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, CPA

Director

Garrett is a Director in the Accounting Transformation Practice at Centri. He has over 10 years of experience serving as a trusted advisor to entrepreneurs, startups, investors, C-suite executives, and business owners guiding them through the complex financial landscape. His background in consulting, accounting, and tax offers a unique skill set that adds value to clients focused on accounting, financial management, and controls.

Tommy Kleinhans, CPA

Manager

Tommy is a Manager at Centri. He has over 4 years of public accounting experience serving private clients across a variety of industries with their financial reporting requirements, technical accounting research, and pre-audit support preparation.

Matt Innocenti, CPA

Senior Associate

Matt is a Senior Associate at Centri. He has over 4 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.

For more information, please visit www.CentriConsulting.com

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