Financial ERP implementation
Maximize process efficiency
Publicly traded film and television company operating in Canada, US, UK, and Australia with production and distribution lines of business.
Challenge
- Multiple legacy financial platforms (QuickBooks, MyOB, Dynamics, Xero, Caseware)
- Twelve reporting subsidiaries with subsidiary consolidations of their own
- Chart of account differences between subsidiaries
- Multiple transaction currencies and consolidation foreign exchange impacts
- Multiple tax jurisdictions
- Outside-the-system manual tracking for key processes
- Consolidated quarterly reporting demands with timelines barely met
Solution
Migrated over eighty subsidiaries to a single financial platform (Oracle NetSuite) and implemented common business processes.
Results
Common financial platform for all subsidiaries with shared chart of accounts and standardized consolidation processes for rapid on-demand or scheduled reporting
Full in-system functionality for revenue recognition and intangible asset processes
Vastly improved internal controls and corporate visibility to all transactions