Datamatics offers a unique bouquet of Data-to-Intelligence offerings for organizations to achieve operational efficiency & profitability
Rising costs and reporting time pressures are ensuring that the Record to Report (R2R) process is moving higher up the agenda for CFOs. In addition, accurate and real-time financial information and management reports provide a competitive advantage and support executives in making business decisions. As a result, companies are now looking closely at the Record to Report cycle and the associated processes to reduce costs through automation, standardization, risk management, workflow and tighter controls.
Datamatics’ Record to Report Services offer innovative solutions and enable internal and external stakeholders to make informed decisions to avoid costly surprises.
- Accelerated closure of month-end activities
- Accurate and timely reporting’s
- 100% completion of all reconciliation items in-time
- Average aging of open items in Recon’s brought down from 6 months to 2 months
- ~40% cost reduction
Datamatics utilizes a journal approval workflow to make general ledger postings smooth and hassle free. This feature ensures that entries and batches are approved by appropriate management personnel before they can be posted. Journal approval also ensures proper control and monitors the approval process, sending notifications to journal batch preparers and approvers when needed. The journal approval components can be customized to meet organization specific needs.
Month End Activities
One of the biggest challenges for the CFO's office is to report accurate figures to investors on a month-on-month basis. Datamatics engages with clients in harmonizing their Record to Report processes. Datamatics' solution helps in closing financial books in time so as to facilitate correct and meaningful financial reporting. Datamatics helps by recording month end adjustment/reversing entries in time, reconciling various balance sheet accounts and closing sub-ledgers accurately.
With tons of data coming in from varied and disintegrated sources, CFOs and finance executives struggle to find clarity on financial and enterprise-wide key performance indicators (KPIs). Rapidly changing regulations and new global market pressures demand the need for organizations to obtain reliable and real-time performance data to avoid any negative impact.
Datamatics executive dashboards provide a consolidated view of an organization's performance by utilizing the various reporting summaries as below:
- Profit and Loss dashboard
- Shareholder dashboard
- KPIs – budget vs. actual vs. forecast for revenue, cost – direct & indirect, margin, sales distribution, key cost components
- KPIs – financial ratios like current ratio, P/E, Debt/Equity; AP/AR, stock prices
- Key Customers & Products dashboard
- Risk Management dashboard
- KPIs – financial metrics like contribution margin, YoY revenue trend, non-financial metrics like service quality index, percentage of contracts renewed
- KPIs – compliance & risk posture, regulatory compliance, risk by impact/ cost/probability/status
We get much more attention from Datamatics Team as a third party service provider. Our other vendors are not as supportive and focused.
We are very pleased with the quality of service the Datamatics team continually provides. Datamatics has consistently made extra efforts to assist us with the sometimes difficult requirements and helping us to complete our projects on time.
We have built a partnership with the SharePoint technical team of Datamatics over last three years. Having a dedicated SharePoint team from Datamatics, that truly understands our environment, our project plans. Datamatics delivery capabilities have enabled the Jet Intranet portal to be accessible 24X7.
We value Datamatics’ creative thinking, responsiveness and deep understanding of technology. This has helped our Application development initiatives with data visualization for customer insights.Datamatics collaborates with us in several areas including ideation and provides recommendations on application development, ways to streamline our business, creation of new tools for our research applications, as well as on programming and data production services in support of our day-to-day business. Datamatics has been a reliable, go-to partner delivering with quality for several years. We look forward to growing our relationship in the future.
Datamatics has provided us the best Business Analytics product – nSights. It has empowered us to stay on top of our business intelligence requirements. The seamless implementation and upgradations done by the teams from time-to-time, while least affecting our business-as-usual have held us in awe of the support and development teams.
We have been working with the Datamatics team for many years and want to sincerely appreciate the team for their quick response to the issue resolution and efficient services.
Looking forward to continuing to work with the Datamatics team in the years ahead.
A leading Education publisher was facing a challenge in optimising its accounts payable operations for processing approximately 250,000 invoices annually whilst improving the quality of processing. Datamatics deployed smart accounts payable solution that is capable of delivering end-to-end accounts payable processing services starting from mailroom operation to check printing. Datamatics streamlined exception handling through automated built-in escalation mechanism and Helpdesk facility. Using our smart account payable solution the client was able to realise multiple benefits including 30% cost reduction, better execution of early-payment discounts, excellent quality and higher process efficiency resulting into economies of scale for scanning and back-end printing operations.
A giant Hospitality client wanted to standardize their paper intensive account payable processes for efficient end-to-end invoice processing and responsive customer service. Datamatics deployed an intelligent web-based solution to automate their end-to-end accounts payable Process.The solution was equipped with comprehensive reporting tools and built-in automated invoice coding procedures that reduced the time and efforts of the end-users. The client was able to shorten the approval cycles and improve productivity along with 97% reductions in reclassification of general ledger entries that resulted in shortening of the invoice processing cycle from 4days to 2 days, ensuring healthy supplier relations.
Anairline supplyinggiant engaged Datamatics for streamlining their accounts payable operations to enhance theircash management and optimise their quality of operations. Datamatics designed a highly configurable web-based portal solution that provided real-time, 360 degree visibility and integration of operational data across diverse geographical business units. The solution featured intelligent workflows that could support automated approvals for purchase orders and non-purchase orders invoices. The client experienced higher scalability, lower processing cost, faster processing and better quality leading to improved cash-management with avoidance of penalties.
A leading US automobile ancillary wanted to streamline and optimise their current account receivable process across multiple locations for better cash management and higher customer satisfaction. Datamatics deployed a customer–centric, automated e-Receivables cash management solution featuring intelligent exception handling with full audit trail. It seamlessly integrated with existing ERP Systems providing single point of contact for both, the customer and accounts team. The solution helped the client realise 50% reduction in turn-around-time and 20% cost reduction ensuring high performance and scalability.