Client’s Business
The client is a power generation firm that owns over 2,200 MW of natural gas-fired generation in Texas. The client’s business is delivering reliable and flexible power to the ERCOT Wholesale Market.
The Challenge
Founded in April 2018, the firm needed a setup to generate reliable and accurate Financial Reporting from scratch at a reasonable cost.
HOC was chosen over other competitors considering the domain and project execution capabilities showcased in the past.
HOC acquired servers on a cloud environment to host DEV and PROD instances for the EPIC application. Detailed requirement analysis was conducted to understand the diverse data sources, business rules and reporting requirements for GAAP Financial Reporting and Board Reporting.
EPIC was directly connected to the Intacct Accounting Software’s database. Separate input templates were created for uploading the budget and forecast data for different plants in EPIC database. Actuals were fetched from the client’s accounting database. The budget reference field was used to map the actual data to the budget data.
Financial Reports generated from EPIC included Balance sheets, Income statements, Statements of Cash flows, and Statements of members’ equity.
The Solution
HOC was chosen over other competitors considering the domain and project execution capabilities showcased in the past.
HOC acquired servers on a cloud environment to host DEV and PROD instances for the EPIC application. Detailed requirement analysis was conducted to understand the diverse data sources, business rules and reporting requirements for GAAP Financial Reporting and Board Reporting.
EPIC was directly connected to the Intacct Accounting Software’s database. Separate input templates were created for uploading the budget and forecast data for different plants in the EPIC database. Actuals were fetched from the client’s accounting database. The budget reference field was used to map the actual data to the budget data.
Financial Reports generated from EPIC included Balance sheets, Income statements, Statements of Cash flows, and Statements of member’s equity.
The Result
A low-cost and quick solution was implemented in a matter of weeks. At the end of the project, the firm had a low-maintenance financial reporting setup at its disposal. A fully functional and configurable EPIC setup was ready and facilitated to generate other reports from the accounting data, like Board Management and Variance Reporting while the project was being executed. EPIC is a scalable platform and supports a variety of reporting and in various output forms.
Outcomes & Benefits
- Successful setup of an accounting and financial reporting platform in a cloud environment with a direct connection to the firm’s GL systems
- Ability to generate Financial Statements and Management Reporting at the click of a button
