Transaction processing: Speed to value
It’s hard to get excited about transaction processing until you start to look at the opportunities to create value and reduce costs all at the same time. FA. GL, AP, and AR. Payroll. Project accounting. Tax. T&E. IFRS. Treasury management. All can have a serious impact on the business. But getting it right requires an intimate understanding of the business, which many finance organizations lack. The roots of the problem
Too much distance, too many silos, and not enough leadership attention. But that’s just the beginning. Companies today are challenged on many fronts. Inadequate global processes, procedures, and policies. A large and growing number of manual transactions that introduce a high risk of errors and extend close processes. Tax exposure. Increased pressure to act even more swiftly. Even risks of fraud.
When it comes to transaction processing, Deloitte can help finance organizations in their efforts to translate strategic goals into operational strengths quickly and efficiently. The right technology, backed by standardized and well-tuned processes and workflows, can deliver significant performance improvement opportunities—taking cost out of transaction processing while mining the flow of information for valuable business opportunities.
Creating more value through transaction processing improvements
Deloitte’s Responsive Finance services are designed to help finance teams in their efforts to transform and add value to their transaction processing capabilities. Here are some important lessons we have learned along the way:
Focus on process
Today’s technology can provide a much-needed boost to your efforts to improve your capabilities and better deploy. But without the right processes in place, even the best technology will come up short. Start with a clear understanding of business goals, and how your processes should be aligned to achieve those goals
Master your data
Global Master Data governance policy can help resolve many important data quality issues. All business units and functions should understand how financial data is defined, and put the right governance policy in place to address how financial master data is created and changed in the context of compliance and regulation. A global master data governance policy can help improve data integrity and quality.
Stick to the rules
Finance and accounting policies and procedures are developed for good reasons. Use clear communication and training to help everyone follow the rules.
Automate with transparency
The most effective solutions combine a high level of automation with transparency where it counts—think balanced accounting entries and tracking source transactions. That way, you have access to the information and context you need, when you need it.
Improved transaction processing can help your organization in its efforts to:
- Reduce working capital
- Improve accuracy and reliability
- Improve cash flow
- Make high-value use of transactional data to support business decisions
- Become more responsive to changing business needs
- Develop better governance, risk, and compliance capabilities
- Achieve faster transaction processing
How Deloitte can help
Deloitte understands the importance of combining deep technology experience with practical business process optimization. We offer a vast range of capabilities across consulting, financial advisory services, tax, and risk management worldwide. This integrated approach helps us understand how technology solutions targeting transaction processing can be designed and implemented to deliver even more value across our clients’ businesses, balancing the need to do things quickly with the need to do them right
Deloitte’s services include:
- Process optimization
- Globalization and compliance
- Corporate and local tax analysis
- Finance shared services and outsourcing
- Cost reduction/containment
W work with SAP’s suite of Finance functionality:
- Core ERP
- T&E Management
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