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
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AFTS reduces operational risk during project implementation
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
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AFTS significantly cuts cost and project workload
Significant reduction in project workload
SAP standard usually covers
20-30%
of Bank & Insurance needs.With AFTS, client benefit from additional
50-60%
of finance processes (based on best practices) already available in the pre-configured system.This can lead to a cost reduction of
50%. -
The more AFTS is leveraged, the greater the value
See the benefits gained when AFTS is deployed to its fullest extent.
Reduced finance department run cost up to 50%
Reduced time to market up to 50%
Reduced operational risk during project implementationWorkdays spent configuring and integrating the appspancation can be reduced by up to 50 percent Implementation time reduced Business teams’ contribution reduced Value created by following best practicesIncrease quality of closing & reportingOptimized project timelineData quality improved up to 30 percent for inbound controls
Increase quality of closing & reportingAccounting quality improved 20% by reducing post-closing corrections up to 20 percent
Productivity increased by 10-20 percent due to system automation and adherence to best practicesCosts 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
What's Built Into AFTS
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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.
View the larger image
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Contact Us
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