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Streamline and Enhance Your Financial Consolidation Process

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http://tinyurl.com/nwoaoxf : Realize greater operational efficiency and enhanced visibility into consolidated financials. Hear how Citrix Systems Inc. deploys the SAP Business Planning and …

http://tinyurl.com/nwoaoxf : Realize greater operational efficiency and enhanced visibility into consolidated financials. Hear how Citrix Systems Inc. deploys the SAP Business Planning and Consolidation application, version for SAP NetWeaver, along with expertise from the SAP Services organization to improve financial visibility and efficiency.

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  • 1. May 14, 2013Streamline and Enhance YourFinancial Consolidations ProcessDanielle Bass, Director Global AccountingSystems
  • 2. © 2013 Citrix | Confidential – Do Not DistributeWhy are you in Orlando?• I desperately needed to go to Harry Potter land and finallylearn the rules of quidditch• Because if I’m going to visit Florida, it’s gonna be beforehurricane season starts on June 1• To get tips and advice on how to streamline and enhanceyour financial consolidations process by someone who’sbeen there
  • 3. © 2013 Citrix | Confidential – Do Not Distribute
  • 4. © 2013 Citrix | Confidential – Do Not DistributeApplication Landscape Pre-SAP BusinessPlanning and Consolidation4Previous consolidationtoolSAP ECCS ModuleVolume Consolidate 90 entitiesPrevious reportingplatformSAP Report Writer and SAP BW BeX AnalyzerUser base 7,000+ SAP users, 200 consolidation usersGeographic locationConsolidation ran in US & SwitzerlandReporting conducted globallySAP BW Version 7.0SAP NetWeaver version 7.0
  • 5. © 2013 Citrix | Confidential – Do Not Distribute• Citrix consolidated the financial data of over 90 entities with SAP’sECCS module• The process involved re-measurement and translation of foreigncurrency, elimination of intercompany activity, and producingconsolidated financial reports for SEC reporting and quarterlyearnings book• Due to system limitations, execution and research of consolidateddata within the system is time consuming and involves manybusiness and IT resources• The process to produce SEC, earnings, and Board of Directorsreports was very manual.State of Affairs pre-SAP Business Planning andConsolidation
  • 6. © 2013 Citrix | Confidential – Do Not DistributeOur Journey6Jan2013Oct2012July2012May2012Apr2012Mar2012Jan2012Dec2011May2011EvaluatedthemarketplacePurchasedBPClicensesSelectedSAPassystemintegratorEducatedinternalstaffonBPCUpgradedBWandfinalizedcleanupofGLmasterdataandreevaluationCertifiedBPCforCitrixXenapp6.0ConductedworkshopwithSAPConsultingandkickedoffprojectHardgoliveProjectexecutionParallelgolive
  • 7. © 2013 Citrix | Confidential – Do Not DistributeBusiness Benefits Derived by SAP BusinessPlanning and ConsolidationBusiness Scenario Before Planning andConsolidationValue derived fromPlanning andConsolidationROI achievedConsolidate multiple newlyacquired entities and ledgersSAP ECCS only consolidatesone ledger, cannotconsolidate for IFRS orstatutory reportsConsolidate over 120 entitiesand added additional reportingdimension (region and profitcenter)200 hours per monthLess downstream effortPreparing earning schedulefor internal and externalpublication (Formatting)Manual process involving re-keying data into ExcelAutomate earnings revenueschedules and financialstatements at a push of abutton250 hours per quarterGL and Reporting Structure Team spends approximately100 hours per quarteranalyzing system entries andbuilding reports.Accelerated close to discloseprocess100 hours per quarter.
  • 8. © 2013 Citrix | Confidential – Do Not DistributePROJECT TEAMSenior ExecutiveSponsorChief Financial OfficerCore• Project Manager(s)• Functional Lead• Technical Lead• Organization ReadinessLead• Director AccountingSystems•Sr Director Controller•Accounting Manager (3)ChangeReviewBoard• Director AccountingSystems•Sr Director ControllerIT BusinessDecisions• Business ProcessChanges• Project Approvals• Project Change Requests• Resource Changes• Task Assignment• Risk & IssueManagement• Change ManagementSteeringCommittee•WW Ops VP•SAP Practice Director• VP & Corporate Controller•Director Accounting Systems•Sr. Director Controller• Budget Approval• Schedule Approval• Scope Approval• Communicate Vision• Communicate Objectives• Final DecisionsResponsibilities• Project Change Control• Advisory BoardCommunications• Issue & Risk Escalations• Project Management• Standards & Guidelines• Status & Communication• Resource Coordination• SAP FICO Analyst (1)• XenApp resource (2 part time)• Basis (1 part time)•Secutiry (2 part time)•BW resource• Trainor• Test Lead (1)Expert• Consolidation SubjectMatter Experts (3)•Accounting SystemsExperts (2)• Report Users (10)•SOX Team (2)• Requirements• Design• Development & Testing• UAT & Training• Subject Matter ExpertiseTeamAdvisoryBoardInternalAuditEscalations• SAP Practice Director• Requirements• Design• Development &Testing• UAT & Training• Subject MatterExpertise
  • 9. © 2013 Citrix | Confidential – Do Not DistributeFactors for successEducate Team EarlyRelationship between Citrixand System IntegratorImplement Buddy SystemCoach TeamMake Decisions QuicklyEducate SOX and InternalAudit EarlyDetermine Core ReportsEnsure OrganizationalReadinessGET INFODECIDEACT
  • 10. © 2013 Citrix | Confidential – Do Not DistributeNext Steps10• More input schedules• SAP HANA?• Fully rollout statutory reporting• Publish more reports
  • 11. Appendix
  • 12. © 2013 Citrix | Confidential – Do Not DistributeCritical to Success12 Educate the team early Build relations between Citrixand System Integrator Implement buddy system Coach team . Make decisions quickly Educate SOX & Internal AuditEarly Determine Core Reports Organization Readiness
  • 13. © 2013 Citrix | Confidential – Do Not Distribute Citrix Confidential - Do Not DistributeConsolidations System Project• Consolidate over 90 entities in SAP’s ECCS module• ECCS was deployed in 2001• ECCS reporting platform leverages SAP’s 20 year old reportwriter technology• ECCS is a legacy product, SAP will support ECCS but notenhance it (in 2010 Citrix identified program flaw requiringSAP to extend code)• ECCS only consolidates one ledger, cannot consolidatefor IFRS or statutory reports• Team spends approximately 100 hours per quarteranalyzing system entries and building reports.• Consolidate over 90 entities and three ledgers – includingSEC, IFRS and statutory• Utilize consolidations quadrant leading technology• Utilize web and excel based reporting platforms –Automate earnings revenue schedules and financialstatements at a push of a button• Utilize supported and enhanced tool• Utilize tool with wide ranging user base and communities• Reduce time to close the books CLOSE TO DISCLOSE• Reduction in time spent researching entries• Reduction in time producing reports• Analyze and produce data better and faster!• Proactive rather than reactive monitoring of data• Creation and maintenance of reports requires IT or Systemsresource• ECCS does not provide simple drill down required forresearch. Research often requires interaction with Business,Systems and IT resources.• Earnings books must be produced in SAP BW, updates forproduct launches, new entities, and GL accounts must bemade by a System resource.• Manual report formatting is required for reports produced fromreport writer and BW (requires re-keying of information inExcel)• SAP has been required to update their code, tables were notupdated with consolidated data• Reduce business dependency on IT and Systems staff• Business to write reports with minimal support of Systems andIT resources• Eased research ability through drill down to source system• Ability for system to evolve with business growth, regulatorychanges, and technology advances• Reduction or elimination of need IT resources to build reports• Less touch points allowing for reduction of errorsCURRENTSTATISTICSCURRENTSUPPORTDESIREDFUTURESTATEDESIREDFUTURESUPPORT