Smart Accounting
Efficient accounting processes| Up-to-date accounting information| Improved financial reports
Why choose PwC’s Smart Accounting?
• Improvement in the quality of financial and accounting information.
• Potential time savings in relation to financial accounting closing processes.
• Transparent processes and improvements in audit trail.
• Improvements in meeting regulatory requirements.
• Efficiency increases as a result of documented processes.
• Knowledge-transfer within the organisation becomes easier.
• Creates the opportunity for harmonizing and improving processes.
• Planning and forecasting becomes more accurate and reliable.
Current challenges you might face with |
PwC’s Smart Accounting solution |
PwC’s Smart Accounting solutionFinancial and accounting processes are not documented properly resulting in challenges with knowledge-transfer. Efficiency is low due to duplicated tasks and information.
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• Comprehensive review of current accounting and financial processes, providing support in documentation. • Review of period-end closing schedules and tasks. • Gap analysis between “as-is” and “to be” processes. • Project and change management. • Recommendations for process improvement in the short and mid-term.
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Preparation of financial information requires knowledge and use of several different systems. Reports from different systems are not reliable, their exact content is not documented.
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• Review of the accounting and reporting systems and the related reports. • Analysis of system settings, set-up. • Software based analysis of accounting big data in order to identify trends and patterns of accounting processes. • Identification of financial and operational risks, provision of recommendations.
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Sharing information and communication between other departments or subsidiaries is difficult.
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• Define information requirements supporting improvement of communication processes and the related controls. • Organise training and workshops for employees. • Optimise consolidation and other reporting about new processes, systems.
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As a result of certain past events (e.g. mergers, or system migrations) there are unreconciled balances in the general ledger.
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• Analysis of past transactions, investigation of unreconciled items. • Provision of experts to support projects and employees on site. • Analysis of ERP system settings. • Software based analysis of accounting big data in order to identify trends and patterns in accounting processes.
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Systems are not flexible to meet rapidly existing expectations and circumstances.
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• Gap analysis between “as-is” and “to be” processes. • Software based analysis of accounting big data in order to identify trends and patterns of accounting processes. • Analysis of ERP system settings. • Identifying accounting data flows and inconsistencies.
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Difficulties in compliance with all of the information requirements of IFRS reporting.
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• Provision of experts to support projects and employees on site. • Define information requirements, supporting improvement of communication processes and the related controls. • Organise trainings and workshops for employees on new processes, systems.
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Unexpected changes in financial information. Management is not aware of the reason of certain results, transactions (e.g. significantly-changing product margin; foreign exchange differences recognized in the financial statements).
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• Review of available accounting policy choices and other methods (e.g. hedge accounting, setting up new rules for IC transactions). • Review of period-end closing schedules and tasks. • Provision of experts to support projects and employees on site.
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