Managing GAAP, Statutory, and Management Consolidations
by Migrating from Enterprise to the Oracle Hyperion Close Suite
- 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
- 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.
- 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)