This is our story of leveraging our industry-first, end-to-end Journal Entry Hyperautomation platform for a leading manufacturer, improving accuracy, accelerating closure, enhancing regulatory compliance and reducing costs.
As we know…
The month-end journal preparation process is critical for accurate financial reporting and regulatory compliance. This process can be complex, especially for large multi-national organizations, often involving hundreds of unique journal entries across various business entities. The lack of standardization in journal preparation leads to inefficiencies, delayed balance sheet submissions and a high reliance on manual processes, limiting scalability and increasing operational costs.
Consequently, automation becomes pivotal in streamlining and scaling journal preparation, enabling organizations to enhance efficiency and consistency across entities.
The challenge for the client was…
It had over 250 unique journal types to process for multiple business entities, and more than 50 percent of the effort was concentrated in a tight four-day window. This extended the working hours for the accounting teams and heightened the risk of inaccurate journal postings and missed deadlines, impacting the representation of balance sheets during financial audits.
The lack of a standardized process across business entities created challenges in tracking close calendar adherence and resulted in high manual intervention, limiting scalability. Previous automation solutions evaluated were not viable, as they required significant coding efforts and did not offer the necessary flexibility.
Stepping in as a co-creation and transformation partner…
WNS collaborated with the client to develop a comprehensive solution. The first phase involved implementing critical process standardization initiatives, including:
These process standardization efforts laid the foundation for leveraging our Journal Entry Hyperautomation platform, transforming the client’s journal preparation and posting operations. Key solution components included:
Implementation of the hyperautomation platform…
Reduced effort to analyze variances between budgeted and actual allocations, providing a faster and clearer view of the balance sheet. This accuracy also minimized the need for late adjustment postings, ensuring a smoother and more reliable close process. As a result, the accounting team was able to focus on higher-value month-close activities, such as analyzing ad hoc journal entries and profit and loss variances. Additionally, the streamlined process enabled the client to expand the scope of services for new entities quickly without increasing the human effort required for journal preparation.
Tangible outcomes included:
% accuracy
in first-time journal postings
% reduction
in operating costs
% reduction
in turnaround time
% adherence
to the closing calendar