This is our story of leveraging our industry-first, end-to-end Journal Entry Hyperautomation platform for a leading manufacturer, improving accuracy, accelerating closure, enhancing regulatory compliance and reducing costs.
As we know…
The month-end journal preparation process is critical for accurate financial reporting and regulatory
compliance. This process can be complex, especially for large multi-national organizations, often
involving hundreds of unique journal entries across various business entities. The lack of
standardization in journal preparation leads to inefficiencies, delayed balance sheet submissions and a
high reliance on manual processes, limiting scalability and increasing operational costs.
Consequently, automation becomes pivotal in streamlining and scaling journal preparation, enabling
organizations to enhance efficiency and consistency across entities.
The challenge for the client was…
It had over 250 unique journal types to process for multiple business entities, and more than 50 percent of the
effort was concentrated in a tight four-day window. This extended the working hours for the accounting teams and
heightened the risk of inaccurate journal postings and missed deadlines, impacting the representation of balance
sheets during financial audits.
The lack of a standardized process across business entities created challenges in tracking close calendar
adherence and resulted in high manual intervention, limiting scalability. Previous automation solutions
evaluated were not viable, as they required significant coding efforts and did not offer the necessary
flexibility.
Stepping in as a co-creation and transformation
partner…
WNS collaborated with the client to develop a comprehensive solution. The first phase involved implementing
critical process standardization initiatives, including:
These process standardization efforts laid the foundation for leveraging our
Journal Entry Hyperautomation platform, transforming the client’s journal preparation and
posting operations. Key solution components included:
Implementation of the hyperautomation
platform…
Reduced effort to analyze variances between budgeted and actual allocations, providing a faster and
clearer view of the balance sheet. This accuracy also minimized the need for late adjustment postings,
ensuring a smoother and more reliable close process. As a result, the accounting team was able to focus
on higher-value month-close activities, such as analyzing ad hoc journal entries and profit and loss
variances. Additionally, the streamlined process enabled the client to expand the scope of services for
new entities quickly without increasing the human effort required for journal preparation.
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Tangible outcomes included:
% accuracy
in first-time journal postings
% reduction
in operating costs
% reduction
in turnaround time
% adherence
to the closing calendar
FAQs
1. What is journal entry automation and why does it matter?
Journal entry automation uses technology to
standardize, validate, and post journal entries without manual effort. It helps accounting teams reduce
errors, speed up month-end close, and improve financial accuracy across entities.
2. How did hyperautomation help the manufacturing firm reduce costs?
The firm reduced costs by 40% because hyperautomation replaced manual data entry, automated ERP postings, standardized processes,
and minimized rework. This allowed the finance team to handle higher volumes without additional
resources.
3. Can journal entry automation improve the month-end close process?
Yes. Automation speeds up variance analysis, reduces last-minute adjustments, enhances accuracy, and
ensures better adherence to the closing calendar. This leads to a faster and more predictable month-end
close.
4. What accuracy improvements can organizations expect from automated journal entries?
In this case study, the firm achieved 98% first-time-right accuracy. Automation reduces human errors,
ensures compliance with business rules, and provides consistent data validation across entities.
5. Is hyperautomation scalable for large enterprises with multiple entities?
Absolutely. Hyperautomation enables centralized rules, standardized templates, and automated workflows
that make it easy to onboard new business units or entities without increasing manual workload.
6. What are the key benefits of downloading this case study?
The case study shows how a global manufacturer achieved cost savings, faster closures, higher accuracy,
and better compliance using journal entry automation. Readers can learn actionable steps to modernize
their own finance operations.