How Baker Tilly harnesses technology to streamline financial and accounting processes
Technology plays an increasingly dominant role in business processes.
From financial close and consolidation to management and legal reporting, intelligent automation can enhance decision-making and productivity.
So, when a family-owned business came to us for help auditing their global operations, our team made it their priority to streamline the entire process using technology.
Record-to-report optimisation
Located in multiple territories across Europe, the client - who designs, produces and sells beds - uses standard accounting principles (SAP) for the financial reporting of all their subsidiaries.
They were performing substantial testing on the separate datasets they received from each subsidiary – a labour-intensive task taking their team away from more value-added activities. And with that individual testing of multiple datasets came an increased risk of error.
Enter Datafactory: a centralised technology platform that extracts, translates and loads data.
Through its use, our team from the Netherlands and Germany was able to automate the client’s testing procedures – for example on order-to-cash and purchase-to-pay data, and three-way matches on sales and purchases – and, at the same time, automate the logic applied to verify the data.
A single source of truth
The client now only has to input the data once, and that data can then be used by each subsidiary and by each audit team.
By consolidating their financial data into a single source of truth, the client has immediate insight into their global operations.
The technology also enables enhanced analysis, guiding the client’s strategic business decisions and ensuring seamless compliance with statutory reporting requirements.
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