Coty Achieves Global Process Standardization and Significant FTE Savings across the Financial Close Process with Accenture and Trintech
Case Study
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Coty is one of the world’s largest beauty companies, with a diverse portfolio of over 50 cosmetic, skincare, and fragrance brands. Today, the company employs over 23,000 people with revenues just over $5B.
The Business Drivers to Automate
Prior to partnering with Accenture and Trintech, Coty was facing several challenges across their financial close process due to manual workflows for tracking and approvals, a highly complex journal entry process conducted by various finance and non-finance teams, non-standardized month-end close tasks, high latency, and maintenance issues. Coty conducted a Global Design Assessment, assessing processes across all financial close activities which allowed them to identify pain points and areas for improvement. This assessment, along with their transformation project with Accenture, led them to search for a single financial close solution that could integrate into their SAP ERP, optimize and automate their full financial close process, accelerate their close time, scale with their business, and drive value across the organization. Ultimately, they decided Trintech’s Cadency® Platform would be the best solution to meet these needs.
Solution in Action
When it came to the implementation of the solution, Trintech exceeded Coty’s expectations by providing a systematic approach, including design sessions, data gathering, and build/configure stages. In the first year of deployment, Coty was able to standardize processes, improve reporting, analytics, and control, resulting in savings equivalent to approximately 15 full-time employees. Coty has now been using Trintech’s Cadency Platform for over 2 years to standardize, automate and optimize their close task management, journal entries, and balance sheet reconciliations.
They have integrated the solution into their ERP, SAP, which has reduced manual errors through auto-approval and autoposting. The finance operation teams at Accenture and Coty use the solution to ensure on-time submission of close tasks, streamline their approval workflow and to store all supporting documentation for journals and reconciliations in one central location which makes accessing and providing the documents to the audit team easier. With Cadency, they have been able to achieve 95% accuracy on reconciliations and journals and enable 40% auto-reconciliation of accounts.
KPIs Tracked within Cadency:
•Tasks Completed On Time
• Total Number of Tasks
• Peak Load Tasks (WD1 to WD3)
• Total Count of JEs Processed
• Total Count of JEs Processed vs. Rejection Count
• Total Count of Reconciliation Completed On Time
• Total Value and Count of Reconciling Items Greater than 60 Days and $80K
• Total Count of Auto Recs
• Impact and Future Goals
Impact and Future Goals
By partnering with Trintech and Accenture, Coty has achieved the following benefits:
• Process Standardization: Tasks categorized based on month-end and non-month-end for streamlined reporting and task status tracking.
• Global Calendar Alignment: Standardized task checklist timelines across the organization to improve organizational reporting.
• Increasing Efficiency: Auto-approval and auto-posting in SAP and mapping all SAP validation fields in Cadency, reducing manual errors and increasing efficiency.
• Risk-Rating: Ability to define and schedule reconciliation frequency and risk.
• Cost Savings: Streamlined process for reduced manual effort that resulted in approximately 15 FTEs saved.
Looking Ahead
Trintech’s Cadency Platform has played a critical role in Coty’s financial transformation with Accenture, streamlining their financial close processes, reducing manual efforts, and driving value across the organization. Looking ahead, Coty is exploring the possibility of implementing Trintech’s Close APR and Transaction Matching functionality for further process optimization and efficiency gains.
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