Managing GAAP, Statutory, and Management Consolidations
by Migrating from Enterprise to the Oracle Hyperion Close Suite
Challenge
- Hyperion Enterprise legacy system was inflexible, lacking dynamic dimensionality/reporting capabilities
Lack of alignment with Chart of Accounts usage, ancillary dimensionality (Responsibility Center, Office, Location, Project Codes), as well as consolidation and reporting processes- Local offices consolidating inside of the Oracle GL system, as well as maintaining external spreadsheets; journal entries were entered manually in both Oracle and Enterprise
- Enterprise translation differences did not balance as inconsistencies existed with exchange rates
- Local offices had no access to the consolidation system and lacked detailed reporting capabilities
- Inefficient processes resulted in excessive spreadsheet usage, misuse of time and lack of visibility
- Lacking bridge between statutory, US GAAP and internal management reporting
Solution
- Focused on the development of core dimensionality, mainly the Chart of Accounts, Responsibility Center, Reporting Unit, Location, and Tracking (bridge between Statutory, US GAAP, and Mgmt reporting)
- Utilized FDMEE/ODI to drill back from the consolidation solution into the source systems
Business rules facilitated the automation of cash flow, KPI reporting, allocations, intercompany eliminations, equity accounting, journal entries, and the Planning data in HFM.- The Reporting solution encompassed a self-service component and direct delivery (publication)
- Process Management to assist with close process and the data submission and approval process.
Benefits
- Scalable, dynamic solution provides more granular levels of data efficiently, requiring less time gathering data and reconciling, and allowing more time for business analysis
- Increased dimensionality, standardized self-service reporting, and ad-hoc analysis capabilities
- Deployment provides a common platform for Corporate Accounting, Tax, Treasury and local office analysis / reporting from a single, consistent source of information
- Automation of journal entries with no manual intervention and are pushed back down to Oracle.
- Enablement of Process Management allowed for the de-centralization of the data integration process, with the local offices submitting their data (reset accountability)