Challenge
- As an Master Limited Partnership (MLP), the company receives tax breaks when meeting a Qualified Income threshold (~90%)
- To provide the required quarterly Qualified Income reporting, multiple spreadsheets created by multiple users were sent to one user, who combined information from these spreadsheets into one spreadsheet
- Methodology caused a delay in reporting, a lack of continuity, and little visibility into the current process
- Only a few resources understand how the final numbers presented in the QI report are sourced
Solution
- Data is pulled from source systems (PeopleSoft) into FDMEE using direct integration
- Pre-defined maps are applied to define what transactions fall under the Qualified Income bucket
- Data meeting the criteria is loaded to Essbase
- Qualified Income reports are generated against Essbase
- Results are cross footed to external financials
The solution has been running in production since 2016
Benefits
- Streamlined Qualified Income reporting by automating the data extraction, mapping, and data loading processes
- Data within Essbase is more granular than SEC reporting, and FDMEE provides additional drill-back to the source data for more detailed information when necessary
- Ease of audit as output is validated against external reporting
- Users do not have to prepare additional manual reports and now have visibility to Qualified Income across current and historic periods