CFOs and finance controllers are looking for ways to improve the efficiency and effectiveness of the record-to-report operating model. Balance sheet reconciliation is one such major activity that is least automated but a necessary task to complete before the month-end close.
Innokat Consulting Services helps businesses and their CFOs streamline and automate some of their most taxing jobs for greater convenience.
HOW Innokat HELPS
Balance Sheet Integrity through Account Reconciliation
Innokat Consulting Services has developed a holistic framework on balance sheet reconciliation process covering Process Design, Data Integration, Business Change, and Solution Implementation. We have partnered with various solution providers to deliver a new generation of automated solutions that encompass Reconciliation Management, Treasury & Cash Management, and Bank Payment Management in both cloud-based ASP service and as an in-house licensed software platform, thereby revolutionizing finance and accounting processes. We aim to deliver the solution in any of the scenarios of ‘Design- Build-Operate’. The solution can also be leveraged to provide value-added service to our BPO customers and operate it as one of the Utility services.
An identified >40% indicative peak load savings in time to reconcile through Process, People, and Technology levers.
- Process Efficiency (Standardization): ~ 20-25% savings in efforts/ costKey Solution Enabler
- Standardization of reconciliation templates within the various account categories
- Establishing a single source of data reduces the data preparation time completely
KPI Impacted: Effort/cost to reconcile per account
- Automation: ~ 15-20% savings in efforts/ costKey Solution Enabler
- Automation of work flow and exceptions to manage the approval process efficiently
- Enabling auto matching and reconciliation through a robust rules engine
- Enabling auto certification for low risk accounts
- Risk based and dashboard based automated reporting
KPI Impacted: % of automated reconciliation
- Risk and Compliance management: Improved accuracy and on-time completion of reconciliationKey Solution Enabler
- Risk identification and prioritization for each account
- Ability to trace the source data for each reconciliation
KPI Impacted: Timeliness and accuracy of reconciliation
- Single Application for reconciliation: ~ 5-10% savings in efforts/ costKey Solution Enabler
- Single application for reconciliation across the whole organization
- Ability to deliver reconciliation on subscription basis through the BPO organization
KPI Impacted: Total cost of ownership for reconciliation application