Client Case Study

Luceco

Finds financial consolidation, close and reporting efficiency with Oracle EPM Cloud

Luceco Logo 2014

Financial Transformation

  • Industry

    Manufacturing

  • Employees

    1,000+

  • HQ

    London, United Kingdom

  • Website

    www.luceco.com

  • Product & Services used

    Oracle EPM Cloud Consolidation and Close, Qubix Cloudbridge, Value 2 Cloud Methodology

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Luceco plc finds financial consolidation, close and reporting efficiency with Oracle EPM Cloud.

 

Luceco plc is a leading supplier and manufacturer of high-quality LED lighting products and wiring accessories globally. Based in the United Kingdom, Luceco has an annual sales revenue of over £165m with distribution centres in the UK, China, France, Spain, Germany, Mexico, South Africa and the UAE. However, this rapid international growth brought increased complexity, risk and cost in their financial close and reporting processes.

Prior to this engagement, Luceco’s financial consolidation, currency translations and intercompany balance processes were heavily dependent on manually intensive spreadsheet models. Similar to other Qubix clients, this led to some loss of trust and confidence in their numbers. Luceco also faced the challenges of multiple source systems and multiple chart of accounts across geographies, which made accurate and timely management and statutory reporting a challenging task. The finance team recognised its close and reporting processes was too time-intensive, which prevented them from providing the analysis and decision support value-add the business needed.

"Our consolidations process relied upon multiple spreadsheet models which was manually-intensive and time-consuming. Using Oracle EPM Cloud Consolidation, we are able to reduce the time to consolidate our numbers from 12 days to just 5 days."

Logo Icon - Luceco

Di Stewart-Walker
Financial Accountant and System Integration Manager

 

 

Luceco chose Qubix to help transform their financial consolidation, close and reporting processes. We reviewed their current finance systems landscape, identified the priority requirements and agreed on the target business outcomes. We recommended Oracle EPM Cloud Consolidation and Close (formerly FCCS) as the best solution to support their reporting needs with consolidated numbers. Based on these discussions, a project plan was designed to meet Luceco’s budget and scope. In collaboration with the Luceco finance team, our expert consulting team developed and deployed a cloud-based, modern financial close and reporting solution that integrates with Luceco’s source systems, including integrating data from the Epicor and Sage ERP platforms. Luceco adopted Qubix Cloudbridge data integration and master data management product to automate data load processes between its finance applications.

"Oracle EPM Cloud Consolidation checked all the boxes for us. We wanted a comprehensive consolidations platform that integrated cash flow, journal adjustments and intercompany eliminations. Dynamic reporting from Excel-based Smart View was also an added bonus."

Logo Icon - Luceco

Di Stewart-Walker
Financial Accountant and System Integration Manager

 

The benefits of deploying the Oracle EPM Cloud Close and Consolidation solution were transformative. A formerly 2-week long closing process now takes under 5 days, freeing up crucial time and resources for analysis and decision support. Moreover, automating currency translations and intercompany eliminations reduced this activity from 3-4 days to less than an hour with full data consolidation in only 10 minutes. The solution has created a 70% time-efficiency saving across the entire finance function. Siloed data and processes across geographies are gone, creating a single ‘golden source’ of truth for confident and real-time reporting across geographies. Using approval workflows and user task assignments, Luceco ensured end-to-end visibility and control in their close process. The solution provides consolidated reporting disclosures for GAAP compliant financial statements as well as robust audit trails and controls for auditors. Luceco is now equipped with a digital financial close that has saved time and delivered superior financial control.

"We can get our consolidated numbers in only 10 minutes – no more VLOOKUPS for each geography, back-and-forth email chains and spreadsheet version issues. This has saved us hours of valuable time and resource that can now be directed toward strategic priorities as part of a growing international business."

Logo Icon - Luceco

Di Stewart-Walker
Financial Accountant and System Integration Manager

 

This engagement followed Qubix’s Value 2 Cloud methodology, underpinned by our deep and proven experience gained by 1000+ client engagements focused on ERP, EPM and Analytics globally. You can learn more about our approach here: www.qubix.com/cloud-migration

 

Challenges

  • Manual financial close and consolidation processes with a high dependency on large, complex spreadsheet models
  • Disintegrated source systems and multiple chart of accounts globally made consolidating data for financial statements tedious, resource intensive and exposed to potential errors
  • Rapid international growth required finance to produce increasingly complex regulatory reports and standards
  • Data trust and confidence issues and the need to create a ‘golden source’ of information shared across geographies and business units
  • Difficulty producing statutory and management reports in a timely and accurate manner
  • Lack of audit trail and user-based security

Solution

Results

  • Reduced the time and effort required to complete the financial close process and produce reports from 12 days to under 5 days
  • Delivered end-to-end visibility and control into the entire close, consolidation, data collection and reporting activities
  • Ensured transparent reporting in data consolidation for cash flow, balance sheet and income statements
  • Met international regulatory reporting mandates and standards including GAAP compliant financial statements
  • Data load processes integrated with source systems (including Epicor and Sage ERP systems) to ensure a golden source of truth across geographies and business units
  • Enabled dynamic, real-time reporting with Excel Smart View functionality
  • Streamlined close processes with guided user task assignments and approval workflows

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Why did Luceco plc choose Qubix?

" The Qubix team was fantastic. Their consultants knew the product inside-out, understood our business requirements and were willing to go the extra mile to ensure the project was successful. Qubix Cloudbridge also provided real value to the engagement by reducing on-going data integration and management task times by at least 50%. "

Logo Icon - Luceco

Di Stewart-Walker

Financial Accountant and Systems Integration Manager

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