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Centri Case Study: Alteryx Accounting Transformation Services

Challenge

A large company in the digital asset industry had a highly manual and time intensive intercompany reconciliation occurring outside of their General Ledger (GL) system. The client felt the intercompany process was taking too much time to complete and was taking away their accountant’s time from more valuable tasks. Since the process was highly manual, the client’s leadership didn’t feel confident that the information it provided was accurate and worried about the process’s impact on their financial reporting. The process took, on average, over 40 hours to complete each month.

Action

Centri performed a review of the client’s intercompany process in its current state. This review included Centri performing walkthroughs with process stakeholders, reviewing the client’s manual intercompany excel spreadsheet, the client’s general ledger, and financial statements. We documented our understanding of the current state of the intercompany process, including weaknesses and opportunities for improvement. Using the Centri Maturity Model, our team determined areas of improvement and created recommendations based on industry best practices to optimize the client’s intercompany process, focusing on reducing the number of manual elements and time to reconcile.

Resolution

Using Alteryx, a data and analytics automation platform that assists with the collection, preparation and blending of data, Centri created a lookup table to assign accounts to specific entities. Through automated transaction rules, transaction types were assigned delineating normal operational intercompany transactions and intercompany loans. The final output created an automated report highlighting the transaction rationale and the entities involved.

Results

Centri’s recommendations led to a 95% decrease in time to reconcile and the elimination of manual errors. Centri’s recommendations provided better insight into the intercompany process and led to the client’s leadership’s increased confidence in the accuracy of the process.

Garrett Buckless

Managing Director | Accounting Transformation Practice | CPA

Garrett is a Managing Director in the Accounting Transformation Practice at Centri Business Consulting. He has more than 13 years of experience in public accounting, consulting, and industry. View Garrett Buckless's Full Bio

Tommy Kleinhans

Senior Manager | CPA

Tommy Kleinhans is a Senior Manager at Centri Business Consulting. Tommy has more than 4 years of public accounting, accounting and audit support, accounting transformation, and acquisition accounting experience. View Tommy Kleinhans's Full Bio

Matt Innocenti

Manager | CPA

Matt is a Manager at Centri Business Consulting. He has more than 5 years of public and private accounting experience, serving clients across a variety of industries with their financial reporting requirements, technical accounting research, and accounting transformation. View Matt Innocenti's Full Bio