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."
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."
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."
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
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%. "
Financial Accountant and Systems Integration Manager
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