Enabling a fast cloud migration for finance with Oracle FCCS

The client is a global designer, manufacturer and distributor of flooring products. Originally founded in 1895 in the UK, the Group now has operations in the UK, Europe and Australia, employing approximately 2,600 people across more than 20 sites.

Our client’s consolidation and statutory reporting process was managed using spreadsheets and manual entries. The rapid growth of the company meant that this had become too cumbersome and no longer fit for purpose.

Rapid growth in business had significantly increased the scale and complexity of group reporting, which included accounting, multicurrency and IFRS requirements. Growth through acquisition had also resulted in minimal IT integration and the subsidiaries were operating their own underlying systems. These ranged from standalone accounts packages to fully fledged ERP systems.

Group reporting, in terms of both monthly management accounts and half and full year statutory reporting, was being done using spreadsheets. These were completed by the subsidiaries, submitted to the Group and then consolidated further in spreadsheets.

Some of the subsidiaries also completed sub consolidations for their own local ‘sub group’ which was then added into the higher level consolidation at Group. When Oracle’s Financial Close and Consolidation Cloud was selected as the best-fit solution for our client, it was expected that the Group will have visibility of these sub consolidations which will assist the audit trail from local statutory accounts.

As well as the primary financial statements (Income statement, Balance sheet, cash flow and SOCI) sufficient data is now collected through this process to enable Group to complete all required statutory disclosures. The solution produces the Group consolidated cash flow and subsidiary cashflows as required.

“We engaged with Concentric to help us implement a new cloud-based consolidation and reporting platform, FCCS, which was first released by Oracle in 2017. Furthermore, we set the task of having this fully implemented in a very short period of time and with limited company resource. Despite these challenges the project was successfully completed within our timeframe. We are delighted with the Concentric team, who demonstrated a very high level of technical expertise, commitment and flexibility to help us achieve our objectives.” – Financial Controller