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Making complex consolidation simple

Customer Pain-points

Our Client is a conglomerate listed company in Hong Kong, they have over 500 subsidiaries operating across the Asia Pacific. It took the Client more than 45 days to complete their quarterly financial close for external reporting and even more lengthy year-end reporting. High cost in financial reporting process, mainly reply on tedious and error-prone manual work to consolidate the financial data from all the subsidiaries. The subsidiaries are distributed across Asia and operate in different industries, thus they have varying reporting definitions and accounting treatments. The challenges they face are:

  • Errors in financial data collection

  • Multiple reporting standards in different countries

  • Inconsistent account structure due to data from multiple source systems

  • Changing regulatory disclosure requirements

  • Rising audit fees

  • Lengthy close cycle

 


Solution
Financial Consolidation Solution: To improve the overall efficiency in preparing their financial reporting, the Client deployed an EPM solution which can drastically reduce the financial closing time, improve the data quality and automate the financial consolidation process with minimum human interaction. The project was specifically targeted to achieve:
• Standardization in the consolidation process across all subsidiaries
• Automation – eliminate all manual Excel calculation and data collection
• Traceability – the entire financial consolidation process is traceable, from data integration from ERP, to calculation, to multiple GAAP reporting adjustment and reporting at multi-level, multi-business segments and muti-dimensions.
• Distributed Process Management – to enable subsidiaries to take care of their own data quality and submission to improve data accuracy and control.
• Ease-of-use – Self-reporting capability to empower users to produce timely management reports.
Achieved Results

The Client achieved their objectives through the implementation of Oracle Hyperion Financial Management solution:

  • Shorten the quarterly closing cycle from 45 days to 7 days

  • Reduce year-end reporting time by 50%

  • HKD 2 million annual savings

  • Standardized reporting chart of accounts

  • Improved productivity of finance staff

  • Accurate financial data and audit trail


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