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.

 

 

• 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.

 

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.

 

• 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.

 

 

As a result of certain past events (e.g. mergers, or system migrations) 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.

 

 

Systems are not flexible to meet rapidly existing expectations and circumstances.

 

• 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.

 

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.

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).

 

• 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.

 

Contact us

Balázs Árpád

Partner, PwC Hungary

Balázs Gábor

Partner, PwC Hungary

Major Andrea

Partner, PwC Hungary

Balogh Roland

Vezető Menedzser, PwC Hungary

Fedor Péter

Vezető Menedzser, PwC Hungary

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