Careers

On Streamlining Complex Reconciliations

I recently worked with an energy-distribution Client that bought electricity from various utility companies to sell to individual end-users in different monthly subscription packages. Due to the Client’s unique business model and agreements with utility companies, their revenue, accounts receivable and cash receipts are originally kept in third-party platforms. Then the financial data is downloaded and recorded manually in their books on a monthly basis.

Since there are multiple layers in their financial data transition process, reconciliations are needed in all systems against each other. And because they don’t have direct control of and visibility into the third-party platforms outside of their own ERP system, these reconciliations are extremely important for ensuring financial data accuracy.

Historically, they were unable to reconcile millions of dollars of variances in their accounts receivable and cash receipts among different systems. I was able to not only fully reconcile all the variances, but also establish a new process to minimize errors occurring in their multi-stage data transformations.

First, I learned quickly about their unique business model, product types and transaction flows. Second, I used my overall knowledge to create a logical diagnosis about the processes and a simple-enough analysis plan to proceed—my advanced analytic skills were very helpful there. Third, I held meetings with different parties and stakeholders to ensure they understood the issues, action steps and goals. Communication was critical in building agreement commitment to the new, improved procedure.

The new process has improved the Client’s bottom line by resolving huge financial discrepancies, and it also saves so many resources and so much time. It is absolutely rewarding to see my work has improved my Client’s business performance.

Careers at 8020 Consulting

We take pride in nurturing long-term relationships with our team members and our clients. If you’re interested in working on our team of accounting and finance consultants, visit the careers section of our website to learn more about life at 8020. You can also put in an application for consideration by following the instructions at the bottom of the page:

New call-to-action

About Renee

Renee has 20+ years of diverse finance, accounting and project management experience in high-tech software and hardware manufacturing and distribution. She has held various leadership roles and management positions in large global corporations as well as mid-sized companies such as Schneider Electric, Invensys Ltd, BenQ Corporation and Max Group Corporation. Renee has a broad range of experience in Corporate Strategy, Financial Modeling, FP&A, Business Process Improvement, System Implementation, M&A Due Diligence, Post-Acquisition Integration and General Financial Reporting & Accounting. Renee holds a B.A. in Economics from the University of California Irvine (UCI), an Executive MBA from the University of California Los Angeles (UCLA), and a Business Analytics Certificate from Harvard Business School.

Categorized in:

similar articles

Learn to think and approach problems like our financial consultants.

Financial Systems

Improve Your BI Implementation Strategy with These Steps

Good data is a critical component for any business looking to grow and become more successful in the long term. One of the most common drains on an FP&A team’s time is wrestling with various data to extract the main drivers and actionable insights to improve decision making. Having the right systems in place will… View Article

September 14, 2021Ebrahim Allana

Financial Planning & Analysis

Crisis Management in Finance: The Importance of Flexibility

Some of the largest challenges that many of us have faced in our careers occurred during the COVID-19 pandemic. At the start of the pandemic, I was leading finance and accounting for a middle-market luxury home furnishings company, which experienced a quick drop in sales in late March and April of 2020. This instance of… View Article

September 1, 2021Bob Clark

Financial Planning & Analysis

Creating a Rolling Forecast Planning Environment: Changing Mindsets

Change is hard. When it comes to a business’s financial planning initiatives, that is never more evident. Annually, many companies, regardless of industry or size, still usurp three to six months of their internal resources’ time through the traditional compilation of an annual operating and capital expenditure budget. Often, by the time the final iteration… View Article

August 25, 2021Jo Ann Eilers

See All

Back to Insights