Case Studies Transparent financial reporting and cash positions

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	Transparent financial reporting and cash positions

Transparent financial reporting and cash positions

Technology Category	Functional Applications - Enterprise Resource Planning Systems (ERP) Platform as a Service (PaaS) - Connectivity Platforms
Applicable Industries	Professional Service
Applicable Functions	Business Operation
Services	Cloud Planning, Design & Implementation Services System Integration
Challenge	BearingPoint faced several challenges with its decentralized financial operations. The company had over 120 different bank accounts across more than thirty banks, making it difficult for the central treasury to consolidate financial data and track employee payment authorizations. The manual processes were time-consuming and error-prone, and there were concerns about compliance, particularly with the four-eye principle. Additionally, the transition to SEPA standards required a revision of the Bank Account Management system. BearingPoint needed a scalable, quickly deployable solution that did not require extensive IT investments. Read More
About Customer	BearingPoint is a global management and technology consultancy firm headquartered in Amsterdam, the Netherlands. The company operates in 17 countries and uses the SAP ERP system across all its offices. BearingPoint provides advisory services to clients in financial services, government, and commercial sectors. The firm had a decentralized financial operation with local offices collaborating with numerous banks, leading to a complex and inefficient financial management system. The central treasury faced challenges in gaining real-time insights into the firm's cash position and ensuring compliance with financial regulations. Read More
Solution	BearingPoint implemented TIS's Bank Communication and Bank Transaction Manager (BTM) to address its financial management challenges. The solution was chosen for its scalability, quick deployment, and minimal IT investment requirements. TIS's extensive knowledge of SAP systems and its SEPA-enabled payment solution were crucial factors in the selection. The implementation was carried out in phases, starting with tightening internal guidelines, such as limiting each office to two banks and defining payment authorization terms for employees. The web-based SaaS product provided real-time insights into financial flows, reduced manual payments, and minimized errors. The system also centralized the management of bank balances and employee authorizations, making the financial reporting and compliance processes more efficient. Read More Log in to view content
Contents

Technology Category

Functional Applications - Enterprise Resource Planning Systems (ERP)

Platform as a Service (PaaS) - Connectivity Platforms

Applicable Industries

Professional Service

Applicable Functions

Business Operation

Services

Cloud Planning, Design & Implementation Services

System Integration

Challenge

BearingPoint faced several challenges with its decentralized financial operations. The company had over 120 different bank accounts across more than thirty banks, making it difficult for the central treasury to consolidate financial data and track employee payment authorizations. The manual processes were time-consuming and error-prone, and there were concerns about compliance, particularly with the four-eye principle. Additionally, the transition to SEPA standards required a revision of the Bank Account Management system. BearingPoint needed a scalable, quickly deployable solution that did not require extensive IT investments.

About Customer

BearingPoint is a global management and technology consultancy firm headquartered in Amsterdam, the Netherlands. The company operates in 17 countries and uses the SAP ERP system across all its offices. BearingPoint provides advisory services to clients in financial services, government, and commercial sectors. The firm had a decentralized financial operation with local offices collaborating with numerous banks, leading to a complex and inefficient financial management system. The central treasury faced challenges in gaining real-time insights into the firm's cash position and ensuring compliance with financial regulations.

Solution

BearingPoint implemented TIS's Bank Communication and Bank Transaction Manager (BTM) to address its financial management challenges. The solution was chosen for its scalability, quick deployment, and minimal IT investment requirements. TIS's extensive knowledge of SAP systems and its SEPA-enabled payment solution were crucial factors in the selection. The implementation was carried out in phases, starting with tightening internal guidelines, such as limiting each office to two banks and defining payment authorization terms for employees. The web-based SaaS product provided real-time insights into financial flows, reduced manual payments, and minimized errors. The system also centralized the management of bank balances and employee authorizations, making the financial reporting and compliance processes more efficient.

Impact #1	The implementation of TIS's solution led to a substantial reduction in manual payments, decreasing the likelihood of errors.
Impact #2	Real-time insights into financial flows were achieved, allowing for better monitoring and management of payments.
Impact #3	The centralized management of bank balances and employee authorizations streamlined the financial reporting process.

Impact #1

The implementation of TIS's solution led to a substantial reduction in manual payments, decreasing the likelihood of errors.

Impact #2

Real-time insights into financial flows were achieved, allowing for better monitoring and management of payments.

Impact #3

The centralized management of bank balances and employee authorizations streamlined the financial reporting process.

Benefit #1	Reduced the number of bank accounts from over 120 to a maximum of two per office.
Benefit #2	Decreased the number of banks from more than thirty to a preferred and local bank per office.

Benefit #1

Reduced the number of bank accounts from over 120 to a maximum of two per office.

Benefit #2

Decreased the number of banks from more than thirty to a preferred and local bank per office.

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Overview

Transparent financial reporting and cash positions

Operational Impact

Quantitative Benefit