Challenge
- 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
Brand, 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