- Industry
Multiple Business
- Revenue
$ Multi Million/Year
- Employees
1200+
- Project Footprint
Oracle Financials Cloud implementation
"United Green, a company which has its footprints across Renewable energy, Asset Management, Coffee, Commodities Trading to Venture Capital, was facing problems in capturing multi-currency transactions, intercompany transaction, generating balance sheet. There were many challenges related to cost and revenue budget system and securities or access controls. Birlasoft implemented Oracle Financials Cloud which helped United Green in standardizing and streamlining financial processes across all countries while bringing the required agility."
United Green is into diversified businesses ranging from Renewable energy, Asset Management, Coffee, Commodities Trading to Venture Capital. They have around 60 companies under the group with presence in Europe, Middle East & Far East. The company works with more than 250 suppliers, 300+ customers and 100+ bank accounts.
As United Green is spread across the globe at various locations, capturing multi-currency transactions was a big challenge. The other challenges faced by the company were:
- Posting the data and transactions for all entities in one data base as most of the company had their own transactional system to capture their day to day transactions and send their financial results in spreadsheets to the head office for consolidation
- To follow the legal and ownership relation in Line of Business (LOB) Entities
- To prepare consolidated report in different ways for different purposes as per Management requirement.
- Monitoring and maintaining inter company in proper manner
- Having reports in different currencies as based currencies are different in LOBs
- To allocate the finance sources and charge related expenses to different entities
United Green approached us to help them overcome the pain areas. After a thorough assessment of the United Green's disparate business processes across its various operations, Birlasoft recommended Oracle Financials Cloud implementation.
Using this solution, Birlasoft provided a platform that increased productivity and information access with native, real-time intelligence.
This also helped in effective reconciliation between General Ledger and Sub ledgers. A number of Birlasoft's proprietary tools were used to create effective intra company rules to cater cross entities transactions.
Birlasoft's perfect blend of in-depth industry expertise and technology knowledge helped United Green overcome their challenges and steer towards an integrated financial management solution. The benefits realized are:
- Successfully created new enhanced Chart of Account (COA) structure, accounts, hierarchies and effective intra company rules to cater cross entities transactions
- Reporting currency ledgers to allow real time trial in multiple currencies
- Effective reconciliation between General Ledger and Sub ledgers (Bank, Suppliers, Customers etc.)
- Multiple Assets Books to facilitate management depreciation analysis on assets with different rates
- Easy to import trail from offline/legacy system to incorporate in company/group trial for company's balance sheet and profit loss statements
- Effective and flexible reporting with the help of Financial Reporting Studio & OTBI
- The optimized architecture led to reduction in the time frame by 60% while eliminating the human error factor leading to improved precision