ABB is a pioneering technology leader in power grids, electrification products, industrial automation and robotics and motion, serving customers in utilities, industry and transport & infrastructure globally. Continuing a history of innovation spanning more than 130 years, ABB today is writing the future of industrial digitalisation with two clear value propositions: bringing electricity from any power plant to any plug and automating industries from natural resources to finished products.
- Revenue in 2018: USD 27,662 m
- Markets: more than 100 countries
- Number of employees: 147 000
- ERP system: SAP
ABB Oy wanted to streamline the workflow of journal entries across its offices. The previous system did not allow for an efficient way of working but required unnecessary manual work both from the person creating the document as well as the person posting it. Additionally, the journals had to be printed and archived on paper.
ABB’s primary goal was to create a smooth and efficient process for processing journal entries.
The company wanted a tool that would bring efficiency, among other things, by being paperless and directly integrated with SAP, and one that would eliminate duplicated work.
One of the key reasons, the company chose to implement Aico solution for journal entries, was that it delivered smart task management and streamlined workflows with real-time integration to ABB’s ERP system SAP. For example, the solution allows assigning tasks and responsibilities within the team eliminating the need to investigate who, what, where and when.
“Aico combines a database of assignments and SAP input. The tool saves time and reduces the amount of duplicate work. Aico brings transparency to the process and facilitates auditing and approval processes”, says Merja Törmikoski-Kiljala, who acted as ABB’s project manager.
The tool also controls and speeds up operations as some of the checks are already made at the request creation phase. For example, some of the required information for reporting, such as cost centers, must be entered before the request can be saved in the system.
Expectations were met when ABB started using solution for journal entries in the autumn of 2016.
“The most significant improvements in efficiency were the elimination of duplicate work and the reduced number of checks”
The most significant improvements in efficiency were the elimination of duplicate work and the reduced number of checks. “Now we are able to process almost all journals paperlessly. When the tool and attachments are digital, it is easy to check the postings at a later date, for example, during auditing”, explains Törmikoski-Kiljala.
Aico brings transparency to the process and facilitates audits and approval process
The period end closing process has become more efficient as controllers can use a single system to see both requests as well as their SAP posting status.
“Postings are done and validated at once both in the requests database and in SAP. Posting requests are now more complete and there is less uncertainty when preparing them, which has reduced the need for guidance. Recurring postings have been automated, which has reduced manual work”, said expert Christina Kuusinen.
“Our partnership with Aico has been a positive experience. Aico keeps its promises. Although the project had a tight schedule and the work was done quickly, Aico implemented the project within the requested timetable and on budget”, says Törmikoski-Kiljala.
About Aico Journal Entries
Aico Journals is a software solution designed purposefully for accounting and finance professionals. Our solution eliminates slow, arduous and complex manual work to speed up journal entry management by up to 50%.
Book a 15 minute introductory demo session with our team to see the solution in action!
The key benefits of Aico Journals solution are:
AccuracyAico guarantees journal entry data validation with ERP systems in real-time eliminating all the hassle with mismatched company codes, bank accounts and values.
EfficiencyFrom creation to posting and approving, journals are processed with smart and agile Aico software workflow. Manual and low value tasks are automated allowing accountants to focus on productive and high value tasks.
SpeedBy eliminating slow manual tasks, improving workflow in the team and connecting all your ERP systems in real-time, Aico has proven that journal entries can be done up to 50% faster
Control & AuditabilityDashboard overview of all the processes, completed and to-do tasks as well as responsibilities puts you in charge of accounting team in real-time. And drilling into any transaction to review journal supporting documentation ensures your processes are audit ready any time.