After a number of international acquisitions, our client in the financial business had multiple general ledger platforms, as well as home-grown software from their start-up days for calculating daily accruals on earnings and risk exposure. Both of these were creating serious financial reporting headaches. On top of this, their financial reporting and data analytics were based on complex spreadsheets, making even simple-in-theory tasks cumbersome. They realized it was time to consolidate these operations into one high-performing program and engaged us for program implementation and management.
Getting the project underway we took several steps:
- First, we divided their financial reporting program into multiple work streams for accurate and efficient data integration, rules, posting, reporting, reconciliation, and transition.
- Since the client needed financial management help going forward, we assisted with locating and engaging talent that could create actionable requirements for Oracle specialists.
Transitioning several stand-alone systems into one Oracle General Ledger system – Oracle FAH (Financials Accounting Hub) – was a two year effort, one we were happy to oversee as project manager of this multi-million dollar project. The results have been exactly what our client had in mind:
- Migration of an insurance product for their Australian entities and re-insurance products for their Zurich entity.
- Creation of a table-driven general ledger, reporting, and reconciliation tool that finance could use without having to call on IT personnel for help.
Today the company’s financial record keeping is streamlined and succinct, making recording transactions relating to assets, liabilities, owners’ equity, revenue, and expenses much simpler.