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Closing the books and reporting business results efficiently
Are you looking to seamlessly integrate your general accounting and fixed asset management services on a global level? Would you like to improve reporting to gain greater visibility into account transaction detail? Are you looking to improve controls to gain greater confidence in your organizations’ compliance with external and internal requirements?
If you answered “yes” to any of these questions, you may want to investigate outsourcing all or part of your record-to-report function. With the right services, your company can:
- Reduce operating expenses through automation, consolidation, process improvement and labor arbitrage
- Improve controls and increase compliance with laws and internal policies and procedures
- Increase skill level and business impact of retained staff by switching focus from transactional activities to strategic initiatives and business alignment
- Improve reporting and consistency in financial data consolidation by establishing cohesive processes
- Improve visibility into account transaction detail
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Supporting the three C’s: controls, compliance and communications
Before legitimately opening the financial ledgers, your controller must be confident that controls, compliance and communication are successfully protected. As part of HP Record-to-Report Services:
- Our teams will work with you to assess your business culture and risk profiles and document the controls necessary at the desktop and account levels.
- Our data capture tools and automated workflow features will provide ongoing measures of performance compliance against those controls.
- Using our various governance models, your controller will receive regular communication of event deviations and overall performance quality.
Reap the benefits
When you choose to outsource your record-to-report activities to HP, you leverage our extensive global presence and fifteen plus years of shared services and outsourcing experience in record-to-report operations. Our experienced teams use proven processes and world-class tools and technology to help you design and create a record-to-report solution tailored to meet your specific needs. By outsourcing to HP, your company can benefit from:
People and locations
- Well-trained, highly qualified subject- matter experts in low-cost locations to provide integrated services
- Experienced staff which currently provides monthly closing and reporting services in more 140 countries, multiple business elements and thousands of jurisdictional registrations
- Local language processing/support for extremely time-sensitive activities
Proven processes and best practices
- Holistic end-to-end process approach for managing record-to-report
- Digital reconciliation with aging, escalation control and reporting
- Digitalization of your policies and risk profiles integrated into structured workflows and measured at the desktop level for compliance to key performance indicators
- Multifaceted communication practices to maximize control visibility
- Multi-tier location strategy
- ISO 9001:2000 certified quality standards incorporated as part of solution design at all delivery centers
- Business continuity plan with backup centers for all core processes
Tools and technology
- ERP agnostic tools allowing you to gain the benefits of global standards and approach—without the immediate need to upgrade or replace legacy systems
- Self-service portals
- Comprehensive workflow solutions to ensure compliance with practice
- eForms for data capture under local flavor while delivering global standards and controls
- eLearning
- Reconciliation tools
- Desktop tools for fixed assets
- Reporting catalogs and ad hoc report portals to drive consistency of management analysis and best leverage existing embedded data elements
Proven services capability
- Business controls framework for compliance
- Statutory accounting support and integrated controls
- Standardized policies and procedures
- Consolidation and centralization of processes and people into strategically located global centers
- Highly qualified professional accountants and analysts
- Dedicated customer support model
- Professional industrial engineering integrated to the controllers desktop
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Measurable business outcomes |
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HP BPO Record-to-Report Services help deliver tangible business results, including:
Increased operational efficiency
- Reduced operating expenses through automation and technology, process improvement, and labor arbitrage
- Improved reporting with accurate regional and consolidated views
- Improved visibility to account transaction detail via aging and escalation reporting practices inherent in reconciliation process
- Improved controls and compliance with policies and procedures resulting in significant reduction in rogue accounts
- Accelerated response to legal changes
- Decreased investment in IT and other infrastructure support
- Improved reporting and transparency
- Increased accuracy and shortened pre-reporting cycle
Greater focus on core competencies
- Management time freed to focus on strategic aspects rather than operational
- Skill evolution of retained controllership staff resulting in improved close accuracy and shorter cycle times
- Skill evolution of retained analyst staff to improve alignment with business units objectives
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