An insurance company undertook an ambitious project to optimize its accounting and financial processes, in order to boost productivity and improve data quality, from the origin of flows to final accounting. PALMER was commissioned to identify the bottlenecks slowing down accounting production, and to propose appropriate solutions. Thanks to its in-depth expertise in mapping and improving finance and business processes, PALMER was able to streamline processes, optimize existing ERP tools, and automate account consolidation. This project improved team efficiency while guaranteeing the consistency and quality of accounting data.
Expertise in mapping accounting and financial processes, providing an exhaustive view of flows and their impacts
Competence in data architecture, facilitating accurate analysis and strategic recommendations
Expertise in ERP systems, enabling targeted evaluation and optimization of existing tools
Close coordination with internal teams to ensure smooth adoption of changes
Planning and implementation of automation solutions to improve overall productivity
Detailed process mapping: identification of friction points and inefficiencies in the Procure to Pay cycle and bank reconciliation
In-depth diagnosis of financial processes: highlighting missing areas of synchronization between business lines and financial operations
Structured remediation plan: development of targeted solutions to eliminate bottlenecks and optimize flows
Automated accounts consolidation: implementation of an automation solution to simplify and accelerate the financial consolidation process
Engagement with internal teams: proximity and ongoing communication to ensure adoption of new practices and tools
Audit of accounting processes: analysis of friction points in the bank reconciliation process and purchasing flows to identify areas for improvement.
Procure to Pay cycle mapping: creation of a detailed map to identify inefficiencies and areas requiring adjustment
Diagnosis of financial transaction initiation processes: assessment of interactions between business and financial processes to improve synchronization
Development of a remediation plan: proposals for targeted solutions to improve productivity and eliminate bottlenecks
Transformation requirements gathering: gathering requirements from internal teams to ensure that ERP tools and processes are aligned with the company’s strategic objectives
Automating account consolidation: implementing tools to automate and simplify the financial consolidation process
Identification of bottlenecks: existing processes were slowed down by friction points that were difficult to spot without in-depth analysis
Coordination between teams: managing the complexity of coordinating several in-house teams with limited resources
Insufficient documentation: lack of operational documentation requiring detailed investigation to understand processes in depth
Overlapping processes: need to prioritize actions to resolve problems effectively
Adoption of new processes: ensure that internal teams adopt new practices and automate processes
Optimization of accounting workflows: significant reduction in accounting production times thanks to the elimination of bottlenecks
Improved data quality: better quality financial data, enabling more accurate and efficient management
Increased efficiency of ERP tools: optimization of existing tools to ensure alignment with the company’s strategic objectives
Automate consolidation processes: speed up account consolidation and reduce human error in the process
Improved productivity: increased overall productivity of accounting teams thanks to better process management and automation of repetitive tasks
