Overview
Client is a leading provider for integrated engineering solution, A market leader in engine power train testing and a consulting IT Software company. They are partnered with the top OEMs in off Highway as well as some of the today’s industry leaders in Automotive, aerospace and industrial manufacturing industry. The client encapsulates a staggering 1200 plus engineers worldwide, representing multiple nationalities and countries with office location in North America and India.
Requirements
Challenges
- Finance team wanted to translate the financial reports based on current market prevailing rates.- Finance team required writing multiple checks for multiple vendors on one click and should be able to print all checks on pre-printed check format.
- To centralize the finance application in one ERP since different accounting entities which are using standalone finance application for their business operation.
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Finance team was able to track the assets &its deprecation based on the US-India Depreciation method and generate a depreciation reports for the assets with different values inherited on category.
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Finance team needed to have Bills payable functionality based on Supplier invoice release procedures & advance payment based on payment terms defined.
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Finance team needed to convert the secondary currency in base currency based on customer’s defined currency conversion rates for the customer.
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Finance team wanted all reports in Excel, PDF, Dashboard and On screen analysis for multiple account reports.
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Finance team needed to be able to track and record the multi-currency exchange rates.
Finance team needed to be able to invoice based on customer’s currency conversion rates. -
The finance processes were highly diversified in all different accounting entities. CFOs/CTO were not able to track financial statements at one place. It was arduous to track the bad debts customers and the suspense account procedure.
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Finance team required to create budget with multiple level of approval for financial year & its cost centers & generate reports on period selection basis.
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Finance team needed the ability to track the expense management of each employee based on multi-approval and billing based on advance payment.
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Finance team needed multi-company with their multi-chart of accounts and taxes on US GAAP accounting basis.
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The team was using different application for a long time and wanted to have same look and feel on the common application.
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Finance managers & users must use one application in order to have unified solution for financial statements
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The Transition of application of standalone to ERP cloud based was a challenge to implement common finance application with almost 100+ finance users on the board. There were 150+ different customer invoicing procedure within the different accounting entities.
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Different access level for different groups of users.
Results
Solutions
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Implemented 15 weeks of complete End to End of Finance management includes project management life cycle and Bills payable.The client was able to use the application immediately after Implementation.
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Consolidated reports and dashboard created a smooth transition to new application for boards of directors. Finance Application users were able to use the application immediately after implementation.
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Client was able to track each entry and post using different reports, time sheet and invoicing of PO using personal and global dashboards functionality.
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Finance managers were able to notify for the Project manager and deliver managers in case of any discrepancy. Internal email communication and proper tracking increased the visibility and accountability of the company.
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Boards of directors were able to generate the report for each accounting entity separately or unified to verify the cash flow, fund flow, cost target and exchange and gain rates using multi-currency.
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Common platform provided a smooth and faster results on Financial transactions .
Read more about KTree
KTree, a Global IT Company
What and how the processes are structured in KTree?
KTree's processes follow CMMi to ensure consistent, high-quality outcomes. With a focus on quality coding , code reviewing, and performance and load testing in our QA processes, we deliver reliable, scalable, and high-performing applications to meet our clients' needs.
Where is KTree's Web and Mobile application Development done?
KTree's web and mobile application development primarily takes place at our Hyderabad development center. Hyderabad is not only abundant in IT talent but is also known for its rich heritage and exotic food.
How KTree makes outsourcing project a positive experience?
KTree delivers high-quality applications that meet our clients' needs, by prioritizing collaboration, communication, visibility, traceability, and requirements engineering. While we charge a little premium for our services, we believe that it is important to provide the necessary resources and expertise to ensure project success.
What is Success mantra of KTree, as one of the respected web development company?
The success mantra of KTree as a respected web development company is combining Agile methodology with strong documentation, powerful web and mobile frameworks, and a solid KTree team to deliver great web and mobile applications within a specified timeframe.
Any other Differentiation which KTree has, which it can offer?
KTree's tremendous knowledge and expertise, gained from working on hundreds of web and mobile application projects, gives us a significant advantage that allows us to provide a head-start on projects, saving our clients many man-months.
What Development methodology KTree follows and why?
KTree's development team follows the Scrum framework of the Agile methodology, which improves Agility through its simplicity and flexibility. This allows us to adapt to changing project requirements and deliver high-quality products within the specified timeframe.
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