The streamlined way to standardize controls
3,200
The accounting team saved 3,200 hours of work in a year.
160%
Savings returned 160% of the solution cost over three years.
17
The solution successfully addressed 17 control risk areas.
At a glance
Client
Regional telecom company
Industry
Telecommunications
Our role
Improve procedures and risk controls
Our solution
Better procedures, controls, & efficiency
Delays and risks become efficiency and control
Scenario
A telecom company needed to improve 17 audit controls.
Approach
alyx used automation to boost both speed and consistency.
Result
The company’s accountants saved 3,200 hours in a year.
Scenario
Financial reconciliation delays
It’s important to keep your books balanced – and they’re not balanced if they’re months out of date. One telecom company began each year with a long list of asset purchases to reconcile from its extensive network expansion and maintenance projects. The company’s engineering, procurement and operations teams tracked project assets in a mass of separate projects. So, the accountants had to manually reconcile asset purchases across a tangle of data, which took months at the start of each year. External auditors determined that the months-long delay created risks in several places.
The telecom company needed to address 17 control risk areas by standardizing and accelerating the controls in its finance department.
Approach
A path to success
The company asked Grant Thornton to help improve its accounting policies and procedures, internal controls, processes and financial reporting — but the top priority was to improve the company’s risk controls. During the work, the project’s key sponsors — the Controller and the CFO – took jobs with other companies. The Grant Thornton team had to build new relationships while building new solutions.
Through the leadership transition, and the disconnected data, Grant Thornton audit, tax and advisory team found a path to success. The team used alyx to find the right solutions, accelerate work, standardize processes, reduce risk and clear out backlogs with a comprehensive and streamlined approach that focused on automation.
Result
Better controls and efficiency
The Grant Thornton team addressed the risks and even introduced efficiencies that saved the company 3,200 hours in accounting. The solution paid back the company’s investment in just over a year, with a 160% return over three years.
The team also identified other potential efficiency gains and, based on this project’s success, the company planned future phases of automation.
Related resources
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Content disclaimer
This Grant Thornton Advisors LLC content provides information and comments on current issues and developments. It is not a comprehensive analysis of the subject matter covered. It is not, and should not be construed as, accounting, legal, tax, or professional advice provided by Grant Thornton Advisors LLC. All relevant facts and circumstances, including the pertinent authoritative literature, need to be considered to arrive at conclusions that comply with matters addressed in this content.
Grant Thornton Advisors LLC and its subsidiary entities are not licensed CPA firms.
For additional information on topics covered in this content, contact a Grant Thornton Advisors LLC professional.
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