Client Background:

Our client, a rapidly growing company, had recently completed an acquisition that brought along a complex, manual, and undocumented revenue process. The monthly close was taking over ten days, causing concerns about the accuracy of their financial statements, especially related to revenue. This posed a significant risk to their financial reporting.

Challenge:

The main challenge was to streamline the inherited revenue processes, reduce the lengthy close cycle, and ensure the accuracy of financial statements. The existing processes were not only time-consuming but also prone to errors, creating a bottleneck in their financial operations.

Solution:

Account Prism, under the leadership of Smeeta Sureka, stepped in to address these challenges with a three-pronged approach:

1. Process Simplification: We thoroughly analyzed the current processes to identify complexities and redundancies, making them simpler and more efficient.

2. Automation: By introducing automated solutions to replace manual tasks, we reduced the risk of errors and sped up the close cycle.

3. Resource Optimization: We ensured that the right people were in the right roles, with the appropriate level of oversight, enhancing accountability and efficiency.

Results:

1.Reduced Close Cycle: We reduced the monthly close cycle from ten days to six by simplifying and automating the revenue process.
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2.Improved Accuracy: The accuracy of accruals and financial statements improved     significantly, giving the client confidence in their financial reports.
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‍3.Enhanced Oversight: With improved oversight and accountability, the client could maintain these improvements and continue advancing their financial operations.

Conclusion:

At Account Prism, we are dedicated to transforming financial processes to enhance accuracy and efficiency. Our tailored solutions ensure that our clients can trust their financial reports and focus on their core business activities. If your company faces similar challenges, reach out to us to see how we can help streamline your financial operations.