against industry best practice
- Introduced standard templates for prepaid reconciliations, accrued reconciliations, and control accounts, throughout the hotel firm’s North American operations
- Automated balance-sheet reconciliations, which allowed for consolidated and property-level reconciliations, and instituted a smart grouping of accounts (for example, capital accounts are now grouped together)
- Developed a set of customized auto-match parameters