While the outsourcing of accounting and finance tasks is fairly commonplace, many financial institutions have been searching for a step-jump increase in execution to improve business performance. For example,in the expense line control function, firms are searching for optimal methods to cleanse, enrich, and report data to analyze for purposes of creating cost savings programs and policies. In the product control space, there is pressure to produce P&L earlier in the day and in the billing and brokerage space, there is a drive to more accurately validate and account for payments and also to perform scenario analysis to ensure rate cards are optimized.
eClerx has played a significant role in re-engineering the processes underlying these functions using automation and workflow tools. For example, we have built expense data warehouses which allow for ad hoc web based reporting, reconciliation platforms to compile and reconcile data for purposes of P&L production, and receivable and payable invoice processing tools to manage front to back brokerage and billing functions.