FlexiGroup processes month-end closing 50% faster with Oracle ERP Cloud
FlexiGroup halves month-end closing time, gains greater insight into individual entity performance, and supports better strategic decisions
FlexiGroup Ltd. is a diversified financial services group company. It provides a range of finance products and payment solutions, such as interest free credit cards, no-interest-ever-payment plans, and leasing solutions, to consumers and businesses through an extensive network of retail and business partners.
Over the past 10 years, FlexiGroup has expanded its business from a single product to various product lines through acquisition and product innovation. However, the legacy financial system reached its maximum capacity and limited the company’s ability to produce timely financial reports and integrate new businesses into the group. FlexiGroup needed to modernize its financial management platform and support future growth.
“By consolidating six general ledger systems into Oracle Financials Cloud, we simplified the consolidation process for over 60 legal entities and halved our month-end closing time. The integrated platform also provides timely and accurate business data, supporting better strategic decisions.”
Business challenges
- Enable executives to make faster and relevant decisions by automating a complex financial consolidation process for more than 60 legal entities whilst ensuring data accuracy
- Support multi-products and multi-companies’ growth strategies, such as payment and leasing solutions, by gaining ability to easily add a new entity to the financial management platform rather than creating a separate database each time
- Improve the efficiency to process large volumes of financial transactions, such as paying more than 700 invoices daily to merchant and retail partners
- Create timely financial reports and meet the tight deadlines for regulatory reporting requirements by minimizing downtime and avoiding the risk of owning an unsupported system
Unlike other vendors, Oracle Financials Cloud clearly demonstrated its proven capability during the pilot. That’s the credibility and integrity part that we liked because what Oracle says in the presentation actually matches what they have in the software.
Results
- Halved month-end closing time—just four days instead of eight days—and met the reporting timelines by consolidating six general ledger systems into Oracle Financials Cloud and providing a single view of the close status of ledgers and subledgers for all entities
- Completed accounts payable transactions 40% faster by reducing errors for manual invoice entry via more streamlined and automatic invoice payment processing
- Supported business growth by using a flexible and scalable Oracle Financials Cloud Service and enabling the company to easily integrate third-party accounting systems for acquired entities instead of spending weeks to create a new database
- Enhanced strategic decisions, such as allocating capital across business units, by gaining real-time access to live financial data and enabling executives to make more informed and timely decisions
- Improved process efficiency by quickly generating financial reports for intercompany transactions across 60 entities with powerful dashboard capability
- Gained greater financial data control and improved risk management by enabling users to quickly monitor anomalies in account balances and drill back to the originating transaction to investigate the issues, thanks to Oracle Financials Cloud account monitor feature and dashboard alert
- Enabled finance staff to focus on value-added tasks by automating the end-to-end financial management processes rather than spending time on routine transactions or verifying the accuracy of numbers
- Ensured high availability and simplified maintenance work by migrating to the Oracle Cloud and gaining constant updates for the latest software version and Oracle expertise to manage the system