Many companies choose Oracle ERP Cloud to manage their enterprise resource planning tasks and processes. With cloud flexibility, ease of use, and continuous innovation at their fingertips, companies can build and grow with confidence.
Of course, all great things come with complexity and Oracle ERP Cloud applications are no different. A company we recently worked with had made SOX compliance one of the organization’s top priorities and was also struggling with inefficiencies in its accounts payable (AP) invoices – problems that required in-depth knowledge of Oracle ERP Cloud to resolve. Let’s talk briefly about the challenges they faced and how proper configuration and use of Oracle ERP Cloud enabled them to solve them.
Of primary importance was the company’s need to ensure that it was compliant with the requirements of the Sarbanes-Oxley Act (SOX) for public companies’ financial reports. The client had recently hired a new comptroller who had made SOX compliance one of the organization’s top priorities—and that included analyzing and revamping the client’s financial and accounting IT practices in Oracle ERP Cloud.
The client had also been handling many of these AP invoices manually: printing out checks, placing them in envelopes, and mailing them to recipients. However, this was highly tedious and inefficient. The client was thus looking for a way to automate and eliminate these slow, manual operations.
Our team came together with the client and put together a number of Oracle ERP initiatives to improve efficiency, productivity, and SOX compliance. In particular, Datavail helped the client automate many of its cumbersome, time-consuming manual accounting functions. Here’s a shortlist of some of the automations we implemented:
- A new automated system for AP invoicing.
- Implementation of Oracle WebCenter Forms Recognition for automated data extraction and analysis.
- Purchase orders and new invoices are now linked in Oracle ERP Cloud.
- Approval workflows for AP invoices and payments, journal entries, and supplier additions/updates.
- For SOX compliance, the client can now identify exactly who has access to their systems, and what their access privileges are.
- Breakdown of the report generation process into smaller, more manageable parts.
- Integration of Oracle ERP Cloud with third-party systems and software.
- Design and implementation of automatic reconciliation rules that complete immediately as long as all data is consistent.
As a result of these efforts, Datavail has helped this organization eliminate hours of manual effort, reduce data entry hours, improve IT security and SOX compliance, and integrate systems that are essential to the company’s operations. By automating and modernizing the client’s Oracle ERP deployment, Datavail’s enhancements to the client’s IT systems have dramatically improved productivity. Employees can spend less time stressing out about their tedious, error-prone manual processes, and more time focusing on the big picture. Datavail and the client continue to work closely together, refreshing and updating the client’s Oracle ERP system.
For additional details on this case study, download the full white paper: Community Lender Improves Process Speed and SOX Compliance with Oracle ERP Cloud.
Do you have improvements to make in Oracle ERP Cloud, but lack the personnel or time to execute? Contact our team to learn how we can help.
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