Use of cloud shortens close cycle and provides detailed financial reporting for global leader in precision data and recording company

Business Challenges

  • Manually Intensive Process – Heavy reliance on manual processes and Excel to perform consolidations and other close activities, such as foreign currency translation, intercompany eliminations, and cash flow
  • Lengthy Monthly Close – Lack of data integration and reporting tools extended the monthly close process

Solution

  • Enhanced Data and Reporting Capabilities – Supported generation of balance sheet, income statement, cash flow, product P&L and expense analytics
  • Streamlined Close Process – Decreased dependency on end-users to complete manual process steps
  • Integrated System – Built system integration to help support accurate and repeatable financial processes
  • Increased Visibility – Created process to enable cash flow by entity in local currency on a monthly basis

Impact

  • In-Depth Reporting – Granularity of monthly detail now available, providing the business more valuable insights
  • Shorter Close Cycle – Faster and more detailed month end reporting process
  • Established a Foundation for Future Growth – Provided the ability to accurately and consistently report and analyze financials with a scalable architecture and solution