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Optimizing the Close Process with a Source-to-Report View of Financial Data

Optimizing the Close Process with a Source-to-Report View of Financial Data. David Watson Concentric Solutions . Agenda. 1. Introduction. 2. Enterprise Performance Management. 3. The Road to Fast Close Reporting. 4. Client Perspectives. 5.

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Optimizing the Close Process with a Source-to-Report View of Financial Data

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  1. Optimizing the Close Process with a Source-to-Report View of Financial Data

    David WatsonConcentric Solutions
  2. Agenda 1 Introduction 2 Enterprise Performance Management 3 The Road to Fast Close Reporting 4 Client Perspectives 5 Creating a Source-to-Report View of Financial Data
  3. About Concentric company profile Enterprise Performance Management (EPM) consultancy formed in 2005 with offices in the UK and Germany Experts in Financial Close solutions, Budgeting, Planning & Forecasting solutions and Executive Dashboard applications Qualified accountants, certified IT professionals, Oracle Hyperion Specialized consultants Recognised by our customers UK Oracle User Group Silver Hyperion Partner of the Year 2011-12 UK Oracle User Group Gold Hyperion Partner of the Year 2010-11 UK Oracle User Group Gold Hyperion Partner of the Year 2009-10

  4. Enterprise Performance Management

  5. The EPM Vision SetGoals Model Report InsightPerformanceAction Analyze Plan Monitor Integrated management processes Operational decisions are linked to strategic goals Consistent, reliable insights that drive action A lower cost of reporting and reduced system complexity A single version of the truth
  6. The Challenge of Corporate Reporting Fast close vs data quality Fragmented reporting supply chains Autonomy vs accountability Decentralisedvs single stream Audit controls vs flexibility to keep pace with change Too many spreadsheets…. Accounting irregularities havebrought financial reporting into the spotlight
  7. The Challenge of Corporate Reporting Compliance-driven approach to external reporting Focus on financial measures to the detriment of non-financial reporting Increasing pressure of timely reporting to investors and markets Governance more important than transparency? Finance overwhelmed by factors not aligned with the reporting risks Source: PwC Competitive Edge Survey 2011
  8. The Challenge of Corporate Reporting World Class 6 Days <2 Days More time! Collect Close Adjustment Report Analyze and Forecast 6 Days 12 Days Average Adjustments Currency I/C Subsidiaries Report Management Legal External Analyze Collect data Close Source: Hackett Group Benchmarking-Solutions Book of Numbers

  9. The Road to Fast Close Reporting

  10. Optimizing the Financial Close Process Deliver self service financial reporting to the organization Gather and validate complete data sets to support all financial reporting needs Close sub ledgers into GL (AR, AP, FA, etc.) Automate and deliver external & statutory filings Automate consolidated financial reports leveraging multiple hierarchies and calculations Create external reports with disclosures and financial data Perform Reconciliations and Post Accruals
  11. Optimizing the Financial Close Process Best Practices Get it right first time! Apply a corporate close calendar for feeder systems to G/Ls. Automate allocations and accruals in the G/L. Standardise reporting formats for reliable data and faster review. Central Financeefficiency Perform intercompany reconciliations ahead of month end. Use phased submissions to act on availability of site data. Create automated ledger integrations for fast load of financial data. Intelligent review Design hard and soft validations to facilitate one-touch reviews. Streamline the approval process – focus on what matters. Use process controls to minimize post-close entries. Consolidation & Reporting Automate top-side adjustments and equity eliminations. Build consolidation hierarchies that match cycle requirements. Use exception reporting with drill through analytics. Integrate financial and management reports as production packages.

  12. Client Perspectives

  13. Merlin Entertainments GroupA client perspective Bruce Moyes, Merlin Entertainments Group
  14. Client Success: CorusDeployment of HFM reduces close by 2 weeks £12 Billiont/o service and steel manufacturing company Tata acquisition of Corus imposed fast close challenge Concentric business process review ensured project focus on key drivers for change Global deployment in 8 months Single stream, centrally architected solution cuts 2 weeks from closing cycle 4000 spreadsheet reports replaced with 300 HFM reports “The new Group Reporting System successfully merges multiple reporting models across the group, improving the efficiency of our consolidations. We have reduced our monthly closing cycle by around 2 weeks and save 30+ man days of time at head office.” Group Financial Controller Tata Steel Europe

  15. Creating a Source-to-Report View of Financial Data

  16. Hyperion Financial Data Quality Management GUIDED WORKFLOW USER INTERFACE SOURCE SYSTEMS BPM Adapters DATA PREPARATION SERVER EPM SYSTEMS Data cleansing and transformation Task scheduling Text and document archive Audit review Data staging Excel G/L ERP, EBS, JDE Flat files ETL repositories Prepackaged integration Data loading including supplemental data, line item detail Dimensional mapping verification Process management Hyperion Financial Management Hyperion Planning Hyperion Essbase Hyperion Enterprise Data Marts
  17. Data Integration with Hyperion FDM Source data files & Import Format Load Any Source Data file Load Any data direct from data base Load data from EBS, JDE, PeopleSoft, Other DB’s Source to Target Maps & Validation Map source dimensions to target Validation Check Report Show post-load and calculated results from target Target System Results Show load results in target
  18. Data Integration with Hyperion FDM Data is exported to HFM with a post-Export Validation Report as proof Data load results displayed in EPM Workspace after load Validation of source to target accounts takes place and missing maps are flagged Multiple Entities imported in a single phase, with scaling applied as data is read from source Load data from file or direct from data base
  19. Import Results Import results are displayed on the Import Screen after the user clicks the Import button. FDM allows drill-back to source files at any time, now or in the future, offering a complete audit trail. If data is sourced from a DB, the drill-back will display the query used to retrieve the source data All files are archived on the FDM server which also allows attachments to data loads.
  20. Source to Target Maps & Validation FDM allows for online map changes and warns the user if any maps are invalid/duplicated. Once the data is mapped it will be validated and ready to load to the target application.
  21. Validation Check Report Checks Target application after data load and returns post-load and calculation results for all entities within current data load. Allows for system to prompt user for more data, and can be fully customised to include any account.
  22. Target Application results & Drill-back FDM loads all data in data load file/DB table to Target application, in this case HFM. Target adapters exist for HFM, Planning, Essbase, HSF, Enterprise, Custom Systems Drill-back is available for the Workspace, Financial Reports and SmartView for Excel
  23. GAAP IFRS Compliance Rules Engine Data Import/Validation Meta Data Repository Security Documents attachments Cell text Interoperability Logs Hyperion Financial Management Client Browser/Windows/Smart View Data Entry & Consolidation MS Office Integration Formatted Reports Dashboards Server Fail-Over and Load Balancing Currency Translation & Eliminations Journals Role-Based Security Inter-Company Processing ProcessManagement Line ItemManagement Custom & Predefined Dimensionality Audit Tracking Data
  24. Hyperion Financial Management
  25. Hyperion Financial Management
  26. Hyperion Financial Management
  27. Hyperion Financial Management
  28. Hyperion Financial Management
  29. Hyperion Financial Management
  30. Hyperion Financial Management
  31. Hyperion Financial Management
  32. Dashboards on an iPad
  33. Dashboards on an iPad
  34. Dashboards on an iPad
  35. ? ? ? Questions?
  36. Contacts UK & Ireland 99 Gray’s Inn Road 20-23 Woodside Place London GlasgowWC1X 8TY G3 7QFt: +44 (0)203 411 0140 t: +44(0)141 582 1397w: www.concentricsolutions.com Germany & Austria City-OfficeZenettistrasse 2D-80337 MunichGermanyt: +49 (0)89 72 99 77 74

  37. Thank you

    David Watsondwatson@concentricsolutions.com
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