Challenge

  • picture9US 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

  • picture10Global 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

  • picture11Significantly 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

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