By consolidating six general ledger systems into Oracle Financials Cloud, we simplified the consolidation process for over 60 legal entities and halved our month-end closing time. The integrated platform also provides timely and accurate business data, supporting better strategic decisions.
FlexiGroup Ltd. is a diversified financial services group company. It provides a range of finance products and payment solutions, such as interest free credit cards, no-interest-ever-payment plans, and leasing solutions, to consumers and businesses through an extensive network of retail and business partners.
Over the past 10 years, FlexiGroup has expanded its business from a single product to various product lines through acquisition and product innovation. However, the legacy financial system reached its maximum capacity and limited the company’s ability to produce timely financial reports and integrate new businesses into the group. FlexiGroup needed to modernize its financial management platform and support future growth.
Unlike other vendors, Oracle Financials Cloud clearly demonstrated its proven capability during the pilot. That’s the credibility and integrity part that we liked because what Oracle says in the presentation actually matches what they have in the software.
Oracle Consulting assisted FlexiGroup to conduct a detailed planning process for chart of accounts, solution design, and interface development. It also migrated the trial balances from legacy systems to Oracle Financials Cloud and performed testing for all the business scenarios, such as accounts payable and bank reconciliations. FlexiGroup completed the cloud implementation in six months and took another few months to validate complex integration to Oracle Financials Cloud. It successfully processed accounts payable transactions in the first week after the system went live.
“We had Oracle Consulting experts on site since the beginning of the project. They delivered what they promised and became a trusted adviser,” Maenzanise said.
Established in 2006, FlexiGroup Ltd. is one of top 200 listed companies on the Australian Stock Exchange. It offers a range of finance products and payment solutions to consumers and businesses through a network of more than 20,000 retail and business partners, including Harvey Norman, IKEA, Flight Centre, Escape Travel, and Apple Resellers.