Financial Services Solutions
Top-quality performance, reliability, and efficiency are how you do business—your internal system solutions need to hold the same high standards.
Strategy, simplicity, optimization—all lead to high system reliability and usability when your team needs it most.
We have reduced Quarterly and Annual Financial Closes from Weeks to days by leveraging Oracle’s modern financial suite.
Consolidate systems, improve functionality, to take your institution beyond compliance and prepare you for any future changes.
From Transformation to Preservation
Whether you’re looking for a total transformation, updates to your on-premise system, or to preserve what you currently have, we can handle whatever it is that you need.
The legacy General Ledger had multiple systems feeding into it without drill back capabilities. In addition, many of the financial processes were manual, and the legacy system lacked visibility into the business due to arduous reporting. This resulted in difficulties ensuring accurate legacy data for conversion.
RSL needed to replace its legacy financial system with a system that would:
- Support RSL’s current and future growth
- Provide greater visibility into its business
- Be easier to support in the future
- Financial system scalability, supporting future business efforts
- A reduction in operational risk by automating manual financial processes
- Flexible user-generated reporting
Axis’ unsupported legacy financial system created a few challenges for the project: many of the financial processes were manual and the legacy system lacked visibility into the business due to arduous reporting, the legacy GL portion had multiple systems feeding into it without drill back capabilities. This combination of factors led to difficulties ensuring accurate legacy data for conversion.
Replace legacy GL & financial system with a system that would support Axis’ current and future growth; provide greater visibility into its business; be easier to support in the future; and automated complex, manually intensive allocation processes.
Highstreet successfully implemented Oracle EBS R12 GL, Financial Accounting Hub, FA, AP, and IBY (Payments). Axis was able to process General & Administrative, and Underwriting transactions through the Financial Accounting Hub to create accounting transactions based on reusable, consistent rules and store them in a subledger for posting to the GL. Highstreet led the implementation and automation of complex allocations in GL Allocations with custom extensions to reduce financial close time, ensure control and accuracy. This left Axis with:
- A financial system that supports rapid business growth and has strong post-production support available
- Increased efficiency of business transaction to financial posting reconciliation
- Configurable financial application to support changing business requirements.
Some of Our Transformations
By using the very best solutions available, we drive practical, on-the-ground transformation in your business.
Oracle Cloud Solutions
Cloud Solutions that transform your business with innovative technology, cost savings and efficiency always keeping you ahead of the technology curve.
Application Managed Services offerings allow you to take control of your business and leave software maintenance up to the experts.