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| Expense Management |
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Expense Management
Challenges
- Insufficient resource bandwidth to execute critical activities due to increased accounting and reporting requirements
- Monthly accounting & close activities to be performed on business days across the month for multiple expense lines
- Voluminous data to be processed to create reports; processing capacity acts as bottleneck to generate reports efficiently
- Disconnect between various departments creating reports and hence lack of coordination
- Urgent need to focus on cost analysis and savings initiatives across expense lines with high P&L impact
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Solution |
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Monthly Accounting and Close Activities
- Legal Expenses- Accrual for billed and unbilled time for attorneys engaged globally
- Legal Invoice Reconciliation
- Monthly accruals for Consulting and External Services, Human Capital, IT/ Comms, Advertising / Events across all regions
- Monthly IB Recoveries Accruals
KPI / Metric Activities
- Assist Global Controllers with variance analysis & commentary
- Assist Global Controller with Metrics / KPI’s
- Assist with Savings Validations and Review
- Consulting & External Services Historical Account Compliance
- Lateral Recruiting Historical Account Compliance
- Team Operational Metrics
- Market Data / Fulfillment / Occupancy Analytics & MIS Analysis
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Daily Activity
- Provide daily P&L extracts by expense line, region, and division to global controllers
- Review P&L highlighting specific or unusual trending
- Review P&L highlighting specific or unusual trending
- Manage the Expense Transparency Data Warehouse using Business Objects
Balance Sheet Activities
- Balance Sheet reporting and metrics for Global Accounts
- Review and prepare monthly aging reports
- Enforce compliance of reconciliation standards
- Centrally Manage accounting adjustments for non compensation lines
- Balance Sheet Reconciliations for General Ledger accounts
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Benefits
- Dedicated offshore process team rolling out reports and other analytical activities
- Leveraged in-house IT capabilities to automate various reporting procedures; ~300 Man-Hours of monthly activities automated till date
- Ensures standard procedures across regional reports; helps share best practices
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