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Our client, a regional community bank, needed external support to concurrently implement several technologies for their accounting and finance teams. The bank needed implementation support as well as technical accounting guidance to successfully complete the project.
We drew upon our deep expertise in accounting and implementation projects to create and validate project plans to concurrently implement the multiple technologies. Our team included a full-time consultant with expertise in financial reporting, internal controls and technology to aid in building financial statements in the software platforms. In addition, we supplied an on-demand technical accounting team to quickly interpret and resolve significant accounting issues. We guided the client in implementing three technologies:
Within a week, we formed and deployed a project team to lead the concurrent implementations. Our support led to several positive outcomes. The new reporting platform allowed the client to streamline its reporting process with real-time data populating its financial reporting packages and SEC reports (e.g., forms 10-Q, 10-K). Not only did this implementation vastly improve the time and effort involved in completing financial reports, but it also reduced reliance on manual calculations and multiple spreadsheets.
With the new reconciliation and task management platform, the company now prepares standardized and organized balance sheet reconciliations, which can be managed and monitored. The platform also allowed the company to formalize its internal controls and provide auditable support to its auditors and regulators.
The Visual Lease implementation enables the company to systematically abstract its active lease agreements as it transitions to ASC 842. This allows for fast recording of lease activity and the development of related financial reporting disclosures, as opposed to manually tracking leases, which requires reliance on spreadsheets and is prone to errors. The lease platform also centralized all leases, allowing for better management and documentation.