Automated Fund Accounts into Thomson Reuters OneSource
Our mission is to automate our client's manual and time-consuming quarterly and annual account production process. Relying heavily on Excel and PDF inputs, the current approach leads to errors and inefficiencies. By introducing automation, we aim to reduce errors, enhance efficiency, and free up resources, empowering our client to focus on higher-value tasks.
Mission Statement
Our client currently faces substantial challenges in producing quarterly and annual accounts for their clients. The existing process is entirely manual and heavily reliant on Excel and PDF inputs. Several qualified employees were spending weeks at quarter end manually crunching and formatting exports from their line of business systems. Additionally, any changes made to the source system during the accounts prep led to hours of subsequent changes for the final workbook.
Consequently, this manual approach leads to pervasive issues, including significant rounding errors, differences in reconciliation, and persistent formatting problems. The level of auditing required thus consumes an excessive amount of time and cost.
Continuum aims to automate this process, allowing our client to focus resources on higher-value tasks.
Impact
By automating the data reporting process using a blend of Alteryx and OneSource, the company enhanced its statutory reporting efficiency, accuracy, and compliance, while providing stakeholders with timely and customized financial reports.
Tools Used
Alteryx
Data extraction
Population PDF and Excel templates with data
API functionality
OneSource
Customizable financial report formation
Detailed Solution
Firstly, we helped our client build an Alteryx workflow which autonomously connects to the eFront database and extracts relevant financial data. The extracted data is transformed, cleaned, and organized to ensure accuracy and consistency in reporting.
Alteryx then uses the transformed data to generate Auditor-requested Lead Schedules and trial balances. These securely upload to OneSource by the integration of an API connector into the workflow.
OneSource then leverages its Limited Partner and Management client-agreed templates to generate comprehensive financial reports. OneSource's customizable templates allow for tailored reporting that meets the specific needs of stakeholders. The templates disclose holdings, distributions, currency risk analysis and cash schedules to business leaders.
The automated process reduces manual effort in data extraction, report generation, and data uploading, saving time and minimizing errors. Additionally, this allows our client to hone in on analysing these reports, rather than wasting resources on creating them. Automation also creates a digital trial of actions taken, which further eases the client’s auditing requirements.
Overall, the client saves hundreds of hours per quarter through this automation, substantially cutting business costs.