Driving Efficiency and Accuracy with a Global Finance Integration and SoX Controls

Client believes that the Installation of an ERP System is an essential component to the execution of their business and marketplace strategy specially in the Finance Side.

Further, as a publicly traded company, the client needs software that is sophisticated enough to allow it to comply with its reporting obligations to the Securities and Exchange Commission, meet Sarbanes-Oxley requirements and the appropriate regulatory requirements of different countries

Client: Key player in the global telecommunications infrastructure market with presence in over 100 countries
Industry: Communications
Size: 1000 employees

Location: Florida

Challenges:

12+ disparate charts across entities, 25% data mapping errors in consolidations
5+ disconnected systems, 20% time spent reconciling cross-system data
Monthly close took 15–20 days, Manual data aggregation prone to 10% errors
Manual entries caused 8% inter-company mismatches, 10–12 hours per month spent on reconciliation
Outdated tools lack support and flexibility, 40+ hours/month spent creating reports
Budget cycle took 8–10 weeks, Manual spreadsheet-based process prone to 15% version control errors
Delayed access to KPIs, 60% of time spent on data preparation instead of analysis
30–40% of processes were manual or email-based, Missed deadlines in 10%+ of approvals
Inconsistent reporting across 10+ countries, Localization handled manually for each regione best-fit ERP integration suites and prove long-term scalability.

Action:

One common chart of accounts
All accounting will take place in a single integrated application
Automated consolidation of multiple companies
Ability to automate inter-company transactions
FRX will be replaced
Budgeting will be automated
Analytical capabilities will be provided through dashboards that allow quicker analysis and drill down on an exception basis
Standard workflows and notifications will be implemented
Standard practices and reporting will be implemented globally with localization as required

Results :

100% entities standardized to 1 CoA, Reduced mapping errors to <2%
Reduced systems from 5 to 1, 30% reduction in reconciliation effort
Close cycle reduced to 5–7 days, Accuracy improved to 98%+
Inter-company mismatch reduced to <1%, Reconciliation time cut by 80%
75% reduction in report creation time, Increased accuracy and dynamic drilldowns
Budgeting cycle shortened by 40%, Version control issues eliminated
Real-time KPI access, Time spent on value-added analysis increased by 50%
100% digital workflow adoption, On-time approval rate increased to 95%
100% standardized reporting, 90% of local compliance automated