Home caregiving co. uses AI to “aid” in accelerating monthly close

Key results:

Reduced month-end close by 10 days (from 25)
Automated 85% of bank transaction reconciliations
Reduced reconciliations by 25%
Auto signed-off on 35% of reconciliations

Value levers pulled:

Finance automation
Close acceleration
Balance sheet clean up
Finance process enhancement
Digital finance implementation

Picture this...

You’re a $1B household employment and home care solutions company. You’re struggling to close the books in a timely fashion. Because you lack automated processes, your finance team is struggling to manage the large volume of payments and deposits each month. And your team is not well utilized or balanced as it related to month-end workstreams. You need help standardizing, automating, and digitizing close.

You turn to Accordion.

We identify your pain point and uncover automation and AI opportunities to accelerate close and build the desired future state. Specifically, we:

Conduct a balance sheet clean up exercise to ensure all balances are accurate and supported
Develop standardized reconciliations and supporting workbooks and recommend adjusting entries
Document procedural steps to simplify and codify go-forward month-end procedures
Implement FloQast to digitize the close management process, utilizing its AI capabilities to manage the high volume of transactions and automate journal entries.
Develop a standardized close checklist, more effectively allocating roles and responsibilities and signoffs to accelerate close
Build a Status Dashboard for enhanced close visibility and to monitor team progress
Train and guide the team through their first digital month end close

Your value is enhanced.

You successfully integrate two in-progress acquisitions and set another two on the right path, engaging smaller, targeted diligence teams earlier in the process for a more comprehensive and effective diligence process. The operational disruptions and issues arising from lack of planning and coordination for in-progress acquisitions gradually reduce as integration solidifies. And your day 1 planning and readiness enables smooth operations and better levels of employee engagement from the start.

Enhanced value:

Using AI, you successfully reduce the 25-day month-end close by 10 days, driving significant ROI. In addition,

You also effectively automate 85% of bank transaction reconciliations across all business entities, cutting the time to complete from days to hours and limiting the amount of manual intervention required to clear reconciling items.
By consolidating and grouping GL account reconciliations, you also reduce total number of reconciliations by 25%.

You now have enhanced audit readiness, higher confidence in ending balances, a limited risk of manual errors, and a better month-end close control environment.