Dow Chemical Discovers Formula for Accelerated Financial Close, Enhanced Controls and Automation
With hundreds of legal entities worldwide, The Dow Chemical Company manages roughly 250,000 account reconciliations each quarter. Five years ago, two situations conspired to put additional pressure on the existing reconciliation processes.
- First, Dow acquired specialty chemical manufacturer Rohm and Haas, resulting in a sizable increase in the number of account reconciliations to be processed;
- Second, the integration of this and other acquisitions occurred in parallel with a major ERP migration, putting additional strain on accounting resources.
As a result, the company was challenged to hit deadlines while following a manual reconciliation procedure.
Learn how Dow Chemical introduced automation with no process changes required – and what it learned from piloting the new solution first.
The attached case study details what drove the company, including its:
Goals: Improve financial close and other key accounting processes to divert necessary resources to more value-added projects; and lessen reliance on error-prone manual processes
Outcomes: Significant savings in time and resources ; auto-certification of more than 50% of key accounts and 60% of overall accounts; and standardization of account reconciliations with a 24/7 centralized database view of account status.
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