Challenge

  • The current process was manual, involving partial processing of the consolidation through the PeopleSoft GL, followed by manual adjustments and report creation through Microsoft Excel
  • Lack of scalability (limited bandwidth to address new requirements and requests)
  • Manual cash flow preparation, requiring 3-5 days of preparation
  • Excessive time spent managing the process resulting in the Inefficient utilization of resources
  • Limited analytics and management reporting capabilities
  • Reporting and audit management is Excel based with no central repository for information once it is adjusted

Solution

  • Deploy a single global HFM application as a replacement to the current PeopleSoft/manual consolidation solution
  • Integrated, scalable solution automating the manual processes and supporting analytics and management reporting needs
  • Auditable system meeting compliance requirements and facilitating the creation of compliance based reporting (SOX, IFRS)
  • Automated eliminations/adjustments and multi-currency translation
  • Automated data integration from multiple source systems via FDMEE running against a SQL data storage repository that collected data from multiple GL sources

The solution has been running in production since 2014

Benefits

  • Consolidation, translation, and intercompany eliminations performed “out of the box”
  • Utilize finance resources more efficiently and effectively by reducing manual data processing time and focusing resource time on analytics
  • Increased controls and audit capabilities
  • Centralized reporting repository providing reporting across the organization
  • Visibility into adjustments and eliminations
  • Automated cash flow reporting via Business Rules
  • Plug and play data integration via FDMEE/SQL solution

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