For all large-sized organizations, month-end close is a crucial process. The management expects the finance department to publish the results at the earliest possible. However, the department has a dependency on other functions such as procurement, production, and costing to arrive at accurate numbers. These functions themselves have multiple processes to run at their end before the month-close.
The presence of even a minor loophole in such processes can set the finance department back to square one. Even if one transaction goes missing, there is a cascading effect on the entire value chain. Tracking that missing transaction can become a major pain point.
It is where Simplified Period Close (SIPEC), a product by Doyensys, can make a remarkable difference. It is an intuitive tool that is designed to help the finance, costing, and accounts teams to close the month-end processes instantly and accurately. This easy-to-use-solution automates all the Period Close processes in Oracle Process Manufacturing ERP implemented companies.
What are the main components of SIPEC?
SIPEC has been designed after a thorough process of collecting the requirements from Oracle Process Manufacturing User Organizations. SIPEC provides an Enterprise Command Center (ECC) like feature with various components to give a comprehensive solution for efficient and reliable month-end close process.
- It offers a flexible solution to launch month-end processes. OPM Actual Cost Process, Cost Update Program and OPM Pre-Processor Program can be run through SRS route, which are otherwise need to be submitted through an Oracle form.
All the processes in the red rectangle above can be bundled together and run at one one-go with the proposed tool. Otherwise, all these programs need to be run independently one after the other.
- Analytical reports allow quicker reconciliations and quicker identification of specific problem areas. Examples include Quantity and Value wise Reconciliation Report, In-Transit Stock Report, COGS/DCOGS Reconciliation Report and Work in Process Report.
- An informative dashboard allows to schedule and view the status of programs that need to be run at the end of the month.
- The notification framework brings the teams together on one page through instant communication for the resolution of queries.
- A pre-processing checklist identifies blockers that may prevent the completion of the month-end process.
What are the benefits of using SIPEC?
- Quicker and better decision making.
- Minimal manual intervention.
- Optimal System Utilization as the performance load gets reduced.
- A centralized dashboard allows improved better monitoring and control.
