How a major financial services provider accelerated month-end close by automating reconciliations
The Challenge
- The finance team performed account reconciliations manually using spreadsheets.
- The central corporate accounting team had no way to govern the reconciliation process as operations were performed on spreadsheets stored locally on a Sharepoint server.
- There was low confidence that the back office finance team followed processes that met compliance standards.
“As we started growing faster, our processes ended up becoming the bottleneck forcing us to innovate. With the pace of growth, we needed a better solution in a very tight timeframe.“
Head of Controllership
The Solution
After a successful POC, the company decided to start a phased implementation of Bluecopa.
- The finance team connected all their tools, systems, databases, and files to Bluecopa via integrations and connectors to build a single source of truth for all finance data
- Next, the finance team set up custom workflows on Bluecopa’s Recon Studio to automate their complex reconciliation use cases. Thanks to automated transaction matching on large datasets, the accounting team saves at least five days at the end of each month.
- With all finance data available at one central location, the finance team
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.
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