The Client
A global asset management firm with operations across multiple geographies, this organization manages a complex finance function spanning customer transactions, employee compensation and expenses, vendor management, timesheet processing, and external market rate data. As the firm pursued a strategic finance transformation, the absence of a consolidated general ledger and a modern finance operating model had become a material constraint on the speed, accuracy, and auditability of financial reporting.
The Challenge
The firm’s finance function was operating without the consolidated infrastructure needed to support its target operating model, with data spread across approximately 15 separate systems and no automated pathway between them. The result was a month-end close process burdened by manual effort, reporting inconsistencies, and limited audit assurance.
- Lack of a Consolidated General Ledger: The firm’s existing setup could not support the target finance operating model, a new group general ledger was required to serve as the financial backbone for the entire organization.
- Finance Data Across 15 Siloed Systems: Customer transactions, employee compensation, expenses, vendor management, timesheets, and external market feeds each resided in separate systems with no automated connection to finance.
- Manual, Error-Prone Data Movement: Moving data between source systems and finance was manual throughout, introducing errors, slowing month-end close, and creating reconciliation overhead that consumed significant team capacity.
- Inconsistent Chart of Accounts: Inconsistent chart-of-accounts and reference data across systems undermined the accuracy and comparability of financial reporting.
- Limited Automated Controls: The absence of automated reconciliation and audit controls made substantiation labour-intensive and increased the risk of errors reaching reported figures.
The Impact
- 15 Source systems connected and automated.
- 1 Consolidated general ledger established.
- UK-First Phased delivery with full lineage and audit traceability
The Solution
Hoonartek established a new consolidated general ledger and finance operating model, delivered UK-first in Phase 1 to provide a controlled, validated foundation for subsequent rollout. Approximately 15 source systems, covering customer transactions, employee compensation, vendor management, timesheet data, expenses, and external market rates, were integrated into the new ledger through automated extraction and movement of journals, master data, and reference data, with validation and exception handling at each stage.
A standardized chart-of-accounts mapping was implemented to ensure consistent postings across the finance estate, eliminating the reporting inconsistencies that had previously undermined financial accuracy. Every interface was assured end-to-end using DevFac test automation, with full data lineage established from source system to ledger entry, providing the audit trail required for regulatory substantiation and internal governance. The result is a finance function that closes faster, reports more accurately, and can demonstrate the provenance of every figure.
Key Benefits
- Single Finance Backbone: One consolidated general ledger replaces a fragmented, manually-operated finance estate, providing a reliable foundation for the firm’s target operating model.
- Automated Data Flows: All 15 source systems now feed finance automatically, eliminating manual data movement and the errors, delays, and reconciliation overhead it created.
- Faster, Cleaner Close: Automated journal and reconciliation flows directly reduce the manual effort and error rate that previously extended the month-end close cycle.
- Consistent, Trusted Reporting: Standardized chart-of-accounts and reference data across systems ensures financial reporting is accurate, comparable, and credible.
- Audit-Ready Traceability: Full data lineage from every source system to the ledger provides the evidentiary foundation for audit substantiation and regulatory reporting.