Payment-to-reconciliation automation

Project overview and objectives

A financial services company came to our team with a few challenges—some of which were made more complex with multiple business divisions. Our objective? Integrate users and data into a subsidiary’s existing Kyriba platform. Here’s what we had to solve:

• A 100% manual process for creating cash worksheets inclusive of forecasts, fund imprest balances, record journal entries, and complete reconciliations​
• High potential for fraud from inadequate payment controls and inefficient workflows​
• Limited approval and extract functions in antiquated Enterprise Resource Planning (ERP) systems

What we did

Creating a tailored solution required a lot of collaboration across business divisions and IT. We were able to meet over 100 unique requirements, including:​

• Robust end-to-end processes that automated cash positioning, journal entries, funding, payments, positive pay, and reconciliations​
• Successful process transformation for hundreds of subsidiaries through united configuration and testing of Kyriba, BlackLine, and ERP technologies​
• Departmental buy-in backed by biweekly working and feedback sessions that ensured user adoption​​

Impact

By the time we hit go-live, this organization was well on its way to technology excellence. They saw:

• Automated transfers of data and reporting without need for human intervention​
• Generation of weekly reports that identified and rectified unmatched items—preventing month-end fire drills​
• Automated processes for daily journal entry posting and reconciliation ​
• Creation of one location for consolidated data and clear logic to classify transactions​
• Standardized and secured payment workflows with approvals and limits​

Ready to move away from manual? Learn how a Kyriba implementation can set your teams up for success, significantly reduce repetitive tasks, and keep your organization forward-looking.