Multinational Insurance Firm Manages Financial Reporting with Ease
Singapore
Malaysia
Indonesia
China
Challenge
A multinational insurance firm's Singapore-based Asia-Pacific headquarters had to manually consolidate voluminous financial data from branch offices in the region for financial reporting. This was a significant challenge due to differences in local accounting systems between the branch offices. Seeking a solution to this highly tedious process, the firm turned to RSM Stone Forest IT (SFIT) for a solution.
Solution
After consulting with the client, SFIT proposed a customised Sage 300 solution with the following features: Standard chart of accounts for all branch offices in the region, facilitating the process of presenting all financial data according to reporting requirements in Singapore; Standard procedures relating to the accounts receivable, accounts payable, and general ledger functions across all branch offices; Automate preparation of fixed assets register; Delegate access rights to employees based on their roles; Incorporate local tax reporting requirements into accounting system to ensure compliance.
Results
With the successful implementation, the client enjoyed the following benefits: Ease of financial reporting; Greater productivity; No risk of human errors arising from manual consolidation of financial data from different branch offices, ensuring accuracy in financial reporting; Peace of mind over information security and tax compliance.
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