Globalization has become inevitable in the current economic scenario. Banks need to expand their horizons and establish footprints in multiple geographies to cope up with the changes in the market and retain a competitive edge. This trend has been compelling banks to revisit their Business Models and strategies to sustain growth and profitability.
Such Industry/ market factors and Management's vision play a crucial role in the determination of the Bank's organic and inorganic growth strategies, that in-turn necessitate changes to the business model and the systems supporting the same.
Think Globally -Need for Centralization or Consolidation of functions /processes
Banks need to think and act globally to remain competitive: They need to lower cost and improve performance by business consolidation, realize economies of scale, establish shared service center etc
What is Accounting Center of Excellence (ACE)?
Centralizing and consolidating accounting functions like invoicing, collections, period close at a central place on behalf of global entities within a banking organization is Accounting center of excellence. It is different from Shared Service center in the sense that it would be a cost center which would drive the common accounting and finance activities for all the entities within an organization
Objectives of ACE
a) Meet diverse accounting and functional requirements from a global center
b) Simplify financial operations
c) Streamline Financial close processes
d) Lower the cost of accounting and finance functions
e) Streamline MIS and reporting
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Emerging trends in ERP for Banking Industry - Establish an Accounting Centre of Excellence with Oracle R12
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