Move to cloud helps manufacturer consolidate financials and improve planning

Business Challenges

  • Long Monthly Close – Process took far too long due to absence of data integration and inefficiency of existing reporting tools
  • Significant Manual Steps – Excel-based process to conduct consolidation, foreign currency translation, intercompany eliminations, bank reporting, and cash flow slowed down end-to-end cycle and also introduced potential for reconciliation issues

Solution

  • Standardized Process – Leveraged pre-built forms and system calculations to establish a standard process for entering override amounts, translation rates, and journal entries
  • Efficient Core Functionalities – Generated budgeting and forecasting capabilities focused on P&L and balance sheet
  • Flexible Reporting – Delivered standard financial statement reporting via web studio and dynamic ad hoc reporting via Smart View
  • Automated and Integrated System – Built integration and automation to streamline end-to-end data load process

Impact

  • Centralized Data – All consolidation data exists in one system
  • Scalability – Provided foundation for future growth through the ability to accurately and consistently report and analyze financials
  • Seamless Integration – Leveraged a true integrated cloud-based approach to deliver efficiency gains and other benefits