Diving headlong into hundreds and thousands of journal entries every month – accounting teams may sometimes fail to spot leakages or irregularities that could disrupt the business. That said, journal entries are an information super highway that unfortunately isn’t subject to analytical scrutiny as it should be.
The voluminous and complex transactions from disparate accounting systems and processes can be a nightmare to manage, let alone analyze. Also, along with the challenges presented by both big data, and the intricate elements that make for the general ledger, organizations often find it difficult to leverage the benefits of advanced analytical techniques to glean critical insights.
WNS' Journal Entry (JE) Analytics is an industry-first solution that integrates advanced statistical models and intelligent algorithms to deliver consolidated information, and improved control, insights and operational efficiency. It re-imagines the role of journal entries as an unparalleled vantage point for controllership and audit.
WNS’ source-agnostic JE Analytics platform integrates our extensive experience in F&A domain, and deep expertise in data analytics. Together, it harnesses actionable information for improved business outcomes:
With the data size of millions of lines of journal entries running into terabytes, it can be onerous for finance teams to analyze and extract valuable insights from this big data. WNS has proven expertise and solutions in both F&A and analytics to unlock many opportunities for businesses to gain greater insight from data and predict future outcomes. What’s more, we offer flexible deployment models, both non-intrusive consulting engagement and real-time interactive solutions.
Challenge: A Fortune 500 risk advisory firm wanted to rationalize its month-end financial close process
Solution: WNS JE Analytics:
Impact: The range of benefits delivered include: