Technology solutions for intercompany accounting transformation has been saved
Technology solutions for intercompany accounting transformation
Leading practices in intercompany transactions and processes
Business is operating in an ever-evolving world with increasing data complexity, rapid growth, and uncertainty. Now more than ever, companies necessitate intercompany accounting technology solutions that are agile, seamless, secure, and timely. These are lofty expectations but understanding and addressing common technology challenges is the first step to optimizing finance transformation outcomes.
December 15, 2021
Now more than ever, companies often necessitate intercompany technology solutions that are adaptable, scalable, seamless, secure, trustworthy, and timely. If those expectations sound lofty, it’s because they are—but so are the complexities that potential technology solutions would be tasked to solve. Business is operating in an ever-evolving world with increasing data complexity and volumes, rapid growth driven by merger and acquisition activities, and high levels of uncertainty in workforce location. As we discussed previously, intercompany accounting can be like a mess under the bed. Recently, many companies are prioritizing their process improvement and technology transformation initiatives’ focus to incorporate trade1 and non-trade2 intercompany accounting. Before getting started, let’s first understand the challenges a company may face when approaching technology solutions.
Approaching intercompany accounting technology solutions
Accounting technology is a critical enabler to optimize intercompany accounting processes. However, defining a clear end-state vision and deployment roadmap for the implementation of new technology solutions is essential to your organization addressing common challenges and realizing its desired finance transformation outcomes. Let’s explore 10 challenges and areas to consider when framing your technology enablement strategy:
Where can you start?
Approaching technology to automate intercompany accounting processes is a daunting task that is much easier said than done. Deloitte applies leading practices from our experience and research to develop a plan and future state that aligns with your organization’s strategic initiatives. Deloitte Intercompany Center of Excellence (IC CoE) specializes in helping clients navigate the intricacies of intercompany program transformation, including technology deployments and process improvements. We create the “art of the possible” for an optimal future by helping you align the needs of your people, processes, and technology.
1Trade transactions: Charges that relate to the sale of product or inventory between legal entities.
2Non-trade transactions: Charges between legal entities that do not pertain to the sale of a company’s main products or services. Common non-trade transactions include royalties, cost allocations, loans, dividends, internal service charges, etc.