Simplifying the Intercompany Accounting Function Through Automation and Process Design
Description:
This is the first in a series of two Peercasts on this topic. At many companies, Intercompany Accounting can utilize a significant amount of resources, as well as extend closing cycles and delay account reconciliations. Efficiency in managing Intercompany Accounting can eliminate a great deal of non-value added activities.
This Peercast will focus on the efforts of our feature company in simplifying the Intercompany Accounting process through automation and process design.
Peercast Poll Results
Poll Title: Simplifying the Intercompany Accounting Function Through Automation and Process Design
Background: At many companies, Intercompany Accounting (ICA) can utilize a significant amount of resources, as well as extend closing cycles and delay account reconciliations. Efficiency in managing Intercompany Accounting can eliminate a great deal of non-value added activities. This poll looks at levels of automation and quality in ICA processing today and when companies last make improvements to this process.
Poll Question: How would you characterize the Intercompany Accounting process at your company today?
| Process is highly automated and streamlined with high quality results and little rework | 0% | |
| Process is highly automated but we spend more time than we would like doing investigation or rework | 18% | |
| We are working to find ways to increase automation and improve quality | 77% | |
| We would benefit from increased automation and improved quality but we haven’t been able to give this a high priority | 5% |
Poll Question: When was the last time you made a significant improvement to automation and quality to the ICA process at your company?
| Within the past year | 32% | |
| 1-3 years ago | 5% | |
| 4-6 years ago | 32% | |
| 7-10 years ago | 0% | |
| More than 10 years ago | 0% | |
| Not sure, but have plans to do so in the near future | 23% | |
| Not sure, but currently no plans to do so | 9% |