Financial transaction processes optimization | Deloitte solution
- Financial transaction processing is more than merely the capturing of financial data or performing accounting transactions.
- It involves a set of activities that are the foundation of doing day-to-day business; accounts payables, inventory and fixed assets management, general ledger accounting, project accounting, travel and expense processing and treasury management.
- These processes are key fundamentals for a finance department to be cost and time efficient and able to deliver high quality information.
- Even so numerous companies struggle in these areas, due to for instance to: no alignment of systems and data, complicating the consolidation of information across business units, excessive manual processing which increases the potential for human error, lack of clear governance over data, inadequate technology for automating process controls.
- Review information systems and processes against world class benchmarks to identify opportunities for optimization.
- Analysis of current information system configurations.
- Design and implement processes and/or technology to optimize the processing of G/L and sub ledger transactions on an ongoing basis.
- Design processes to optimize accounting transaction processing in the areas of internal controls, access and IT controls and segregation of duties.
- Design and implement remediation plans and sustainable process improvements.
- Identify, design and implement systems to capture tax relevant financial data in support of tax compliance activities
- Review of system’s capacity to deliver business defined objectives.
- Reporting on mis-alignment, including issues and corrective recommendations.
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