Automating journal entries for accuracy, timeliness and efficiencies

Industry : BPO and Business Services, Cross-Industry

Function : Accounting and Finance

Company Profile

Worldwide digital company providing a trusted platform that brings together and interconnects foundational infrastructure, enabling organizations to access all the right places, partners and possibilities to accelerate competitive advantage.

Scope Highlights

  • Oracle R12
  • MS SharePoint
  • MS Outlook
  • 21,000 journal entries processed per year
  • Excel WebADI
  • Automated process enhancement

Challenge

The organization uses spreadsheet/WebADI journals to record adjustments and other financial transactions in Oracle. Accountants created the WebADI template using data from various source systems and Excel calculations. Supporting documents are created as supporting evidence for the journal entries, and all files are uploaded to Oracle manually. The process was time-consuming and routine. The finance team wanted a scalable solution to reduce manual effort and validate the data before uploading.

Solution

The solution checks for WebADI files in MS SharePoint and Outlook. It validates the entries against predefined business rules using SQL queries against the Oracle database. Once the entries are validated, the automation uploads the WebADI and supporting files to Oracle and notifies the requesting accountant upon completion. If any errors are encountered during the process,  the automation alerts the requesting accountant via email and attaches a copy of the WebADI file for review.

Results

3 FTEs saved

Improved data accuracy

67% reduction in SLA