Business Challenges
- Lack of Integration in Tracking Tools – The finance team tracked all portfolio transactions through QuickBooks, while all fixed assets were tracked in Excel
- Cumbersome Reporting – Difficult to generate Financial and Management Reports due to reporting limitations across the Chart of Accounts and various desired management views of the portfolio
- Scalability – Existing systems could not meet new requirements of company going public
Solution
- Oracle ERP Cloud – Implemented general ledger, accounts payable, accounts receivable, fixed assets, and cash management modules
- BreakawayTM Methodology – Leveraged Peloton’s collaborative implementation methodology to ensure rapid learning and adoption throughout the implementation process
- Peloton Managed Services – Client now leverages Peloton’s support program to augment its own small accounting team
Impact
- Streamlined Customer Billing – Automation of emailing invoices to customers significantly reduced the time previously taken to create and send individual emails
- Single Ledger and COA – Approximately 60 instances of QuickBooks were replaced with a centralized chart of accounts and single ledger
- Automatic Depreciation – Fixed assets that were kept in an Excel spreadsheet are now in the cloud with depreciation running automatically each month
- Security and Controls – Streamlined approval and review process for invoicing and payments
