Business Challenges
- Rigid Structure – The organization recently acquired another company, adding disparate systems to what was a centralized platform for general ledger accounting and consolidation.
- Foreign Complexity – Introducing foreign companies into a US company generated challenges with respect to statutory to US GAAP reporting and consolidations.
- Unsupported Platforms – A significant portion of the company prepared internal and external reporting on Hyperion Enterprise.
Solution
- One Technology – Oracle EPM’s Cloud Financial Consolidation and Close process provided a scalable platform that supports the individual business units and corporate teams for a global close.
- Streamlining – Automation, controls, and a global chart of accounts reduced risk on a global scale while positioning the organization for future growth and business transformations.
- Visibility – Improved reporting and analytic capabilities of the information enabled better management of the business and informed decision making.
Impact
- More efficient, robust and transparent Financials – The company increased the granularity of financial, reduced data collection efforts while provision more transparency in the process.
- Compliance Reporting – Implementation of a SOX compliant application for all IPO / SEC reporting with accountability.
- Scalability – Cloud solution prepared for additional future acquisitions with accurate reporting processes.
