Shift to cloud significantly reduces financial close cycle time at mid-size Oil & Natural Gas company
Business Challenges
- Mapping and User Errors – Excel-based mapping and consolidation model prone to mapping and user errors
- Manual Adjustments and Auditability – Inability to perform intercompany eliminations, which required manual adjustments on consolidated reports; unable to secure or audit financial data
- Limited Analysis Due to Time Constraints – Business spent time gathering and processing reports and had little time to analyze and provide insights into business trends
Solution
- Implemented Integrated Solution - Used Oracle Financial Consolidation and Close Cloud (FCCS) to optimize consolidation process
- Data Integrity – Secured data across management and legal entities and created solution to differentiate data based on load mechanism: source, journals, or manual adjustments
- Streamlined Reporting – Delivered standard financial statement reporting via web studio and dynamic ad hoc reporting via Smart View that were integrated to Workiva for financial commentary
- Automated System – Automated direct monthly feeds to load actuals from ledger using Data Management
Impact
- Increased Efficiency – Streamlined monthly, quarterly, and annual financial reporting process giving business more time to analyze data
- Scalability – Laid a foundation for future growth through the ability to accurately and consistently report and analyze financials
- Data Management – Provided centralized consolidated data in a single system along with sound security and auditability to ensure data accuracy
