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KURE FOR ACCOUNTING OPTIMIZATION:
Reduce Time and Errors in Fund Transfers

Here’s how Kure guides teams to optimize processes. In this example, a Process Optimization Team uses Kure to reduce the time to transfer funds within the same cost center resulting in:

Improved audit compliance
Improved productivity
Increased employee satisfaction

78% Improvement in QA Review Time

Step 1: What’s My Opportunity?

Clarify what optimizing the process will accomplish

A recent audit review mandated the need to improve the quality assurance (QA) review for funds transfer processes in the same cost center.

The daily review process was taking an excessive amount of time and missing errors. A team was formed to improve the review process and audit compliance.

Kure set the project up for success by clarifying their problem and goal, then automatically created their Project Charter, Plan, and Timeline.

The current QA review time was 64.7 minutes per review with an average of 4.3 errors. The goal was to reduce the QA review time to 30 min or less and no more than 1.0 errors per review.

“The current QA review time was 64.7 minutes per review with an average of 4.3 errors. The goal was to reduce the QA review time to 30 min or less and no more than 1.0 errors per review.”

Step 2: What’s My Process?

Explore the steps by which the work gets done and find opportunities

The team was guided to map out their current process, explore the process flow and collect data on its performance using Kure’s As-Is Map and Data Collection Tools.

Kure enabled the team to establish the baseline performance and look for reasons for the problem. Kure’s AI, which includes Anomaly Detection, helped uncover several factors that could lead to improvement, like:

Multiple handoffs on the information between operations and client services
Wasted time spent reviewing large, complex reports looking through all transactions to find the transfers
Time spent converting text files to PDFs

Step 3: What’s Causing My Problem?

Identify one or more actionable items producing the undesired effect

Using Kure’s Fishbone Diagram and 5 Whys, the team identified several root causes of the long review process and errors:

Unnecessary handoffs between departments and the disorganization of the reports used in the handoffs
Complex reports with numerous unnecessary line items that caused time-consuming manual searching and errors
Manual processing of reports to identify transfers

Step 4: What’s My Solution?

Implement specific solutions to make the problem go away

Focusing on the root causes, the team generated, evaluated and implemented the best solutions using Kure’s Solution Selection Matrix which helped them visualize their options.

Focus review only on the same cost center transfers
Create an Excel macro-driven reports showing only the same cost center transfers with all the information needed for the review
Standardized and trained staff in the transfer process and the QA review process

After implementing these solutions, the QA review time was reduced from 64.7 to 14.5 minutes (78% improvement) and the errors were reduced from 4.3 to 0.32 errors per review (93% improvement), exceeding the goals.

Kure automatically generates this documentation alongside a Project Summary so the project team could easily communicate and celebrate their success — helping them efficiently transfer and scale their success throughout other operations.

“After implementing these solutions, the QA review time was reduced from 64.7 to 14.5 minutes (78% improvement) and the errors were reduced from 4.3 to 0.32 errors per review (93% improvement), exceeding the goals.”