Xceedance enabled the Asian branch of a global insurer to improve its processes by implementing innovative tools and systems and ensuring timely and accurate reporting to the U.S. and local regulators.
A global insurer with operations in different geographies wanted to simplify its finance and accounting operations, produce reports in-house rather than relying on external consultants, and standardize the accounting information system for the entire organization. Additionally, the insurer required that all accounting records, including financial closing statements and balance sheet reconciliations, be moved from Excel to the SunGard ERP platform. The Xceedance team tasked with achieving these objectives comprised accountants and finance experts with deep experience in and comprehensive knowledge of accounting, statutory reporting structures, and U.S. GAAP across international markets. The team collaborated with the CFO to digitize and simplify accounting processes while developing robust governance and compliance benchmarks.
After client approval, the transition plan was implemented in a phased manner, with the success of each phase anchoring the following phase. Phase one witnessed the successful transition of the general ledger accounting, U.S. GAAP, regulatory reporting, and balance sheet reconciliations within a little less than six months. In Phase two, travel and entertainment expenditure items and accounts-payable processes were transitioned in less than three months. Across both phases, the team used the SunGard ERP for bespoke accounting and reporting needs, advanced functionalities in Excel, and the Concur tool to facilitate travel and entertainment expense reporting. The Xceedance solution set established a single source of truth, reduced turnaround times for F&A processes, developed detailed documentation, and automated repetitive tasks.