Seamless Integration into a Client’s Financial Statement and Reporting Process to Increase Efficiencies

• Client had an existing administrator handling the financial statement, SOI and footnote process, but often saw delayed deadlines and missed comments.
• Client was looking to streamline the process across 10+ funds and development of a robust process leveraging technology, resulting in fewer drafts of the financials.
• The existing administrator had mentioned a lack of resources that would allow them to meet the client’s expectations and push towards process improvement.

The Solution

• Petra scoped out a process, tested in parallel and rolled out to the client to show how Petra could meet their reporting deadlines and improve the processes.
• Petra was able to leverage the existing reporting available (trial balance, prior quarterly financials, footnotes, etc.) and add data validation reference checks and reviews.
• As the work went on over time, able to develop quality control layer to improve the existing process and recommend further enhancements.
• Petra was able to assist with the Clients technology solution to result in greater efficiencies across the quarter and year-end processes.

Key Results

• The client saw improvements within the first quarter, with a quicker timeline and less errors than any of the prior four quarters.
• Client was able to better utilize internal resources that previously had to be involved to expedite the prior fund administrators’ timeline and process.
• Overall, the client has experienced substantial operational improvements and efficiencies in the financial workflow process.