The financial services industry is facing several challenges in P2P space. The key challenges we see are:
- Different System & Processes: Every business units within the organization has their own process to manage procurement & payment. Where several processes require manual intervention resulting in cost inefficiencies & in case of SMB’s this is critical post GST.
- Lack of Compliance & Governance: The lack of compliance quite often leads to non budgeted spend.
- High turnaround time for approvals: The approval time in organizations takes it too long to approve the purchasing requests. This delay in approving the request results in high turnaround time & delay in business decisions.
- Large volume of non PO Invoices: For business where the PO are not released & purchases gets executed, there are challenges in reconciliations of payable’s, taxes etc.
Order to cash process is another critical business process & it’s best to approach each area of the Order to Cash as part of an end to end, integrated system. The challenges we see are as follows:
- Order Management requires accuracy, but it goes much further than that in the GST regime. The sales liability if not paid on time could impact the business growth massively.
- Invoice Automation from the minute sales team accepts an order & till that order is delivered, timing factor has to be looked into, especially under GST due to input tax credit management.
- Credit Management & Advances which are to be factored in GST for taxation has to be managed well.
- Cash Management can lead to fraud without proven system in place. Our cash management helps to streamline and add value to entire supply chain, adding real revenue to the balance sheet.
Record to Report
Today business often struggle to improve their organization’s ability to deliver better every day that takes them towards more transparency & open opportunity for collaboration: Our solutions are covered under following domain:
- Closing & Reporting :- Reporting & closing processes mitigate risk & lower costs by reducing accounting silos, delays & errors, and creating standardized, globally compliant processes.
- General Accounting:- General Accounting solutions combine R2R processes into standardized, efficient workflows that ensure accurate financial data is captured & shared across the enterprise.
- Product Cost Accounting:- The solutions provide end to end oversight of the entire supply chain, from BOM setup, updates & reviews to forecasting & budgeting, factory accounting & reconciliations & reporting.
- Tax Services:- Tax Compliance services help businesses lighten the load & focus on transparency, facilitating cross- border collaborations, process efficiency and effectiveness, and visibility & control over local compliance.
Financial Planning & Analysis
Financial planning & Analysis is still an area which is kept in house by companies. Generally FP&A activities are covered under sets where the challenges are covered:
- Management Reporting
- Decision Support & Controls
- Specialized Experience