With a growing and dynamic company as NOV, constant changes to their current financial reporting structure was inevitable. As NOV continued to acquire other companies, and selling off assets, a restructure of the organization was needed. NOV required the historical reporting structure intact as well as show the future state of NOV.
In order to visualize the historical NOV reporting structure against the newly reorganized NOV, archiving their current consolidation application was necessary and a creation of a new consolidation application was required. This enabled NOV to reduce the number of historical data in their new application, increasing consolidation performance during crucial times during their month end close process. Financial reporting against the archived application provided users the snap shot required for any historical reporting purposes. This solution provided NOV a seamless environment with little maintenance needed to be done by their business users.
- Removed more than 7,000 inactive business cost centers to reduce consolidation time
- Updated account mappings via a customized solution that was automated
- Migrated over 200 financial reports to reflect the new organization hierarchies
After being divested, DNOW no longer had the right tools to execute a month end close process with an integrated system to support the accounting close process and financial reporting needs for DNOW. An upcoming investor call made it critical that management spin-up a dependable solution practically immediately but the right solution would need to scale with the company and provide flexibility.
Holland Parker devised a dual strategy quickly creating and implementing a dependable short-term financial consolidation system that supported management. The permanent solution’s work began at the same time and planning, development and implementation took only nine months. Its streamlined month-end process, accurate, timely reporting and support for divestitures and acquisitions gives DNOW’s leadership an efficient investment that will scale with them. And, while the short-term solution was not quite as robust, the investor call was a success.
- Providing the functionality to schedule monthly reporting packages to be saved out to a shared directory
- Improved elimination calculations to provide more transparency across various level in the organization
This non-profit organization went through several changes over the last year. Their systems were disconnected and could not support the operational changes taking place. Medical Bridges could not afford to have disconnected, aging systems slow down their ability to supply much needed medical equipment to the developing world.
Over the past year, we have connected their systems and streamlined their processes both increasing the amount and improving the accuracy of their operational data. Their current systems were augmented using our proprietary software framework, Texo, to extend their system usefulness and tailor them to operational needs. Medical Bridges now has a solution that has reduced their operating costs, increased operational accountability, streamlined communication between departments, and established clear controls over processes.
Texas Children’s Hospital is the largest not for profit pediatrics hospital in the US. Not only do they lead in patient care for children, it is a leader in education and research. When evaluating TCH’s budgeting process, over 800 excel spreadsheets were identified. In order to bring all processes together to a single budgeting tool, a budgeting software was implemented. The budgeting software was successfully integrated to TCH’s ERP accounting system to be bi-directional to provide on time reporting capabilities. In order to evaluate the hospital’s debt to capital ratio or debt to asset ratio, a balance sheet reporting tool was implemented. This provided a consolidated balance sheet for the hospital finance and management team as well as providing the flexibility to report a cash flow statement.
Holland Parker has helped Texas Children’s Hospital expand their Oracle EPM footprint to other areas outside of the finance office. To help automate and streamline the budgeting process, Holland Parker enhanced TCH’s current budgeting application to calculate key metrics with the click of a button. Holland Parker provided TCH with on time and on demand budget reporting and trend analysis reporting against actuals. The automation of reports was critical during the budget season for business users to make key financial decisions in a timely manner. With an enhanced budgeting application and process, TCH is able to allow for future growth and scalability.