Centri Case Study: Alteryx Accounting Transformation Services
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.
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.
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.
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.
Director | CPA
Garrett joined Centri Business Consulting, LLC in September 2022 as a Director in the Accounting & Audit Support Practice. He has more than twelve years of experience in public accounting, consulting, and industry. At Centri,...
Manager II | CPA
Tommy Kleinhans is a Manager at Centri Business Consulting. Tommy has more than 4 years of public accounting, accounting and audit support, accounting transformation, and acquisition accounting experience. He joined Centri in April 2022, serving...
Senior Associate II | CPA
Matt is a Senior Associate at Centri Business Consulting. He has more than 5 years of public and private accounting experience, assisting clients with their financial reporting requirements, technical accounting research, and pre-audit support preparation....
About Centri Business Consulting, LLC
Centri Business Consulting provides the highest quality advisory consulting services to its clients by being reliable and responsive to their needs. Centri provides companies with the expertise they need to meet their reporting demands. Centri specializes in financial reporting, internal controls, technical accounting research, valuation, mergers & acquisitions, and tax, CFO and HR advisory services for companies of various sizes and industries. From complex technical accounting transactions to monthly financial reporting, our professionals can offer any organization the specialized expertise and multilayered skillsets to ensure the project is completed timely and accurately.
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