Smart Accounting
Efficient accounting processes| Up-to-date accounting information| Improved financial reports
How PwC’s Smart Accounting team can help
- Financial and accounting processes are not documented properly, efficiency is low
- Reports from different systems are not reliable
- Sharing information and communication between other departments or subsidiaries is difficult
- There are unreconciled balances in the general ledger
- Difficulties in compliance with all of the information requirements of IFRS reporting
- Unexpected changes in financial information
Financial and accounting processes are not documented properly, efficiency is low
- 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.
Reports from different systems are not reliable
- 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.
Sharing information and communication between other departments or subsidiaries is difficult
- 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.
There are unreconciled balances in the general ledger
- 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.
Difficulties in compliance with all of the information requirements of IFRS reporting
- 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.
Unexpected changes in financial information
- 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.
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.
