Elire has partnered with Stifel, Nicolaus & Company, a full-service brokerage and investment banking firm established in 1890, to complete a global electronic payments implementation. Elire initially implemented global ISO 20022 formatted payments for Oracle Cash Management that included ACH, BACS, Wire, and SEPA.
The initial project scope included integrating Stifel with BOFA globally to process bank reporting and electronic payments formats. As the project began, Elire ran into many challenges. All existing supplier setup, base configuration, workflow and reports weren’t built during the original implementation in such a way to support the electronic payments.
The Elire team remapped their existing suppliers to better utilize the supplier/sites relationship converting this process to a global Stifel initiative, established tailored payment approval workflows, built a series of validation reports to confirm supplier setup, updated bank configuration, built audit reports, and reconfigured the base AP configuration.
This project served as a pilot project for Stifel to establish KPI’s and other value propositions for implementing global electronic payments in Oracle Cloud in other markets and geographies. The implementation has aligned Stifel with industry best practices of remitting electronic payments, saving time and money by no longer manually producing and reconciling payments out of multiple bank portals and other systems. Elire’s process of building an electronic payments project roadmap and implementation path furthered the client relationship with Stifel and encouraged collaboration on future projects.
For more information on Elire’s Cloud Treasury Services, visit here.
Team Elire is excited to share details of our experience at Quest Oracle Community PeopleSoft RECONNECT 19! Elire looks forward to attending this three day, PeopleSoft-focused conference each year. With over 400+ PeopleSoft users attending each year, this deep-dive conference gives us the opportunity to focus on specific aspects and capabilities of PeopleSoft with an informed audience. We loved seeing so many people come through our booth, where we had many great opportunities to connect with attendees and discuss innovation within the industry. Key topics our team discussed with attendees include Chat Bots (such as the new Absence Management Chat Bot featured in PeopleSoft’s HCM Update Image 31), Work Centers, and Elire’s PTF, Lease Administration, and Application Roadmap services.
In addition to exhibiting at booth #401, Elire is proud to have hosted dinner at Gibson’s steakhouse. Over 45 members of the Elire community were present, and we valued the opportunity to connect with existing clients, prospects, and our Oracle Partners.
Elire Team members John D. Scott, Director of Sales, and Managing Consultant Valentin Todorow hosted the respective sessions PeopleSoft Treasury SIG Meeting and the PTF: Integration to ALM, Scheduling, Production Validation, and Pivot Grid Reporting which were very well attended presentations with 20+ people in the audience.
To get in touch with any inquiries or for a copy of Valentin Todorow’s presentation, please contact [email protected] and we’ll connect you with a member of our team.
Oracle’s PeopleSoft HCM Suite has recently released Image 31. Below we’ll explore these recent enhancements and new functionality, which encompasses 13 useful features:
Absence Management Chat Bot: Using the absence assistance tile, employees can access the Absence Management Chat Bot to perform simple transactions related to absences.
Employee Self-Termination: Through employee self-service, employees are able to initiate their own resignation or retirement.
HR Business Partners: This tool allows HR managers to track and show HR managers for employees and perform tasks such as salary raises.
Development Documents for Employee Snapshot: Available on the summary and performance review dashboards. Administrators can configure the display to show chosen development documents.
Fluid Extended Absences Self-Service: A tool which allows employees to create and maintain extended absence requests using fluid. Employees can also review approved extended absence requests.
Activity Guide Composer Multi User Guide: Allows users to create templates that allow multiple users to complete different steps in a process.
Enhanced Security for Profile Management: Adds additional security options when setting up the profile type content sections. You can now use PeopleTools roles to allow certain employees certain capabilities.
Compensation Cycle for Variable Compensation: This enhancementcomplements the existing functionality that allows the creation of cycles for merit plans only, or merit and variable compensation plans.
Leave and Compensation Balance: Includes a new tile for leave and compensation time for increased visibility.
ePerformance Auto-Transfer Document Enhancements: Has added enhancements to the auto-transfer feature which transfers in-progress documents automatically when managers are terminated.
Acknowledgment Framework in Candidate Gateway: You can configure an acknowledgment for candidates after they register. This provides more flexibility within the original consent agreement including audit trails.
Fluid Reported Time Audit: Administrators can easily access employees reported time audit with the newly introduced time and labor tile for easy access.
Drop Zones for HCM: PeopleSoft HCM continues to expand the footprint of drop zones in its applications. This enables you to add text, links, and other field to pages without impacting future upgrades.
For further information, check out the the above video for step-by-step demonstrations of every one of these 13 features. Need help with PUM image updates? Check out Elire’s Continuous Delivery Services!
Elire recently implemented Cloud General Ledger for a subsidiary of the 5th Largest Bank, headquartered in Minneapolis. The nation’s most active tax credit investor and community development lender. They Provide innovative financing solutions to meet the community and economic development needs of our partners and those they serve.
Top Customer Objectives and Challenges
Implement Oracle Cloud General Ledger
Reduce the amount of manual work performed
Increase Internal Controls and Reduce Risk to Client
Reduce the burden of audit cycles, internal and external
Improve the Financial Reporting Processes
Success Delivered – Project Results
The project went live on December 1st, 2018 with Parallel, full cutover on January 1st, 2019
Automated Journal Interface to Corporate saved time in two ways
No more paper copies to be passed around and maintained.
Automated Entry and workflow speed up the transaction processing time. Any investigation into a specific Journal is as easy as “clicking through”.
Expanded Financial Reporting Capabilities with the Implementation of Oracle Cloud GL, giving more granular transactional detail to support Managerial, Business, Regulatory, Audit, and Tax Reporting Requirements
Next week, Team Elire will be attending PeopleSoft RECONNECT 19. This PeopleSoft-focused event will take place between July 16th and 18th in Rosemont, Illinois. Gathering over 400+ PeopleSoft users, product experts, and strategy teams, this annual conference presents the opportunity for attendees to network with other users, maximize their PeopleSoft investment, and attend 200+ educational sessions.
We look forward to participating in this annual deep-dive PeopleSoft conference. Participating in RECONNECT 19 allows Team Elire to engage with users on a more technical level, offering our solutions and expertise while highlighting our relevant services through our booth, lectures, and meetings.
Elire will once again be hosting our booth and the following sessions:
Be sure to add these sessions to your agenda and visit our booth #401. When seated in the audience facing the presenter stage, our booth is located on the corner just to the right of the stage.
We look forward to seeing you at RECONNECT 19! In the meantime, we invite you to browse our website where you can find information on our PeopleSoft Test Framework (PTF) and PeopleSoft consulting services. Follow the links above to download our informational onesheets. Get in touch with the Elire Team for further information. We can answer any questions you may have and put you in contact with a member of our Team!
Team Elire is excited to have attended Interact 2019, the Healthcare Industry User Group (HIUG) conference in Orlando, Florida! This annual conference hosted over 600 attendees and 175+ educational sessions and clinics. HIUG fosters the collaboration of Oracle application users across the healthcare industry, cultivating connections between Oracle Enterprise users and services.
Elire is grateful to have had the opportunity to continue building our relationships with Oracle users, experts, and HIUG board members at our exhibit booth and our Topgolf event. We always enjoy connecting current and prospective clients for interactive networking events. This year’s event was co-sponsored by our partners, Canon Information and Imaging Systems.
Elire was recently named the Partner of the Year with Canon Information & Imaging Solutions for 2018. Elire and Canon have partnered to successfully deliver the AP Automation Solution from Canon to Elire’s PeopleSoft and E-Business Suite Customers, as well as develop the future of OCR technology to streamline and automate day-to-day business processes for AP Users.
We had multiple attendees inquire about support for Lease Administration/New Accounting standards. Information regarding our solutions and services surrounding these new standards can be found on the Lease Administration and Asset Management page of our website. While visiting our site, be sure and scroll to the bottom of the page and download our informational Onesheet. In addition to the curiosity surrounding options for support for the new Lease Administration/Accounting standards, our Team saw interest from attendees in Continuous Delivery Methodology support and PeopleSoft Test Framework (PTF).
Thank you to all of those in attendance and we hope to see you at HIUG Interact 2020! Contact our sales team at [email protected] for further information about our range of consulting services.
Recently, PeopleSoft PUM FSCM Image 31 became available and includes functionality to ensure Government Accounting Standards Board (GASB) compliance as it relates to Lease Accounting.
The GASB issued statement number 87 (GASB 87), is a new accounting standard for lease accounting. The new standard is effective in 2020. GASB 87 is similar to previously released guidance from FASB and IASB with some differences. A key requirement under GASB is to capitalize leases as assets and liabilities on the balance sheet. The operating lease classification no longer exists under GASB. This is similar to guidance under IASB. However, GASB does classify certain leases as ‘Financed Purchases’ which is different from IASB or FASB.
When the business unit reports under GASB, the system classifies assets in the business unit as finance and disregards the criteria for classification of leases used by FASB. This can be completed by enabling the GASB 87 features using the same installation options used for IASB and FASB.
In addition, GASB 87 requires organizations to classify certain leases as a ‘Financed Purchase.’ The initial measurement of the lease liability and the asset is the same for a financed purchase. The difference is the liability account used for a financed purchase. The liability should be reported using the ‘Financed Purchase’ account rather than the ‘Lease Liability’ account.
The GASB identifies a financed purchase as a lease that:
Transfers ownership of the underlying asset to the lessee by the end of the contract and the lease cannot contain termination options.
The lease may contain a fiscal funding or cancellation clause as long as it is not reasonably certain of being exercised.
The GASB views this lease as a financed purchase rather than a lease liability, because the lessee is expecting take ownership of the leased asset.
Accounting for financed purchases requires changes to transaction code configuration, the transaction code selected on the asset, and the accounting entry templates. This is completed by creating a new transaction code for Financed Purchases (FP – Financed Purchase – Fin Purch). When adding a new asset, the checkbox “Transfer of Ownership” will also need to be selected for these instances.
About the Author: Bryan Reynolds is a Consultant in Elire’s Lease Administration Practice, responsible for implementing Oracle’s Lease Accounting Modules.
Most companies are doing a better job of managing their working capital.
That’s
according to The Hackett Group’s 2018
U.S. Working Capital Survey based on a review of the annual financial
statements of the 1,000 largest non-financial companies in the United
States.
The
average Cash Conversion Cycle (CCC) of U.S. businesses – a measure that uses a
company’s payables, receivables and inventory to determine its ability to
convert invested resources into cash – improved by 4 percent in 2017 compared
to the previous year, The Hackett Group found.
Companies
also extended their Days Payable Outstanding (DPO) in 2017 – taking 3.4 days
longer on average to pay their suppliers compared to the previous year, per The
Hackett Group. Extending the average
amount of time to pay suppliers enables businesses to free up cash that can be
used to pay down corporate debt, invest in research and development and support
other growth initiatives.
But
not all companies are cashing in on stronger working capital performance.
The
gap between top performing companies and their also-ran peers is growing, The
Hackett Group found, indicating that many companies could be doing a better job
at managing their working capital.
If
your company’s working capital performance is lacking, accounts payable
automation may be the answer. Automating
accounts payable processes improves working capital in three powerful ways:
Enhanced cash flow analysis and liquidity management: The data generated by an accounts payable department provides a unique window into the financial health of a business. The importance of Financial data continues to grow and be considered a critical corporate asset.
With an automated accounts payable solution, CFOs and other financial decision-makers can drill down into cash and spend data to identify trends and patterns, determine how well-positioned a company is to take advantage of early payment discount opportunities, assess budget performance and support strategic decision-making. The technology provides actionable cash flow insights such as: the status of invoices and payments, on-time payment percentage, spend visibility and trends, spend-to-supplier ratio, and the percentage of early payment discounts captured. All this enables timelier and more accurate accrual reporting and greater reporting integrity, which supports improved working capital performance.
Your ERP is at the center of this data and will become an increasingly vital source for business insights. IT and Finance will not only provide actionable insights to management, but be able to provide improved role based reporting to users by leveraging the latest ERP features.
Lower the Cost of
Goods Sold (COGS): Most suppliers will exchange discounts on the amount due on an invoice for
early payment. The earlier the payment,
the larger the discount that suppliers will offer. The average discount that suppliers offer for
early payment stands at 2 percent. But many
buyers in industries such as pharmaceuticals, biotechnology, consumer packaged
goods and high-tech consulting routinely capture early payment discounts of
more than 6 percent. Unfortunately, it
takes so long for accounts payable departments that operate in a manual or
semi-automated environment to approve invoices that most discounts for early
payment are out-of-reach. Automating
accounts payable can reduce invoice approval cycle times by more than 75
percent, opening the door to capturing more early payment discounts.
Better DPO: DPO is a key
component of strong working capital performance. One way that automation helps businesses
manage DPO is by facilitating supply chain financing: when a buyer pays a
supplier early using cash from a third-party, such as a bank, financial
institution or investment firm. As with
other approaches to early payment discounts, a buyer and a supplier negotiate
discount terms on an approved invoice.
Once the terms of the discount are agreed upon, the third-party assumes
the risk and pays the supplier. When the
invoice reaches maturity, the buyer pays the full invoice value to the
third-party. The buyer receives a cut of
the discount on the invoice while maintaining DPO and preserving their
cash. Additionally, paying suppliers
using certain card programs enables buyers to instantly
extend their DPO, without changing their payment terms. The funding for the payment is provided by
the buyer’s bank via the card program. Since the payback period to the
card issuing bank only starts after the payment is initiated, businesses can
extend their DPO by several weeks.
Each of these benefits contributes to better working capital performance. Together, they are the beginning of a tantalizing business case for accounts payable automation.
Rising
interest rates and record levels of mergers and acquisitions will force more
companies to take a hard look at how they manage their cash. Automating accounts payable is one way that companies
can improve their working capital performance in 2019.
If
your company wants to better manage its working capital, contact us to learn
more about AP Automation and key ERP features you can leverage to bring even
greater value to your organization.
This
guest post is brought to you by our Partner Canon Information & Imaging
Solutions. Ready to take action? Download Canon’s latest white paper “10 Proven
Steps to Accounts Payable Automation Success” to arm your team with a clear
path to success. A
Elire was recently named the Partner of the Year with Canon Information & Imaging Solutions for 2018. Elire and Canon have partnered to successfully deliver the AP Automation Solution from Canon to Elire’s PeopleSoft and E-Business Suite Customers, as well as develop the future of OCR technology to streamline and automate day-to-day business processes for AP Users.
About Canon
Information and Imaging Solutions, Inc.
Canon Information and Imaging Solutions, Inc. (CIIS), a wholly owned subsidiary of Canon U.S.A., Inc., brings together Canon’s world-class imaging technologies and information management expertise to assist organizations in achieving their digital transformation objectives. With a focus on innovation, CIIS’s software development and solutions delivery capabilities scale across several practice areas: Business Process Automation – including Procure-to-Pay & Order-to-Cash automation, Document Solutions, Information Management Services with a focus on content capture, management and collaboration, and Security and Infrastructure Management. With expertise in emerging technologies such as artificial intelligence, machine learning, and big data analytics, CIIS deploys its solutions in partnership with leading technology providers and offers comprehensive consulting and professional services that are trusted by organizations of all sizes. Additional information about the company, its programs and mission can be found at ciis.canon.com.
Oracle hosted an Oracle Partner Network (OPN) webcast yesterday with some exciting updates to Oracle Cloud ERP and EPM.
Market Highlights include:
ERP SaaS market will reach $23.8 Billion in 2018 for 17% CAGR since 2013 (IDC); ERP includes accounting & finance, procurement, supply chain, and HR
Accounting and Finance was ~25% of the ERP market in 2016 (BCC Research)
Procurement Market (full Source-to-Pay) is growing rapidly with total revenues of $7.9 Billion in 2017 for 13% CAGR (Forrester)
Mid-size companies are expected to make up the majority of cloud customers
Oracle has around 10,000 E-Business Suite customers, of wich over half are mid-size
Organizations are reducing their TCO by over 50% and increasing their ROI by 3.2 when moving to Oracle Cloud
Industry Trends & Challenges you should know:
81% say staying current on technology is a top benefit of ERP Cloud (ERP Trends)
Average age of ERP systems nearing 20 years (ERP Trends)
Average lifespan of an ERP system is from 10-20 years (e2bteknologies)
ERP performing more routine, core processing typically done in Excel (CIO.com)
Compliance with SOX, GDPR, etc. becoming more critical for ERP (CIO.com)
Oracle Cloud ERP Benefits:
Simultaneously access real-time financial data & automate processes
Improve cash inflows and manage cash positions across the enterprise
Reduce transaction processing costs, data entry errors, and delays
Comply with global accounting standards, legislative, & industry requirements
Modernize, simplify, and accelerate project planning and execution
Improve collaboration and productivity among project teams and managers
Realize maximum savings and simplify purchasing with self-service procurement
Standardize and streamline sourcing negotiations and contract creation
Ensure contract compliance by monitoring for standard language deviations
Want an introduction to Oracle Cloud ERP? Join our next webinar, “Streamline & Simplify: An Intro to Oracle Cloud Financials” on February 19th. Register Here.
ONE event. NUMEROUS takeaways to help drive results for your business all year long! COLLABORATE 19 is the premier, user-led, technology and applications forum for the Oracle community. Produced by three independent user groups, IOUG, OAUG and Quest, COLLABORATE 19 is your event – created by users for users.
• 1,000+ sessions and panels packed with customers sharing their stories, case studies and practical “how-to” content
• Community-sourced education led by experts – for everyone, at every stage of their technology journey
• Breaking product news, roadmaps and insider information from Oracle executive management and developers
• Education and training for functional, technical and hybrid users
• Access to hundreds of other customers across industries to build your personal and professional network, including special interest group (SIG) meetings, geographic networking events and receptions
• An Exhibitor Showcase packed with products and solutions providers who can help you solve your specific challenges
• Unique events such as the Women in Technology Forum—connect with key women who are examples of success in a fast-changing environment
Team Elire will be exhibiting at Booth #442 as well as presenting SEVEN Sessions on our Industry Best Practices and recent client successes! Add our sessions to your schedule below:
106840 – Rewarding a Talented Global Workforce: Talent Profile and Workforce Compensation; a Yum! Case Study 10:30 AM – 11:30 AM | April 8, 2019 | CC 3RD FL 303A
106660 – Springfield Clinic Case Study: Lean Something New with Oracle Learning Management Cloud 10:30 AM – 11:30 AM | April 9, 2019 | CC 3RD FL 303A
105320 – PTF – Automation in Testing; Configuration; Conversion; and Production 2:00 PM – 3:00 PM | April 9, 2019 | GH 3RD FL BONHAM D
106640 – Rethinking Performance Reviews with a Rapid Implementation of Oracle HCM Performance Management 4:30 PM – 5:30 PM | April 9, 2019 | CC 3RD FL 303B
106570 – Implementation and Beyond: An Evolution of BI Cloud Reporting Strategies 8:00 AM – 9:00 AM | April 10, 2019 | CC 3RD FL 302A
105440 – Money in the Bank – Cloud ERP Implementation Success 4:30 PM – 5:30 PM | April 10, 2019 | CC 3RD FL 302B
103320 – Winning Tactics – PeopleSoft Treasury in a Regulated World 8:00 AM – 9:00 AM | April 11, 2019 | GH 3RD FL PRESIDIO B
Ready to access a wealth of information to help you navigate your technology journey? COLLABORATE 19 takes place April 7-11, 2019 at Henry B. Gonzáles Convention Center in San Antonio, TX.
