Transforming Intercompany Reconciliation: Accelus’ Success with a Digital Asset Company

In the dynamic digital asset industry, efficiency and accuracy are crucial. A leading company faced a daunting challenge: a manual, time-consuming intercompany reconciliation process that consumed over 40 hours monthly and undermined confidence in financial reporting. Accelus stepped in to streamline this process, bringing clarity and speed to their operations.

The Challenge

The company’s reconciliation process was manual and outside their General Ledger (GL) system. This extensive time requirement diverted accountants from more critical tasks and raised concerns about accuracy and reliability.

The Solution

Accelus conducted a thorough review, engaging stakeholders and examining existing processes. Using the Accelus Maturity Model, we identified weaknesses and opportunities for improvement, focusing on reducing manual tasks and shortening reconciliation time.

The Implementation

We utilised Alteryx, a data and analytics automation platform, to create a lookup table for assigning accounts to entities and automated transaction rules. This produced an automated report detailing transaction rationales and involved entities.

The Results

Our recommendations led to a 95% reduction in reconciliation time and eliminated manual errors, providing better insights and significantly boosting leadership’s confidence in process accuracy.

Conclusion

Accelus intervention not only streamlined the client’s intercompany reconciliation but also freed up valuable resources for more strategic tasks. This transformation underscores the impact of expert assistance in optimising financial processes. Stay tuned for more insights from Accelus, where we turn challenges into opportunities and drive efficiency through innovation.