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Global Financial Close with InfoMoksha Power Close Presenter

Global Financial Close with InfoMoksha Power Close Presenter Jennifer Thich, Corporate Accounting Manager, Specialized Bicycle Components, Inc. Company Background. Manufactures and sell Bicycles and Bicycle Components in 57 countries

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Global Financial Close with InfoMoksha Power Close Presenter

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  1. Global Financial Close with InfoMoksha PowerClose Presenter Jennifer Thich, Corporate Accounting Manager, Specialized Bicycle Components, Inc.

  2. Company Background • Manufactures and sell Bicycles and Bicycle Components in 57 countries • Subsidiaries in 19 countries managed through four International Hubs • Rapid growth and internationalization through acquisitions • Primary sales through dealers • Company also operates its own stores • Expect to continue growth pace through the next years • Implemented Oracle Applications to support operations

  3. Financial Close Background • Corporate Close Calendar published in Excel and distributed via Outlook • Critical close steps documented • Each subsidiary and region came with its own process • New staff – overloaded with new application, new processes, testing, training • Priority Focus – Meeting business needs

  4. Global Financial Close Requirements • Streamline the close process • Consistent process across all subsidiaries • Documented close steps in exact order • Ability to get ongoing status of close • Correct Oracle reports to be run and saved • Supporting documentation for activities are readily accessible • Automation of some of the tasks • Streamlined close communication • To ensure good audit trail and controls

  5. Current Financial Close Process Corporate Accounting 1.Close Calendar 2.Clarifications 1.Task Execution 2.Reports 1.Task Completion 2.Questions Reports Hard Copies Reports Soft Copies US and Subs Shared Folders ftp Site External Reporting Corporate Audit Clarifications Auditor

  6. Financial Close with PowerClose Corporate Accounting 1.Close Calendar 2.Clarifications 1.Task Execution 2.Task Completion 3.Email trail 4.Reports 5. Discussions 6. Rules 7. Search Task Execution Data & Reports Review and Validation Clarifications Auditor US and Subs

  7. What we accomplished • Sourced a solution that • Is integrated with Oracle Applications • Is more than a project management tool • Streamlined and standardized close process and activities worldwide • Able to get ongoing view of status without multiple emails and phone calls • Reduced back and forth questions and clarifications • Works also as training guide on close process for new hires • Saving on printing costs • Expect to save on audit time and costs

  8. Summary • Rapid adaptation to specific requirements • Plug and Play Oracle integration with minimal IT resources • Streamlined financial processes to support growth • Reduced costs • Sourced a scalable solution that is a platform for extension to other processes • Reviewing moving at least one other process to InfoMoksha platform

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