McCoy Global Consolidates on FastClose for Epicor ERP Reporting
McCoy Global, a product and service provider for the international oil and gas industry, headquartered in Edmonton, Canada, has become the first North American customer for FastClose – a UK-based provider of Accounting Intelligence software for Epicor’s ERP software.
McCoy Global is a leading provider of equipment and technologies used for making up threaded connections in the global oil and gas industry. The company has now partnered up with FastClose, the Accounting Intelligence firm making its name for Epicor-based reporting software. The initial tie-up between the two organisations focuses on translation of foreign entities and consolidation reporting.
Harold Ducote, Operational Systems Manager, explained the nature of the tie-up. “We had an issue with consolidation. McCoy Global is a public company, and we needed to translate our subsidiary companies into a particular format that we could not do in Epicor. This previously meant that we had to build everything in Excel.
“Signing into the Epicor user group forum, I noticed a thread that was asking for products that can cater for multi-company analysis and consolidation in Epicor. FastClose was recommended by two of their customers, so I made contact.
“FastClose allow a free trial, and so they emailed us the software, and we installed it in less than 15 minutes. We were up and running very quickly as the product comes with pre-defined templates for GL, AR, AP, SOP, POP, and Inventory.
“Immediately, I could see this was going to be a great help to our accounting team, so I got our Director of Finance, Sharon Abraham, involved.”
Sharon expanded on Harold’s comments further. “When I first looked at the software, it had a familiar look and feel to a product I had used before – InsightSoftware – at my last company when we ran JD Edwards. I then learned that the people behind FastClose were the same people that had been involved with InsightSoftware, so the learning curve on the software was minimal for me. I was so excited to see this functionality now running over to Epicor.
“For our proof of concept, we asked FastClose to help with the reporting translation of our foreign entities as well as the consolidation of the total company as it was not straightforward.”
Nick Gomersall, CEO of FastClose, explained, “The majority of consolidation systems can translate on a period-by-period basis the P&L at one rate, the balance sheet at another rate, plus plugin fixed values for historical accounts. However, what McCoy Global wanted to do was, as well as the historical accounts at a fixed rate, the P&L needed to be translated on a period-by-period basis, while the balance sheet needed to be done on the period cumulative numbers at the balance sheet rate. We then needed to sum up the P&L accounts to make them cumulative, and then run a cumulative TB to find the exchange translation gain or loss.
“Once we calculated this variance, it then had to plug this back to the P&L on a period basis by subtracting the current cumulative period by last month’s cumulative number. Interesting to say the least! Now McCoy Global’s consolidation runs in just minutes by using runtime variables that change the exchange rates and drop in the fixed values for historical accounts like retained earnings. The FastClose consolidation engine does the rest.”
Sharon commented further, “Not only has this saved us a great deal of time at month end, but it has also eliminated the risk that comes along with working on manually intensive spreadsheets. We are so pleased we have found FastClose. We have bought all of the FastClose modules as we want to roll them out to the accounting department. FastClose are also releasing their security module soon, which will enable us to publish reports to more individuals and ensure that they only see the data they are allowed to see. Plus we can restrict access to modifying reports.
“FastClose has an extensive roadmap as they know what needs to be done. They have already had experience in JD Edwards and Oracle EBS, and are now bringing this unique functionality to the Epicor World in order to bridge the gap between Excel and Business Intelligence systems.”
Nick concludes, “We give a free trial as we want people to know what they are buying, and how it addresses the real issues that they have. Currently, Epicor has around six reporting tools that all do different things. Once you have gone through all of them, you then realise none of them addresses the issue of month- and year-end close. So, a number of these products end up as shelfware and IT then have to come in and build ad hoc reports using SQL or SSRS which distracts from their main job of managing the IT infrastructure and ERP system.
“FastClose has been designed to be easy to use which ensures it gets adopted by the accounting team and they do not have to rely on IT.
“We are really delighted to have McCoy Global as our first North American customer. We are especially pleased with how they want to work with us on further developments and have given us great feedback on the product.”