By implementing this process, one Catalytic customer gave two days back to financial analysts. The customer’s previous manual process is eliminated and improved so that all business leaders have a view into where overages are occurring.
Month-end close took a team of people several days, cross-checking results and gathering input on numbers and analysis.
Catalytic gathers financial data at the end of each month. Anomalies are automatically identified for further investigation. Tasks are assigned to each cost code owner for explanation, before final approval and distribution of monthly reports.
The accounting team was able to close two business days faster than before and more reliably resolve conflicts than they were able to before.
Upload monthly expense and revenue data
Identify anomaly line items
Lookup cost code owner and assign a task for resolution
Consolidate commentary into master report
Notify accountant once all items are complete
Watch this Catalytic demo of a supplier workflow that collects and analyzes data, then updates a system of record.