Elire News

Elire Delivers Cloud Success for Financial Services Firm

July 17th, 2019

Elire Delivers Cloud Success for Financial Services Firm

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 CDC
  • 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
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Connect with Elire at PeopleSoft RECONNECT

July 2nd, 2019

Connect with Elire at PeopleSoft RECONNECT

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:

[101170] PTF: Integration to ALM, Scheduling, Production Validation and Pivot Grid Reporting

  • 9:15 AM – 10:45 AM│Wednesday, July 17th│Narita AB

[100570] PeopleSoft Treasury SIG Meeting

  • 1:30PM – 2:30 PM│Wednesday, July 17th│Heathrow AB

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!

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Elire at HIUG Interact 2019

July 2nd, 2019

Elire at HIUG Interact 2019

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.

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PeopleSoft FSCM PUM 31 GASB Updates

April 12th, 2019

PeopleSoft FSCM PUM 31 GASB Updates

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.

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Guest Post: 3 Ways AP Automation Improves Working Capital Performance

March 6th, 2019

Guest Post: 3 Ways AP Automation Improves Working Capital Performance

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

This guest post is brought to you by Elire’s Partner Canon Information & Imaging Solutions. Interested in learning more? Download the CIIS white paper “10 Proven Steps to Accounts Payable Automation Success.”

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.

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Cloud ERP Updates: Oracle Partner Cast

January 24th, 2019

Cloud ERP Updates: Oracle Partner Cast

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.

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Elire at COLLABORATE 19

January 24th, 2019

Elire at COLLABORATE 19

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.

Register by February 14 to save big!

Select the user group most closely aligned with your interests at www.attendcollaborate.com.

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PeopleSoft FSCM PUM Image 30 Release

December 11th, 2018

PeopleSoft FSCM PUM Image 30 Release

PeopleSoft Update Manager (PUM) Image 30 for FSCM was released and includes a large array of new features, including enhancements to Procurement Contracts, Credit to Cash Global Search, the addition of UPN types to Procurement and Payables Tables and Components, multiple updates to Grants, and enhanced visibility for Fluid Expense Approvers. 

To view all of the highlights from FSCM Image 30, view the video below from the Oracle PeopleSoft Youtube Channel.

For a comprehensive overview of all fixes and functionality in Image 30, view the Cumulative Feature Overview tool. 

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Guest Post: How AP Automation for PeopleSoft Helps Mitigate Fraud and Compliance Risks

December 10th, 2018

Guest Post: How AP Automation for PeopleSoft Helps Mitigate Fraud and Compliance Risks

If it feels like it is getting harder to manage your finance organization’s fraud and compliance risks, you are not imagining things.  The finance department is a target-rich environment for crooks:

  • Collusion
  • Vendor schemes
  • Inventory theft and fraud
  • Computer-based payments fraud
  • Conflict of interest
  • Fraudulent financial reporting

All told, 75 percent of global senior executives surveyed by Kroll say their organization has experienced some type of fraud, whether it’s insider fraud or supplier fraud.  Each year, corporate America loses the equivalent of 5 percent of its total revenues due to fraud, studies show. 

Making matters worse, businesses must contend with an ever-increasing regulatory burden and the risk of financial penalties, loss of business, reputation damage, and more. For starters, there are dozens of lists of parties that either a buyer cannot do business with, or that have specific restrictions on how a buyer can do business with them.      

Having a state-of-the-art ERP application like PeopleSoft isn’t enough to manage these risks.  Businesses must rethink the other systems and processes such as accounts payable that feed their ERP. 

Regardless of your ERP application, manual and semi-automated accounts payable processes leave finance organizations extremely vulnerable to fraud and compliance issues in several ways:

  • No tracking of document history and approvals
  • No way to ensure that employees adhere to approval policies and separation of duties
  • No chain of custody assurances
  • Audit information that is not readily accessible
  • Poor PCI compliance controls
  • No way to prevent documents from being discarded or destroyed ahead of deadlines

Importantly, organizations that rely on manual and semi-automated accounts payable processes don’t have the real-time visibility into their financial data to tightly control their risks:

  1. Key information is not captured
  2. Data is poorly organized
  3. Information is not timely
  4. Systems are badly integrated
  5. Decision-makers cannot access key variables

That’s why 24 percent of all fraud cases are the result of billing schemes that could be prevented or detected by sound vendor master database controls and other reporting and visibility measures, per the Association of Certified Fraud Examiners. And that’s why audits induce feelings of nausea.  

Finance executives have had enough.  Eighty percent of finance executives tell Accenture that they are “concerned” or “very concerned” about their organization’s compliance and security risks. 

For their part, 9 percent of accounts payable leaders identify security and compliance as their top improvement priority, per the Institute of Finance and Management (IOFM).

This is where accounts payable automation comes in.

Combining an automated accounts payable solution with your PeopleSoft application enables organizations to mitigate fraud and compliance risks.  Here are three ways how:

  • Intelligent data capture: Automated accounts payable solutions capture information from invoices based on pre-configured business rules and validate the information against data that resides in PeopleSoft.
  • Automated workflow: Automated accounts payable solutions electronically route invoices based on pre-defined business rules, ensuring chain of custody and separation of duties and eliminating the possibility that invoices will fall into the wrong hands.  What’s more, automated solutions track all activities within the system, such as who approved an invoice.  And standardized processes ensure transparency and compliance. 
  • ERP integration: Automated accounts payable solutions seamlessly upload data and images on approved invoices to PeopleSoft, providing 360-visibility into a transaction and the supplier.  Invoices can be accessed directly from PeopleSoft transaction screens.  And images and data are securely archived and maintained per your guidelines and cannot be discarded prematurely.   

Fifty-five percent of finance organizations are investing in digital solutions to mitigate fraud and compliance risks, Accenture reports.  Accounts payable automation should be part of this plan. 

The control provided by the combination of PeopleSoft and an automated invoice processing solution, such as the one from Canon Information and Imaging Solutions (CIIS), gives businesses an upper-hand against fraudulent activities. By pairing continued investment in your PeopleSoft application and implementing integrated user enablement tools, you empower business users and IT to gain control of financial operations while creating the visibility required by management.

This guest post is brought to you by our Partner Canon Information & Imaging Solutions. Interested in learning more? Download the CIIS white paper “3 Ways Accounts Payable Automation Mitigates Fraud”.

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.

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Redesigned Payroll WorkCenters in PeopleSoft HCM

November 28th, 2018

Redesigned Payroll WorkCenters in PeopleSoft HCM

Utilizing Fluid UI, Payroll WorkCenters for PeopleSoft HCM have been redesigned! Payroll employees can now complete all daily payroll processing tasks from one central area with WorkCenters created by system administrators utilizing the PeopleSoft Enterprise Components Fluid WorkCenter framework. Learn more with this recent video from PeopleSoft: 

 

 

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