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
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.
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:
From purchase orders to payments, AFTS offers a complete non-technical, third-party accounting SAP solution.
The CA&A process domain includes overhead cost follow up (such as budget control), direct and indirect cost allocations, and functional area reporting.
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.
Standard statutory, regulatory and financial management reports are already included in AFTS. Reports catalogue available.
With complex data models, especially in banks and insurance organizations, MDM presents a huge challenge. AFTS offers an integrated MDM solution.
AFTS lowers risk, enhances efficiency and maximizes value due to these components:
Delivery models and industrialized teams
Assessment phase jump-start deliverables
Financial processes optimization
Solution deliverables and 5preconfigured system
Business and IT shared service centers deliverables
AFTS delivers the following benefits:
Reduces TCO by up to 30 percent
Maximizes value through process & sytem best practices
Reduces business teams contribution
Shortens implementation timeline
Reduces risk with secure project delivery
SAP standard usually covers
of Bank & Insurance needs.
With AFTS, client benefit from additional
of finance processes (based on best practices) already available in the pre-configured system.
This can lead to a cost reduction of
Data quality improved up to 30 percent for inbound controls
Accounting quality improved 20% by reducing post-closing corrections up to 20 percent
Costs optimized up to 30 percent due to process offshoring
Processing and typical closing calendar approach optmized by allowing Day+4 to Day+10 closing
Link between consolidation and accounting established by enbaling-near real time analysis of consolidated statements
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.View the larger image