Major Financial Services Provider

Company Overview
  • Financial services providing services like Wealth Management, Tax consulting, Auditing and Portfolio management to their clients.
  • HQ: India
  • Founded: 2007
  • Industry: Financial services
  • Use Cases: Multi-currency, Multi-party reconciliation workflows

The Challenge

Despite having a huge finance team, the account reconciliations were done manually by the back office team and kept as documents in Sharepoint. The corporate accounting team lacked central governance over the process, and because they were using spreadsheets, couldn’t be sure that global teams had met expectations and followed internal standards.

“As we started growing faster, our processes ended up becoming the bottleneck forcing us to innovate. “

Head of Controllership

With the pace of growth, we needed a better solution in a very tight timeframe.

The Solution

Resorting to a phased implementation schedule, the Finance team started with automating their reconciliation within Bluecopa to build out a singular source of truth. The accounting team is saving a tremendous amount of time and effort through the reconciliation workflows. Bluecopa also automated the previously manual and time-consuming reporting efforts with inbuilt templates and drag-n-drop builder.

  • Complex reconciliation workflows and in-built templates enabled the Finance team to bring their monthly close efforts from days to a few hours.
  • Workbooks powered with robust collaboration features enabled the team to come together and build consolidated P&L statements faster

“Our internal team loves Bluecopa and its weekly and monthly reminders”, says the Finance leader.

The Outcome

  • 60% reduction in errors during recon
  • 30% faster reconciliation
  • 150 man hours saved every month

The Conclusion

With multiple business entities working for different clientele, reconciliation and monthly close was a nightmare for the Finance team. The accounting department was stretched too thin with manual reconciliation efforts which needed to be automated. With bluecopa, the team is now able to automate more than 50% of their processes around their monthly close.

Contact Us

Automate Finance operations and accelerate data to decision cycles with real-time insights enabled by Bluecopa’s AI-powered Finance platform

Shift gears to proactive finance operations, today

Contact Us

Automate finance operations and speed decisions with Bluecopa's AI-powered, real-time insights.

Request Demo