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Case Study

Leading Insurance Company Engages DLC to Leverage Technology to Improve Accounting Team Operations

Overview and Project Background

A leading insurance company engaged DLC to help lead finance and accounting system and process improvements after identifying operational inefficiencies.

After multiple acquisitions and the implementation of a new ERP system, the client needed to establish a formal structure to manage and report on the monthly accounting close across multiple business segments. Focused on continued growth and large-scale system upgrades, the internal team did not have the resources available to address inefficiencies in accounting operations. Due in part to acquisitions and employee turnover, individual business segments became siloed, failing to leverage scale and existing systems in the accounting close process.

The DLC Approach

After assisting the client in the implementation of a new ERP system, the DLC Team identified inefficiencies resulting from a lack of organization in the accounting close process. Based on unique combination of personal experience in operations, corporate accounting, project management and IT, DLC customized an organization-wide solution that leveraged existing task management, RPA and data visualization software to provide reporting on the accounting close status and performance. The solution provided real-time dynamic and customizable reporting to support the senior leadership team as well as segment controllers and staff accountants.

The solution standardized operations allowing the client to apply best practices, streamline communications and drill down into the accounting team operations to identify and resolve key bottlenecks and dependencies. In addition, the solution provided an effective methodology for tracking the performance and utilization of the shared services support team. By leveraging existing systems and minimal internal resources DLC was able to improve the accounting team operations at minimal cost.

DLC Executed

  • Implemented data visualization software solution to provide dynamic reporting on the Accounting Close Process
  • Provided real-time reporting to identify and resolve key bottlenecks and dependencies
  • Improved management of Shared Services including the tracking of performance and utilization
  • Created a sustainable solution for the management of Process Documentation

The Results

By establishing a reliable real-time reporting solution for the accounting close process, DLC was able to effectively identify and resolve process inefficiencies. Additionally, this applied best practices across business segments leading to improved reporting, shared services performance and process documentation management.

As a result, the senior leadership team was able to focus completely on strategic and tactical decision making, informed by data.

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