Business Challenges
- Manually Intensive Process – Close and consolidation processes were heavily dependent on multiple Excel workbooks
- Lack of Transparency – Limited visibility into base level entity financials
- Disconnected Systems – Consolidations and reporting systems lacked proper integration
Solution
- Implemented Integrated Solution – Used Oracle Financial Consolidation and Close Cloud (FCCS) to streamline reporting
- Enhanced Capabilities – Built system integration to help support accurate and repeatable financial processes
- Standardized Process – Automated intercompany eliminations and cash flow reporting
- Streamlined Reporting – Consolidated reporting for balance sheet, income statement, and cash flow
- Integrated System – Mapped actuals data with data forms built for adjustments
Impact
- Centralized Data – “One version of the truth” reporting by standardizing mappings throughout the company
- Scalability – Established a foundation for future growth and scalability by providing the ability to accurately and consistently report and analyze financials
- Increased Efficiency – Faster and more accurate consolidations and reporting processes
