Numerous manual tasks, proliferation of spreadsheets, informal hand-offs and inadequate status tracking drag on efficiency and increase the risk of errors. Organisations that lack sufficient time for value-added activities often use a spreadsheet-based financial consolidation process and struggle to close the books. They also, often, lack the capacity to analyse business drivers and identify root causes.
Businesses that optimise processes oftentimes shrink transaction processing costs by up to 30 per cent, reduce error rates by up to 90 per cent and compress cycle times by up to 70 per cent. This is primarily achieved through standardisation across business unit functions in processing information, submitting local ledgers and posting closing entries in order to lower exception rates and the level of rework needed.
Protiviti’s Business Process Improvement team helps organisations reduce transaction processing time, cost and risk of errors, while increasing time spent on value-added activities and ensuring timely closure of books of accounts.