Grupo WTorre Achieves Account Closing Consolidation in Five Days for Its 150 Companies
 
 

Grupo WTorre Achieves Account Closing Consolidation in Five Days for Its 150 Companies

Printer View Printer View

With more than 30 years of experience, Grupo WTorre (WTorre Group) is established as one of the most important corporate conglomerates in the Brazilian civil-construction and real-estate sectors. The company has completed construction encompassing more than 5 million square meters for more than 220 projects, within and outside of Brazil. Its major projects include the new Palmeira’s Arena, Centro Empresarial Senado (one of the largest business centers in Latin America, currently under construction in Rio de Janeiro) and the WTorre JK complex (which includes the Santander Tower and the future JK Iguatemi luxury shopping mall).

Previously, consolidating financial results from WTorre's 150 companies was error-prone and cumbersome due to the use of manually-intensive spreadsheets. The company adopted Oracle Hyperion Financial Management to automate accounting consolidation, ensure data integrity, and reduce manual labor. Today, WTorre gathers financial results on a robust, agile system that offers control over access and can trace data alterations.

 
 

 
 

Challenges

A word from Grupo WTorre

  • "With Oracle Hyperion Financial Management, we consolidated our 150 companies' financial results in five days, and we now have reliable accounting information to support the decisions that our managers need to make in the demanding and dynamic engineering and construction market." – Paulo André Garcia de Souza, Chief Information Officer, Grupo WTorre

  • Streamline the accounting consolidation process for 150 companies (as each construction project is for an independent company)
  • Raise corporate governance levels, providing more security and reliability for financial data
  • Adopt a tool that is compatible with the company's existing Oracle enterprise resource planning system, enabling financial data to flow from one system to the other without human intervention

Solutions

Oracle Product and Services

  • Worked with Oracle Partner CPM Braxia to implement Oracle Hyperion Financial Management, enabling closings that consolidate data from Grupo WTorre's 150 companies by the fifth business day of the following month without delays, and eliminate manually-intensive spreadsheets
  • Offered the board of directors quick access to consolidated financial data on a single system, speeding up strategic decision-making to stay competitive in the highly dynamic civil construction market
  • Obtained instant integration between Oracle Hyperion Financial Management and Oracle E-Business Suite Release 12, thereby ensuring financial data integrity by eliminating of error-prone human intervention
  • Eliminated intensive data verification efforts that were necessary in the previous spreadsheet-based account-closing process
  • Complied with new International Financial Reporting Standards accounting criteria, and provisioned quarterly accounts to the Comissão de Valores Mobiliários—Brazil’s equivalent of the Securities Exchange Commission
  • Raised the company's financial-data governance level, thanks to the system's traceability, making it possible to see each alteration and its source
  • Increased data security by giving distinct access profiles to system users in the controller’s and financial departments
  • Improved financial data quality, which—thanks to automation—is more consistent, traceable, and complete

Why Oracle

“We chose Oracle Hyperion Financial Management because it is a product renowned for accounting consolidation and suitable for the construction and engineering sector,” said Paulo André Garcia de Souza, chief information officer, Grupo WTorre. “With this tool, we have maintained a standardized system suite, since our ERP system is Oracle E-Business Suite Release 12.”

Partner

Grupo WTorre worked with Oracle Partner CPM Braxis to implement Oracle Hyperion Financial Management in just six months.

“The CPM Braxis professional who led the project knew the process very well and had vast accounting knowledge, which enabled us to reach our stipulated goals by our implementation deadline,” Garcia de Souza said.
 

Resources