A leading international BPO company with a significant presence in the market, that provides management consulting services to technology consulting services to a large number of established brands in a variety of industries.
They were dissatisfied with the accounting practices in their company where they felt there is high potential for fraud due to a lack of internal controls and an unsuitable reporting mechanism in place. After a thorough audit conducted by a reputed audit firm, the senior management were aware that there were discrepancies caused by deleting and editing of previously entered transactions, backdating and post-dating journal entries and so on. Existing system did not facilitate proper controls the business required.
After a lengthy selection process, RedBeryl IT was selected to come up with a solution and to implement it. A team of RedBeryl IT Business Analysts carried out a study, analyzed client’s accounting practices, reporting structure, the existing system and documented findings. Following a series of scenario testing, the BA team carried out a test run in parallel with client’s old system in order to confirm if the implementation of new system will address the pain points and challenges issues that the client wanted to resolve.
RB Financial Management Solution was chosen and the implementation approach, plan and timeline was agreed upon. A new organizational structure and an appropriate reporting structure that is conducive for proper controls were introduced. With Segregation of Duties (SoD), most appropriate SoD rules for the client, audit trail, links with audit and risk management, an optimum balance with regards to permissions and access controls and enhanced security immediately improved the client’s processes.
Integrated ledgers allow for management and audit throughout the accounting cycle, leading to an efficient and an accurate close. The same information can be used to drill down to the source and drill up to consolidation positions. Financial Management Solution’s highly graphical visual dashboards provide each user with a role-based view of specific information, with direct access, where authorized, to system access points.
RedBeryl team, trained the client’s staff and conducts regular reviews of the system and its progress.
The client’s CEO highly recommends RedBeryl as he is very pleased with the overall outcome that was achieved within the agreed timelines.
Competitive advantage, improved process efficiency, single source of truth, Integrated Information, Cost Savings, Streamlined Processes, productivity gains, data reliability were highlighted by clients as some of the outcomes with the new system in place.