Balfour Beatty is a leading international infrastructure group providing innovative and efficient infrastructure that underpins people’s daily lives, supports communities and enables economic growth. Balfour Beatty has capabilities in construction services, support services and infrastructure investments. It was formed in 1909 and has 28,000 employees.
Over the last 100 years Balfour Beatty has created iconic buildings and infrastructure all over the world including the London Olympics’ Aquatic Centre, Hong Kong’s first Zero Carbon building, the National Museum of the Marine Corps in the US and the Channel Tunnel Rail Link.
As a large international business, Balfour Beatty has many operating units and a number of accounting systems. This meant that reconciliations were undertaken within individual finance director’s responsibility areas without assurance of consistency or visibility across the group.
In order to address this challenge, Balfour Beatty undertook a centralization project and needed a new solution to incorporate accounts from across the business and where possible automate reconciliations. It would also allow for in system sign off of accounts by finance directors and their teams. It was important to have everything done in the same way and in the same system to give us a clearer picture of the business,” said Steve Whitelaw , Balfour Beatty.
Goals: Adopt a less manual and more scalable approach to monthly account reconciliations and book closing processes, as well as journal-entry retention, support, and review
Strategy: Implemented a scalable, automated, cloud-based solution for account reconciliations, journal entry, and financial tasks that integrates with SAP ERP and delivers push-button reporting and real-time access to data
Outcome: Shaved days of work off the desks of Under Armour’s accounting employees, who are now able to spend more of their time analyzing balances, reviewing results, and ensuring relevance and accuracy, rather than monitoring completeness and executing administrative tasks