Challenge
US based company acquired a large international generics pharmaceuticals manufacturer- Needed to integrate and enhance consolidations and financial reporting capabilities for greater detail and visibility internally
- Needed to report on both alternate internal management and legal entity views
- Lacked global chart of accounts and uniform processes for providing consolidated financials to regulatory bodies (US/Foreign)
- Current three step Excel-based process was manually intensive
- Lack of controls surrounding close procedures and workflow
- Inadequate COA requires redesign and re-build
- Lack of analytic reporting capabilities surrounding currency analytics
Solution
Global implementation of a consolidations application, creating one uniform consolidations process for the global organization
- Single chart of accounts, including logic
- Product, Market, Division level detail
- IFRS to US GAAP Conversion
- Currency analytics
- Use of FDM to load source files from multiple locations and provide drill back capability
- Hyperion Reports used to produce consolidated financial report packages while allowing Smart View end user access for ad-hoc analysis
The solution has been running in production since 2007
Benefits
Significantly reduced manual effort and amount of time spent closing the books- Greater level of detail provided for alternate management reporting, allowing for detailed global views of the business
- Increased time spent analyzing data, rather than gathering/reconciling
- Facilitated the elimination of intercompany transactions
- Increased level of analytics (specifically around currency analysis)
- Increased internal controls