- Solution overview
Continuous Close Accelerator
A cloud-based framework to make your on-demand financial close vision a reality
For many people on the front lines of accounting, the challenges of traditional closing processes are all too well known. They include:
Cutting-edge finance teams are addressing these issues by ushering in a paradigm shift in the month-end close process. They are embracing new digital technologies, ways of working, and culture to transform the linear financial close process to a hyperloop that enables continuous financial close (figure 1).
Genpact can help you achieve that ideal. Our Continuous Close Accelerator lets you transform closing from a stressful, linear, resource-devouring exercise to an ongoing, dynamic process that delivers rich business insights.
The Continuous Close Accelerator is an intellectual property created out of our years of rich experience in finance and accounting. It's a cloud-based diagnostic framework built on our deep-rooted understanding of how the pressures of closing vary from industry to industry. We know that geography, business segments, and a company's existing technology also impact the process, so we're well equipped to evaluate every unique aspect of your circumstances. We lay the groundwork for the kind of on-demand reporting that provides real-time intelligence to sharpen your company's competitive edge.
Our streamlined, modular approach encompasses automation, resequencing of steps, process simplification, user experience, and control – all of which can ultimately lead to continuous close of books. First, we assess the efforts, activities, and resources that your current closing process demands. Next, to make these more efficient, we recommend a range of process and technology solutions based on your firm's goals and appetite for change. We also build first-step scenarios that reveal places where you can realize immediate benefits, which will prepare you for the ultimate transformation to an on-demand close.
Here's how it plays out in practice:
Our Continuous Close Accelerator delivers on its promise. Clients are taking advantage of its embedded industry knowledge and end-to-end analytics to generate actionable insights. The scenario feature provides them with the information they need to move forward in transforming their close processes. They see far more efficient use of their resources, with the potential for as much as a 60% reduction in deviations between work throughout the month and at peak closing periods. In addition, solutions we've introduced have moderated specific peak load efforts and activities by as much as 40%. They've also singled out our customized transformation roadmap as a valuable asset that can help reduce overall time to close books by more than 20% and accelerate their journey to true on-demand financial close.