Close process reduced by 50% at Packaging Manufacturer with Oracle EPM Cloud Financial Consolidations & Close

Business Challenges

  • Unable to Scale– The organization recently acquired another firm, adding yet another disparate and manual system to the global consolidation process
  • Global Presence– The various Excel models were processing 25 currency conversions with reporting in Euro and USD, contributing to a 13 business day close process
  • Future State Goals– Aiming to leverage a global system to facilitate the Initial Public Offering (IPO) filing in early FY19

Solution

  • Unable to Scale– The organization recently acquired another firm, adding yet another disparate and manual system to the global consolidation process
  • Global Presence– The various Excel models were processing 25 currency conversions with reporting in Euro and USD, contributing to a 13 business day close process
  • Future State Goals– Aiming to leverage a global system to facilitate the Initial Public Offering (IPO) filing in early FY19

Impact

  • 50% Reduction in Processing Time – Streamlined consolidation & reporting to reduce the close process to 7 business days
  • Compliance Reporting – Implementation of a SOX compliant application for all IPO / SEC reporting with accountability
  • Scalability – Cloud solution prepared for additional future acquisitions with accurate reporting processes