Axess Global Technology Solutions Services Cuts Monthly Financial Reporting Time Nearly 90% by Consolidating Seven Subsidiaries’ Financial Data
 
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Axess Global Technology Solutions Services Cuts Monthly Financial Reporting Time Nearly 90% by Consolidating Seven Subsidiaries’ Financial Data

  • Oracle Customer:  Axess Global Technology Solutions Services Inc.
    Location:  Manila, Philippines
    Industry:  Professional Services
    Employees:  7

Based in Manila, Philippines, Axess Global Technology Solutions Services Inc. manages accounting and IT processes for Axess Global Services’ seven retail franchise subsidiaries. The company was founded in April 2011 after it became increasingly difficult for Axess Global Services to efficiently integrate and report on financial and fixed-asset data from its subsidiaries.

Axess Global Technology Solutions Services implemented Oracle Financials Release 12.1 to provide a consolidated repository for the subsidiaries’ financial data. The company has reduced the time it takes to complete month-end financial reports for all subsidiaries from up to 10 days to 1 day. It can also provide senior managers with customized financial reports for each subsidiary in less than 1 day, compared to at least 15 days previously. The company used Oracle Business Accelerators to reduce the implementation time from more than six months to three and a half months.

 
 

 
 

Challenges

A word from Axess Global Technology Solutions Services Inc.

  • “We found Oracle E-Business Suite Release 12.1, and particularly Oracle Financials, easier to use and develop than applications from other vendors, such as SAP. We have cut companywide monthly accounting time by about 90% and can generate customized financial reports for senior managers in less than a day.” – Inocencio Sison, Project Manager and Chief Operations Officer, Axess Global Technology Solutions Services Inc.

  • Consolidate financial data from seven retail-franchise subsidiaries, previously stored and managed separately by each subsidiary
  • Provide senior managers with standard and customized financial reports, such as profit and loss from each subsidiary, in a timely manner
  • Comply with reporting requirements from the Philippines Financial Reporting Standards Council (PFRS), such as providing month-end financial reports within three working days
  • Develop a scalable enterprise resource planning (ERP) platform to support the company’s planned expansion into power grid and solar energy servicing

Solutions

  • Completed month-end financial reporting for all subsidiaries in 1 day, compared to 7 to 10 days, previously
  • Provided senior managers with customized financial reports, such as income status according to franchise type, in less than 1 day, compared to at least 15 days, previously
  • Cut staff costs significantly by reducing the number of accounting employees required to manage financial data and generate reports from 14 (2 at each subsidiary) to 3
  • Avoided fines by delivering month-end financial reports to the PFRS before the regulatory reporting deadlines, rather than approximately five days late
  • Reduced the time, effort, and cost of maintaining IT infrastructure by reducing the number of servers storing financial data from seven to one
  • Generated weekly financial reports for all retail franchise subsidiaries, which wasn’t possible previously
  • Improved fixed assets management by consolidating information about IT and retail equipment from each subsidiary, rather than managing it manually on spreadsheets
  • Completed the implementation in three-and-a-half months, rather than in more than six months, as anticipated, by using Oracle Business Accelerators

Why Oracle

Axess Global Technology Solutions Services wanted a consolidated financial application that was easy to use and could be integrated with future ERP applications to manage inventory from a growing number of subsidiaries.

The company considered applications from other vendors, such as SAP and open source cloud providers. However, several members of the company had experience working with Oracle products in previous positions and had been impressed by their flexibility and interface and integration capabilities.

“We found Oracle E-Business Suite Release 12.1, and particularly Oracle Financials, easier to use and develop than applications from other vendors,” said Inocencio Sison, project manager and chief operations officer, Axess Global Technology Solutions Services Inc. “We have easily customized the financial reports to fit the requirements of the company and to meet local and international financials standards.” 

Implementation Process

Axess Global Technology Solutions Services purchased Oracle E-Business Suite Release 12.1 in April 2011, and it began implementing Oracle Financials in mid-May. Using Oracle Business Accelerators, the company completed the implementation in only three and a half months, rather than in more than six months, as anticipated. Oracle Financials went live in August 2011.

“Oracle Business Accelerators sped up the implementation process dramatically, and ensured the technical aspects went smoothly,” said Sison. “We suffered some internal challenges unrelated to the Oracle products, which held the process up slightly; otherwise we could have potentially completed the implementation in just 30 days.”

Axess Global Technology Solutions Services has also purchased Oracle Inventory Management Release 12.1 and plans to go live with the application once Axess Global Services has developed its new power grid and solar energy servicing subsidiary.

Partner

Axess Global Technology Solutions Services engaged Oracle Specialized Partner MSI-ECS to implement Oracle Financials Release 12.1. MSI-ECS also helped Axess Global Technology Solutions Services to customize the financial reports according to the company’s needs and address any problems as they arose.

“MSI-ECS’ customization work on our reports was crucial in meeting our month-end reporting targets,” said Sison. “We could contact the team at any time for advice and support and they resolved issues straight away. We were really happy with the service they provided, as well as the online support we got from Oracle.”