Case Studies

Case Study 1: Process Automation-Accounting

Business Problem

Our client, a predominate securities firm, relied on manual processes to manage various accounting activities such as tracking inventories. Primarily utilizing spreadsheets, the client’s month end close process was laborious and tedious. The firm’s accounting department was unable to provide detailed financial analysis, and became overwhelmed with the volume of ledger entries and consolidation requirements.

The Solutions

The client engaged an Omnikron consultant to build and sustain proprietary software that would automate the consolidation process. Utilizing Visual Basic, SQL Server and .Net applications, the new system tracks inventory throughout the pipeline and hosts a more robust general ledger tracking system. The solution provides management the opportunity to view and leverage more accurate P&L information in real time.

Activities

The Omnikron consultant:

• Interviewed business users, developed specifications and documented a user business model
• Built architecture of the application database and user interface
• Developed an automation plan based on user needs
• Built a query database for external users
• Completed a thorough system quality assurance review

Outcomes

• Reduced cycle time for monthly close form 4 days to 1 day
• Reduced labor requirement for monthly close by 45 man hours per month
• Provided detailed reporting moving the client into compliance with Sarbanes-Oxley
• The streamlined information generates more accurate accounting projections
• Labor savings and access to detailed information provided the accounting staff the opportunity to focus on financial analysis