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

  • 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