Accenture (ACN) is helping AXA, one of the world's leading insurers, streamline its finance function across its European operations.
The program has been implemented in France, Italy, Ireland, Portugal, Spain and the UK, and is expected to be implemented in Germany and Switzerland by early 2013 and in Belgium by early 2014.
Under the multi-year technology and management consulting agreement, which began in 2009, Accenture is helping AXA develop and implement a common finance and reporting information technology (IT) system based on SAP solutions. Accenture is also providing management consulting services that help AXA design and implement centralized finance and accounting (F&A) processes, including accounts payable, accounts receivable, month-end close and balance sheet reconciliations.
"This program is helping us increase consistency in our accounting principles, optimize costs and allows our finance teams to focus on analyzing information rather than on gathering and reconciling data," said Virginie Babinet, AXA Finance and Procurement solutions managing Director within AXA Group Solutions. "Accenture's insurance industry knowledge and expertise in finance operations, combined with its in-depth understanding of SAP solutions and track record of large systems integration projects, make it the best business partner for this project."
"Our research has found that 70 percent of companies with high-performing finance organizations exceed their peers in overall business performance," said Eric Veron, managing director for Accenture's Insurance practice in France. "By transforming its finance function, AXA is not only satisfying essential compliance and cost control needs, but helping move this function to the forefront of the business, where it can help drive high performance across the organization."
"Finance functions are facing significant challenges from multiple directions," says Steve Culp, managing director, Accenture Finance & Risk Services. "Continued market and economic volatility, waves of new regulatory requirements and demands from businesses to turn ever-increasing volumes of data into insightful information are driving the finance function to once again raise their game."