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Enhancing Financial Sub-Ledger Period Close

How This Company Automated a Fixed Asset Module

A market-leading designer and manufacturer of innovative optical and photonic products enabling optical networking and laser applications worldwide, looking for ways to improve their efficiencies and reduce risk with their ERP systems.

The Challenge

Time-Consuming Processes:

Manual period close processes were laborious and demanded excessive hours, affecting productivity and analysis.

Potential for Errors:

Manual interventions increased the risk of errors, compromising the accuracy of financial reporting.

Reduced Work-Life Balance:

Extended working hours and weekend efforts resulted in decreased employee work-life balance and engagement.

The client faced challenges with their manual period close processes for the Financial Sub-ledgers, including Payables, Purchasing, Inventory, Assets, Receivables, and Projects in their Oracle ERP system. These processes were time-consuming, error-prone, and demanded extensive overtime, hampering financial analysis and decision-making.

Learn More

The Solution

In response to the client’s period close process problems, they sought an automated solution, and Winfo presented WinfoBots as the ideal option.

 

The implementation of WinfoBots would substantially reduce the time and effort required for the Fixed Asset Module’s period close.

WinfoBots effectively automated all the manual steps involved with the transactional system, resulting in a faster period close for the Fixed Asset Module.

 

This solution was thoughtfully designed to optimize the finance period close, thereby eliminating the necessity for employees to work extended hours, including weekends.

Automation of Manual Steps:

WinfoBots automated manual tasks in the Fixed Asset Module period close, minimizing the need for human intervention and reducing errors.

Streamlined Configuration:

With a one-time configuration, Concurrent programs and Reports execution were optimized, resulting in consistent and efficient processes.

Faster Period Close:

WinfoBots' automation facilitated faster and accurate period closes, enabling better financial analysis and decision-making.

Enhanced Work-Life Balance:

By reducing overtime requirements, WinfoBots supported a healthier work-life balance and increased employee engagement.

Why our clients trust us:

0 Steps

Steps that were automated monthly

By automating over 270 monthly steps, Closing 19 books the company’s team saved time and could focus on other critical tasks and projects.

0

Man-Days of Effort Saved

Automation resulted in saving 44 Days of human effort by Automating Asset Retirement and Supplier Batch payments.

WinfoBots’ automated solution revolutionized the period close process for the Fixed Asset Module, saving over 44 Days of effort and enhancing financial reporting accuracy. With a 70% reduction in process duration, financial analysis became more efficient, and decision-making improved. The implementation also achieved a better work-life balance, thanks to reduced reliance on manual efforts and minimal business involvement.

Summing Up...

“WinfoBots provided a game-changing solution for our Fixed Asset Module period close. The significant time savings and streamlined processes have given us more room for financial analysis and better decision-making. The accuracy of financial reporting has notably improved, and the reduced manual effort has allowed us to focus on our core business activities. We highly recommend WinfoBots for enhancing financial sub-ledger period close processes.”

 

Director, IT Applications

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