AstraZeneca

Managing a multibillion-dollar balance sheet with automated reconciliation


 
AstraZeneca is a global, innovation-driven biopharmaceutical business that focuses on the discovery, development and commercialization of prescription medicines, primarily for the treatment of cardiovascular, metabolic, respiratory, inflammation, autoimmune, oncology, infection and neuroscience diseases. AstraZeneca operates in over 100 countries and its innovative medicines are used by millions of patients worldwide.


AstraZeneca struggled with a lack of standardization and visibility over its reconciliation process and wanted to achieve global standards in the account reconciliation process to eliminate inefficiencies, improve compliance, increase balance sheet visibility and reduce costs. It quickly realized that the only way it would achieve full global visibility and a world-class reconciliation process was to simplify, standardize and automate.

AstraZeneca had a few key requirements in selecting an automation solution with the main one being the ability to integrate into its 5 SAP instances. Trintech’s ERP-agnostic solutions met this requirement, reducing the cost, time and risk of data integration.

Since implementing Trintech’s reconciliation solution, AstraZeneca has seen the following benefits:

  • Improved productivity for 300 users
  • Increased compliance across 26,000 accounts
  • Improved balance sheet integrity
  • Eliminated spreadsheets and manual processes
  • Accelerated the monthly close

“We were managing a $58 billion balance sheet with too many manual processes and spreadsheets, and at the time, we have no global policy in place,” says Natalia Childs, AstraZeneca Global Process Owner, Record to Report and Fixed Assets.

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“We were managing a $58 billion balance sheet with too many manual processes and spreadsheets, and at the time, we had no global policy in place.”
Natalia Childs, AstraZeneca Global Process Owner, Record to Report and Fixed Assets

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