Outsource Function -
Post Journal Entries

The Client:

One of the largest and fastest-growing commercial insurance agencies in the US.

Scope of Work

Bulk posting of journal entries.

The Client:

Process Bottlenecks

The client had been grappling with a complex process of journal entry posting as laid down in the software vendor's instructions manual. The posting process was not only complicated but also time-consuming and didn’t allow scaling opportunities. As a result, the accounting team remained slow and tied for time and resources, unable to take up additional assignments.

The client needed a simpler, scalable, more efficient journal entry operating model in order to be able to handle existing traffic promptly, build scale and enhance their own competitiveness.

Cogneesol’s Optimization Solution

Cogneesol was chosen by the client as their partner for the best-in-class accounting solution. Our team was assigned the task of simplifying the journal entry process, scaling up the volumes by leveraging domain accounting skills, and enhancing delivery capabilities for the long run.

We identified the missing components of the existing procedures that were being followed to post journal entries at the client end. That done, we worked with the client team to bring in process standardization by categorizing different purchase orders linked to a related cost center and linked these cost center codes to journal entries at the initial key.

The result was that, instead of posting a journal entry first and then linking purchase orders, we started putting the cost center codes along with the journal entries. This correction also helped to analyze the complete status of purchase orders linked to a cost center at each data entry point, and that proved more efficient to gauge purchase order status linked to each cost center.

It is telling how Cogneesol helped us turnaround with our difficult entry posting process. We are now able to process more entries and are also able to close our books much ahead of our erstwhile closure periods.

Impact Delivered

Process standardization applied to journal entry operations resulted in a 66% productivity increase, backlog clearance, and enhanced business agility.

Before the aforementioned standardization, the volume processed per shift was 300 journal entries. This went up to 500 entries per FTE for a day. Productivity increased by 66%, and completed backlogs within agreed timelines.

Client Testimonials

It is always a pleasure to learn that the work we do has positively impacted our clients and that they are happy to share their experiences.

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