FINANCIAL SERVICES
Accenture Finance Transformation Solution
For banks and insurers, AFTS brings an effective solution to finance, accounting and reporting challenges.
Overview
Industry challenges drive need for change
The Financial Services finance function faces deep challenges that are prompting transformation projects. Finance leaders are working to:
Improve finance's cost efficiency
Address regulatory compliance issues and constraints
Secure financial processes, such as financial quality control, and sustainably manage finance IT
The Accenture Finance Transformation Solution (AFTS) offers a preconfigured approach to help banks and insurance companies overcome today's industry challenges.
What is Accenture Finance Transformation Solution?
AFTS is a preconfigured solution—containing standard financial services processes—for banks and insurance companies.
It is based on the latest SAP technology—ECC 6.0 and SAP BW-BO—and has been migrated to HANA.
The solution is a project accelerator. It reduces project implementation and maintenance efforts in terms of time, cost and risk. It contains a full range of documentation—covering process, development, training and master data.
AFTS provides a complete set of project deliverables for all transformation phases.
It leverages Accenture's finance transformation know-how, and best practices honed over the last 10 years.
The solution is compliant with local accounting standards as well as International Financial Reporting Standards (IFRS). It is currently being enhanced with Solvency 2 Pillar 3 QRTs.
What AFTS Can Do
AFTS offers a tailor-made solution for banks and insurance companies, bolstered by best practices and live system support.
AFTS offers centralized finance and accounting processes, including accounts payable, accounts receivable, month-end close and balance sheet reconciliations. AFTS's business processes fall into these five domains:
Purchase to Pay
From purchase orders to payments, AFTS offers a complete non-technical, third-party accounting SAP solution.
Cost Accounting and Allocations (CA&A)
The CA&A process domain includes overhead cost follow up (such as budget control), direct and indirect cost allocations, and functional area reporting.
General Ledger (GL) Accounting
Our AFTS solution is based on the SAP New GL module, and covers key bank and insurance GL closing processes such as multi-Generally Accepted Accounting Principles (GAAP) and intercompany reconciliations.
Reporting
Standard statutory, regulatory and financial management reports are already included in AFTS. Reports catalogue available.
Master Data Management (MDM)
With complex data models, especially in banks and insurance organizations, MDM presents a huge challenge. AFTS offers an integrated MDM solution.
AFTS Delivers Value
What's Built Into AFTS
AFTS innovation roadmap
AFTS is a long-standing Accenture offer that provides finance and risk support to our Financial Services clients. We regularly invest in this asset to ensure it incorporates current best practices and new technology trends. The chart below illustrates the various industry-leading technologies we have baked in to AFTS.
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