picture20Challenge

  • Improve the efficiency of the financial consolidation by automating intercompany reconciliations and eliminations, automating offline adjustments made to financial statements, and  accommodating system-driven multi-currency translations
  • Provide a robust, single source for financial consolidation, with greater data transparency
  • Streamline the reporting process by producing audit-ready financial statements, and automating SEC and management reporting
  • Reduce consolidation, close, and reporting timelines and shift more time to value-added activities and analysis

Solution

  • Global implementation of a consolidation application, with one uniform consolidation process
  • Single chart of accounts, including logic
  • picture21Brand, Channel, Geography and Legal-level reporting detail
  • IFRS to US GAAP Conversion
  • Multi-currency analytics
  • Implemented FDM to load source data and to provide drill back to source system
  • Create a scalable solution to accommodate future acquisitions, divestitures, and evolving business needs
  • Hyperion Reports used to produce consistent consolidated financial report packages while allowing Smart View end-user access for ad-hoc analysis

The solution has been running in production since 2010

Benefits

  • Significantly reduced manual effort and amount of time spent closing the books
  • Greater level of detail provided for alternate management reporting views, allowing for detailed global views of the business
  • Increased time spent analyzing data, rather than gathering/reconciling
  • Facilitated the elimination of intercompany transactions
  • Increased transparency into currency analytics
  • Increased internal controls

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