Large Hotel Chain Achieves 95% Automated Financial Reporting
By Reducing The Close Time By 75% Across 1700+ Entities

Impact Achieved

Centralized

Repository for
Controller Check

100%

Legal
Entity Coverage

40%

Improvement in
Auto-matching Rate

Customer Digest

Manual data handling and verification consumed 200 person-hours monthly for our financial close, causing delays and errors. HighRadius automated 95% of our reporting across 59 entities, reducing close time by 75%. This improved our auto-matching rates by 40% and provided complete legal entity coverage, enhancing accuracy and efficiency with a single repository for controller checks.

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Top Challenges

  • Limited Control Measures for Financial Close: Limited control measures for financial close to America’s Leading hotel giants refer to the lack of a comprehensive controller view within the ERP system, hindering effective variance analysis, operational tracking, and proactive measures. 
  • Approval Bottlenecks: The requirement for manual system logins for approvers to review and close ledger entries added complexity and delay to the financial closing process.
  • Extensive Month-End Efforts: Manual data entries, ERP uploads, and daily credit card statement verification consumed significant time. Month-end close and reconciliation took about 200 man-hours across 59 entities, mainly due to labor-intensive processes.
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Business Benefits

  • HighRadius’ Financial Close helped them get granular visibility into their accounting process so they could take full control from transaction recording to closing their books. They reduced the person-hours involved in month-end close by ~75%. We will deep-dive into the features offered by this solution later in the case study.
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© 2024 HighRadius • All rights reserved
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