Highstreet is excited to be working with Lime Micromobility, on Lime’s implementation of AHCS (Oracle Accounting Hub Cloud Service). By helping them migrate from a custom system to Oracle Accounting Hub Cloud Service, Highstreet is transforming their accounting practices. AHCS is an Oracle accounting integration and reporting platform.
About Lime Micromobility
Based in San Francisco and listed as one of 2021’s “100 Most Influential Companies” by Time Magazine, Lime is a ride sharing system that includes cars, electric mopeds, scooters, and electric and manual bikes. Additionally, they are even looking into providing electric skateboards! You have probably seen their scooters being used by pedestrians or waiting for someone to pick them up on a street corner or in a park. Uniquely, they are “dockless” meaning a user can pick them up and leave them anywhere—all guided by a mobile app. In fact, there is no need to return your scooter or pick it up from a specific location. Lime was founded in January of 2017 and currently offer ride services in over 120 cities in 30 plus countries.
Accounting Done Right
In preparation for taking their company public, Lime needs an accounting system that can provide auditable consistent accounting treatments. Given the large volume of transactions from their rental scooters and mopeds, this is no small task. However, one that is vitally necessary. Oracle ERP Cloud contains AHCS and was implemented along with the Financial Reporting Center. Accounting Hub Cloud Service is an accounting integration platform that allows users to standardize their accounting from multiple third-party transactional systems.
This allows accounting policies to be consistently enforced and reporting requirements to be met in an automated and controlled fashion. The AHCS Rules Repository allows accounting stipulations to be defined and maintained in one central location. Two other AHCS features are a rules transformation engine to create, validate, and store the accounting journals, and a detailed accounting repository and audit log that is used to reconcile to the source system. The bottom line is that AHCS is enabling Lime to automate the accounting of their high transaction volume system while ensuring compliance with accounting regulations.
Lime’s implementation of AHCS will transform how they handle transaction accounting. Thus centralizing, simplifying, and increasing the reliability of records. However, Lime isn’t the first AHCS transformation of its kind. In early 2021 Highstreet performed the largest AHCS implementation ever done. For Lyft, another ride sharing system, myriad benefits from their implementation were seen. Click here to read about the breakdown of their amazing results.