Leading Wholesaler Achieves 100% Reconciliation for 400+ Ledger Accounts

Impact Achieved

Centralized

Single Repository for
Auditory Requirements

100%

Reconciliation
Coverage

~75%

Automated Fixed Asset & Inventory Reconciliation

Customer Digest

HighRadius transformed our fixed asset and inventory reconciliation processes. Using their Account Reconciliation and no-code platform (LiveCube), we achieved 100% automated data aggregation, reducing manual effort and errors. The single platform provided comprehensive coverage across 400+ accounts, significantly enhancing accuracy and efficiency. This integration streamlined our accounting processes and improved overall operational efficiency, allowing our team to focus on strategic tasks.

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Top Challenges

  • Continuous Monitoring was Reactive: Both processes required constant monitoring and updating of balances and records to ensure accuracy, involving nearly 3-4 person-hours.
  • Manual Reconciliation Was Prone to Errors: Fixed Asset Reconciliation and Inventory Reconciliation involved numerous manual steps, such as aggregating multiple data reports, comparing data, and making adjustments.
  • Complex Data Validation: Preparers had to validate postings, compare fixed asset lists with trial balances, and ensure disposals were correctly accounted for. Inventory reconciliation involved comparing trial balances with perpetual inventory and stock transfer reports.
highradius

Business Benefits

  • HighRadius’ Account Reconciliation and LiveCube solutions streamlined their reconciliation process for fixed assets and inventory accounts, significantly reducing the burden on accountants who previously managed multiple accounts and tasks.

    By utilizing LiveCube (a no-code platform with an Excel-like user interface connected to a cloud database capable of handling millions of records), they achieved 100% automated data aggregation for GL details from the ERP across all accounts.

    The integrated Maker Checker Workflow enhanced process control through checker segregation and improved accuracy. LiveCube provides a unified platform for all audit processes, facilitating early error detection and adjustment.

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