The last piece in a five-year finance systems architecture road-map was to implement a standardized general ledger (G/L) system across the firm. The system supported multiple GAAP requirements with a multi-dimensional chart-of-account supporting multiple currencies. There were more than 400 legal entities spanning more than 5,000 operating units and 7,000 distinct G/L accounts implemented on a single-centralised instance, where every operating unit had a full trial balance. Add-ons were developed to allow for full daily as-at balances extracts to a finance warehouse for reporting purposes and to perform a hard-close every month-end.
Over a 30-month period, we successfully implemented the G/L system and decommissioned old systems across the globe.
The benefits included future cost avoidance, reducing the time needed for completing the integration of large acquisitions. More than 99% of all G/L postings were fully automated from transaction processors on a daily/monthly basis.
The organisation performed a hard-close every month within seven business days, with fewer than 7000 adjustments. The communication between finance departments and business units was also greatly improved, thanks to a standard chart of accounts now being in place.