World Wide reporting of operational data
Eight hours printing Financial reports were reduced using CornerStar Finance.
Problem: The client was a long time user of MFG/PRO manufacturing and purchasing modules. Oracle was also used for financials and order entry. Complex interfaces were maintained between MFG/PRO and Oracle. A decision was made to transition entirely to MFG/PRO and upgrade to version nine. The problem was this structure did not fully support multiple legal entities with different functional currencies—within a single database. Our client would need more than nine databases all with much of the same master file information. Clearly, a solution was needed.
Solution: CornerStar consultants went to work. The CornerStar Financial Mart calculates and stores a complete set of financial statements in both US dollars and the local currency of each international entity. Users have the ability to see Parent (US), Local Entity, AND consolidated figures on a daily basis. Local Entity users who do not have direct access to the consolidated figures can still monitor their impact on Parent (US) targets. CornerStar consultants also created the required FAS52 currency revaluation and translation routines that run each month end.
Outcome: Our client avoided needing to create, maintain and synchronize reports across multiple databases and master file contents (i.e. product, customer, chart of accounts info, etc.) within their ERP systems. This cost-effective solution also resulted in:
- Ability to make better strategic decisions such as currency hedging
- Easy access to Worldwide reporting of operational data
- Easy access to Worldwide views of service and installed base
- Ability to make better managerial decisions
- Reporting assistance in reconciling sub-ledgers and discovering sub-module data entry errors
- Improved financial reporting
- Improvement on speed of reporting delivery
- Increases in productivity
- Freeing of analyst and programming manpower