Numerous manual tasks, proliferation of spreadsheets, informal hand-offs and inadequate status tracking drag on efficiency and increase the risk of errors. Organizations 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 analyze business drivers and identify root causes.
Businesses that optimize processes oftentimes shrink transaction processing costs by up to 30 percent, reduce error rates by up to 90 percent and compress cycle times by up to 70 percent. This is primarily achieved through standardization 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 Finance Optimization professionals help organizations reduce transaction processing time, cost and risk of errors, while increasing time spent on value-added activities.