SAP, ServiceNow, and Salesforce Cloud Service Consulting Company | LMTEQ

Streamlining Finance Operations through Automated Audit Process Management Tool

Introduction

In the domain of financial operations, the utmost importance is placed on efficiency and precision. Our client, a top-tier leader in the financial sector, enlisted our team of specialists to assist in creating and deploying an automated “Audit Process Management” tool. This tool is specifically designed to enhance and simplify expense compliance audit procedures for Policy, Corporate Card, and Expense Compliance (PCEC) teams. The objective is to eliminate manual processes and offer a unified platform for auditors and managers.”

Objective

Challenges and Pain Points

Library Management

Updating and consuming common libraries across multiple processes posed a significant challenge. Ensuring seamless integration and consistency required careful planning and execution.

One Build One Deployment Model

Implementing a Proof of Concept (POC) for a ‘One Build One Deployment’ model using the NX DEV Approach of MonoRepo presented technical hurdles and required meticulous configuration.

Quality Check of Audits

Conducting Quality Checks (QC) for a multitude of processes, involving re-auditing and linking to the original audit, presented a complex challenge in maintaining audit integrity and accuracy.

Overcoming Challenges

Library Management

Our team addressed library management challenges by implementing a robust version control mechanism. This ensured that common libraries were updated systematically, and processes consumed the latest functionalities seamlessly.

MonoRepo Implementation

Overcoming challenges in the ‘One Build One Deployment’ model was achieved by our team through a well-executed Proof of Concept (POC). Our team leveraged the NX DEV approach to streamline build and deployment processes which enhanced development efficiency.

Quality Check Automation

 To address QC challenges, our team implemented an automated QC process thereby reducing manual effort. Our team made solution in a such a way that senior managers could perform re-auditing efficiently, linking back to the original audit with improved accuracy.

Output

The application’s core features are stable, with over 40 successfully released sub-modules. Our team accomplished the development of all planned sub-modules, incorporating enhancements within the project scope. Our data showcase a 30% reduction in manual audit efforts, a 20% increase in audit accuracy, and a 15% improvement in overall process efficiency.
  • 30% Reduction in manual audit efforts,

  • 15% Improvement in overall process efficiency.

  • 20% Increase in audit accuracy

Project Status

The project is currently stable, with ongoing efforts to generalize the existing code base for common features. By consolidating features into a single set, our team aims to enhance reusability for upcoming processes.

Integration

Our team used Azure tools, including Azure dashboard for task assignment and progress tracking. On top of that, we also integrated the Azure pipeline for seamless build and deployment. Lastly, we used Azure Version Control for code repository management, which played a crucial role in the project’s integration.

Conclusion

Our automated Audit Process Management tool has successfully transformed and optimized finance operations for our client. By addressing challenges with innovative solutions, our team not only achieved its objectives but also set a benchmark for future finance-related automation projects. The integration of Azure tools helped our team to ensure scalability and sustainability for the tool’s continued success in the dynamic landscape of finance compliance.

Smart Finance, Sharp Automation – LMTEQ’s Automation Winning Combo!

Count on your team of experts to automate your operations and get the results you envisioned!