Success Story: Process automation in financial accounting

Lean management in monthly closing: Process automation in financial accounting

with EOS

EOS and bdg create a comprehensive solution for analysis and automation

The EOS Group’s financial accounting department was working with a process that was characterised by numerous sub-steps and manual input in various systems, some of which were outdated.

Data on the debt purchase portfolios in Jedox had to be manually transferred to an Excel environment and validated there. Subsequently, booking records were created manually in an Access database. This ageing Access application was prone to errors and was to be replaced. With the international growth of the group, the enormous effort that had to be invested in manual processes and validations for each individual company also increased – for each monthly statement. This was another reason why there was a great need to enable an automated transfer of data from the debt purchase portfolios into the group’s own ERP (Enterprise Resource Planning) system in Oracle in conformity with the accounting records.

In cooperative collaboration with the bdg consultants, we have successfully developed a comprehensive solution for our financial accounting. The automation of the monthly financial statements means an enormous time saving, especially for us as a holding company with branches in Germany and abroad. Valuable resources can now be used profitably because they no longer have to be spent on manual processes and time-consuming data validation. Our entire process is significantly streamlined.

Kai Linke – EOS Group / Manager Accounting

PROJECT OBJECTIVE

The aim of the joint project between bdg and EOS was to create an integrated system that would significantly reduce manual effort, increase data consistency and minimise error-proneness by automating and stream- lining processes.

Various sub-steps had to be taken into account. First of all, the new application was to enable the automated, posting record-compliant transfer of the receivables purchase portfolio data, which was already managed in Jedox, into the ERP system in Oracle. This transfer process was to include an offsetting of the data in order to make the IFRS-compliant data in the source database also usable for accounting according to HGB regulations. Furthermore, the currency conversion of the underlying portfolios into the accounting currency (Euro) had to be taken into account. In addition, the preparation of monthly financial statements for the companies of the EOS Group was to be automated.

Read the whole story now

And find out all about the highlights:

Comprehensive solution creates greatly improved data and loan portfolio trans- parency
Significant time savings through automa- tion of monthly closings
Analysis and reporting capabilities provide valuable support for auditing and financial statements
Cooperative collaboration for project success

About EOS

The EOS Group is an international financial services company. Its business focus is claims management, whereby in addition to the classic debt collection business it also handles the entire process of evaluating, purchasing and managing claims portfolios. Today, more than 60 operating branches with locations in 26 countries are united under the umbrella of a holding company. The EOS Group, headquartered in Hamburg, belongs to the Otto Group and is considered one of the largest debt collection providers in Germany.

Industry	Region	Application	Number of users
Financial services	Hamburg, Germany	Financial accounting	20

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