Intercompany Accounting continues to grow in complexity and the reconciliation process can at times be a laborious exercise exacerbated by fluctuating exchange rates, acquisitions and divestments, changes in tax law, as well as variations in systems and processes. It is not that surprising that when asked, more than half of the poll respondents were not satisfied with their current Intercompany process and were aware of the opportunity to improve. Even more surprising, only 9% were very satisfied:<\/p>\n
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The follow-up poll question asked what was the largest impediment to improving the process. What was not<\/span> cited as an issue was support from the business units or management<\/p>\n In addition to projects associated with Intercompany Accounting not receiving priority and a lack of resources, \u201cOther\u201d accounted for 35% of the responses. Peeriosity<\/a> patent-pending ipolling allows for detailed viewing of results by responder as well as comments. In analyzing the \u201cOther\u201d, the most cited response can be summarized as a lack of interconnectivity between systems, which renders much of the process effectively manual. One comment summed up their frustration by indicating \u201cit\u2019s everything!\u201d<\/p>\n Our webcast feature company has successfully reduced the cycle time of their Intercompany reconciliations through the automation<\/a> of over 90% of the effort including the identification of items that require investigation. The company identified a few key enablers that have totally transformed the process:<\/p>\n<\/p>\n