Global SaaS provider closes the monthly books faster with less effort

Industry : BPO and Business Services, Cross-Industry

Function : Accounting and Finance

Company Profile

Company that makes cloud-based software designed to help businesses find more prospects, close more deals, and wow customers with amazing service.

Scope Highlights

  • WonderBotz ReconBotz pre-built solution
  • Oracle
  • Blackline
  • Monthly GL reconciliation

Challenge

Our client has 150,000 worldwide customers. Less than 20% of their monthly entries were auto-reconciled by their accounting system, leaving preparers to do the rest. With so many different types of accounts, the monthly reconciliation process was already tricky and time-consuming and would become a bigger problem as the company continued to grow. The accounting team wanted a scalable solution that was easy to manage without needing to bring on additional resources each month to complete the process.

Solution

WonderBotz ReconBotz was applied to prepare monthly account reconciliations. ReconBotz first gathers data from the same source systems used by the finance team. The solution’s externalized business logic reconciles each account according to plain-English instructions maintained by the finance team. It loads the finished recon into the target system (Blackline) with out-of-the-box functionality. For exception cases, the automation sends the preparer a digest of all collected data, enabling them to start from the last completed entry.

Results

10 FTE saved annually

95% cost reduction

4x increase in auto-reconciliations