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PROBLEM STATEMENT
PROBLEM STATEMENT
The CFO org facing challenges in closing of books due to delayed Bank reconciliation. Being a consumer product company with distribution centre's around the country cheque deposits, credits in bank, clearing was taking 18 odd days leading to unreconciled Bank accounts. Moreover, the reconciliation was done manually in excel with macros, queries resolved via email, lack of centralized repository, lack of visibility to management of open items, lack of daily reconciliation leading to delay.
SOLUTION
SOLUTION
We deployed ACE Lucid Reconciliation module which provided for a single digital platform for data ingestion from SAP, daily auto match using business rule engine and workflow-based query resolution with dashboard to CFO’s team for control and visibility.
RESULT
RESULT
Our solution deployed over 8 months led to a reduction of days to complete the recon from 18 days to 6 days, automatch increased from earlier 40% to 70% and standardized the process of open item clearance and visibility through dashboard improve the control environment
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