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Our client sought assistance with its initiative to remediate accounting issues and underlying system configuration issues associated with its affiliate’s newly released lease-to-own (LTO) product. Our client needed a partner to work with their accounting and IT teams to perform user acceptance testing (UAT), identify problems and root causes, and participate in the solution design, retesting and validation of new functionality using system development life cycle (SDLC) methodology.
We provided a project team with the requisite knowledge and experience to work concurrently over a 10-week timeframe to address and remediate high-priority system issues impacting LTO accounting. Our ability to bring the necessary people and expertise together was particularly critical to the client because of the fast timeline and inherent risks from the client’s dependence on the technology team and the underlying system configuration issues associated with the LTO product. While performing the UAT, we initiated numerous improvements for the client. Among them: corrected Oracle journal entry (JE) logic issues; updated subledger reports to facilitate true-up journal entries to the general ledger (GL); offered accounting recommendations around balance sheet and P&L true-up correction for quarterly reporting; recommended use of a transaction identification system to trace affiliate transactions to the GL/JE to provide an audit trail for future internal and external audits and facilitate transactional completeness and troubleshooting.
Our team’s knowledge and expertise with GAAP accounting combined with system implementation experience, enabled seamless performance of UAT and solution development to meet aggressive timelines with a new product release.