SEEK, Australia Integrates 800+ Balance Sheets across 23 Entities with Oracle Cloud

Case Study

Product: Oracle EPM Cloud

Industry: Professional Services

About SEEK

SEEK is an Australia-based group of companies that is a market leader in online employment marketplaces. With a strong international portfolio of employment and education businesses, their unified purpose is to help people lead a productive work life.

SEEK has a presence in several countries, including Australia, New Zealand, China, Hong Kong, South-East Asia, Brazil, and Mexico, offering global exposure to 2.9 billion people, out of which 70 million are students.

The company employs 1,000+ people in Australia and over 10,000 people around the world. SEEK Asia unifies renowned JobStreet and jobsDB job portals under one roof, thereby improving the lives of millions through their comprehensive platforms.

Key Challenges

SEEK Australia was looking for a robust cloud solution for reconciliation, which could provide a complete track of their close cycle.

Customer challenges and pain areas with the current environment included:

  • One of the key challenges was to have the reconciliations for intercompany as they had invoices flowing in different currencies which is not their functional currency. This created an issue of translation differences.

  • Integration with source systems through Data management, EPM Automate, and flat files. Getting the report data from the Source system (MS Dynamics) in the compatible file format was a challenge.

Business Solutions

Evosys ANZ implemented Oracle Enterprise Performance Management Enterprise Cloud Services with Oracle Account Reconciliation Cloud Service and Oracle Close Cloud Manager modules for managing and improving SEEK Asia’s account reconciliations. It helped streamline reconciliation processes, provide workflows for productivity, and enable rules-based thresholds for automated certifications and risk assessments.

The high-level project scope includes: 

  • Periodic Reconciliation cycle for the client’s 23 entities (Oracle ARCS)

  • Periodic / Quarterly /Yearly Close Cycle to keep track of close processes (Oracle FCCS)

Business Benefits

  • Accuracy in figures reported.

  • Single Version Tracking.

  • Reduction in completing the reconciliation cycle from 15 days to 5 days.

  • Complete RACI Matrix Period close process with live dashboards for tracking.

  • A simplified audit process for reconciliations.

  • Defined clear responsibilities and timelines that enabled users to perform tasks relevant to their roles.

  • Discover process trends and areas for improvement, which highlight opportunities to gain efficiencies and trust in the accuracy of reconciliation data.

Significant Business Achievements

  • Business users would be able to access the ARCS modules of Oracle EPM Cloud and perform balance reconciliation with ERP Cloud modules GL, AP, AR, FA, and Intercompany. The File based integrations are established with source systems and are configured in the Production instance.

  • Users need not submit any balance sheet reconciliation via Excel effective Oct'21 closing.

  • The entire Oracle EPM implementation took place rapidly and was completed within 12 weeks.

  • 100% successful offshore Oracle implementation (only via remote sessions).

  • AMS contract awarded post-hyper care.

Critical Success Factors

  • Identifying and addressing the business needs precisely.

  • Solution-centric approach by demonstrating best business practices.

  • Winning the customer's trust with Evosys knowledge and rich experience.

  • Evosys functional consultants were flexible towards the business user’s availability.

  • Consistent review meetings and follow-up calls.

  • Good collaboration among the highly motivated and hardworking Evosys team members.

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