Rethink controllership for a strategic finance function

Record to report (R2R) teams have long been pushed to focus on delivering value beyond closing and reporting of financials. To create value for the organization in the long term, R2R teams must therefore maintain a laser-sharp focus on improving agility and efficiency, and delivering timely insights for better decision-making.

Today's CFOs want to move beyond traditional controllership and deliver timely strategic insights that build resilience and competitive advantage, and fuel sustainable growth. But too often, legacy systems get in the way. Manual, decentralized, and fragmented processes hamper the flow of information. Data from different sources that is hard to interpret discourages enterprise-wide visibility, undermining integration across the front, middle, and back offices. This degrades service to both internal and external stakeholders and increases risks of non-compliance.

With Genpact's help, CFOs and financial controllers can reimagine their record to report operations. Our goal is to help companies enable continuous accounting and achieve faster, more agile and error-free closure of books, while improving compliance and decision-making ability.

Our approach

Genpact combines design thinking with deep finance expertise to reimagine the record-to-report function and optimize the financial controllership processes. We apply our Digital Smart Enterprise Processes (DSEP^SM) framework to design a faster and error-free financial close process. Using intelligent automation, artificial intelligence, and predictive analytics, we transform your R2R processes to enable real-time reporting. And to pull all this expertise together we create agile centers of excellence that guide automation efforts and incubate intelligent automation ideas.

Genpact offers a suite of services and modular solutions to help you redesign and transform your record to report organization.

Closing and reporting

• Closing and reporting services: We help you meet SEC and local GAAP requirements, and deliver monthly closure of books of accounts and group consolidation services for all legal entities.
• Closing and reporting transformation: We design and implement operating models, create process blueprints, and lead transformation programs. And with access to our robust portfolio of digital products and framework assets, your financial close cycle becomes faster and more insightful with minimal peak load.
• BlackLine finance controls and automation: We help you take advantage of BlackLine's unified SaaS platform to deliver faster and more accurate financial close, greater performance visibility, and enhanced compliance. You have a single platform to automate journal entries, high-volume account reconciliations, intercompany accounting, month-end close activities, variance analysis, and controls assurance.
• Continuous Close Accelerator: Our proprietary Continuous Close Accelerator framework helps you transform the financial close process from a stressful, linear exercise to an ongoing, dynamic set of activities that reduces overall time to close books.
• Intelligent Reporting Assistant: An AI-based financial reporting product for the CFO's office that gathers and analyzes structured and unstructured data from internal and external sources. It uses machine learning and AI to provide real-time predictive insights with automated business commentary.

General accounting

• General accounting services: We manage journal entries, fixed assets accounting, inventory and supply chain accounting, intercompany accounting, account reconciliations, accruals and reserves, and expense accruals across multiple accounting standards.
• General accounting transformation: We bring best practices and a suite of digital products and frameworks to reimagine your general accounting processes. We make reconciliations smarter, automate month-end journals, and cut the number of open items your team must manage.

Lease accounting

• Global lease accounting and compliance services: We offer an outcome-based, turnkey solution – powered by LeaseAccelerator – to help you comply with the regulations. We offer process transformation, data collection and migration, technology implementation, and consulting. And to keep you compliant, we provide ongoing lease management and reporting services.

Tax services

• Tax accounting: We offer tax compliance support for corporate and transactional taxes, including tax accounting, analysis, tax calculations, and returns preparation. We also reconcile provision and deferred tax accounts, valuation allowances, Fin 48 reserves, and state taxes.
• Tax returns: We help prepare and submit your US corporate direct tax returns, transactional tax returns, including VAT and sales, US federal and property tax returns, and if you're an insurance firm – your premium tax returns. We also help companies prepare transfer pricing documentation.

Treasury services

• Fund management: Our comprehensive fund management services help clients minimize financial spreading, reduce market risk, and match funding to help minimize interest-rate risk.
• Fund accounting: We provide cash transactions accounting and clearing of open items. We do intercompany current-account reconciliation and monitor equity, investment, and income accounts of funding entities to comply with regulations while also managing currency exposure accounting.
• Treasury reporting: We provide statutory treasury reporting, mandated disclosure requirements (FAS 52, 133/61, 115, 157), and transfer pricing reports for multiple jurisdictions.

Here are just some of the ways our solutions have helped clients:

• A global specialty insurer's finance function was struggling with complications of working across multiple jurisdictions. The work had become fragmented making it hard to finalize and consolidate accounts and report business results. We helped the company define its target operating model for finance, implemented BlackLine, and built a center of excellence to standardize and centralize tasks.
• A multinational investment bank needed a faster and more efficient way to close quarterly books of accounts to accelerate its earnings release. We helped the bank redesign its financial close process, integrate data flow between its front, middle, and back offices, revise policies, and optimize its finance and accounting digital technology investments that sped up its earnings release and improved user experiences.
• A global diversified bank, wanted to make the cumbersome regulatory reporting process more efficient. We introduced intelligent automation to automate the processing of multiple report types for efficiency gains of 75%, while freeing up high-value personnel for more strategic tasks.
• A global consulting and engineering firm applied our design thinking approach to reimagine the financial close process, increasing productivity by over 50%.
• A global hospitality company could reconcile just 68% of its accounts on time, though it was using a leading reconciliation-management tool. We combined smarter processes with automation and analytics to close over 97% of reconciliations on time.

Genpact offers a unique combination of finance knowledge, consulting experience, digital and analytics prowess, and operations expertise. Our record-to-report team is the world's largest, with more than 15,000 experts delivering financial controllership services to over 200 clients in over 70 countries. We built our finance strength delivering high-value and complex finance and accounting (F&A) services to more than 300 global clients operating in every major industry. Our F&A capabilities are rated among the best in the world by analysts like HFS Research, Everest Group, IDC, and Gartner.