Implementing Oracle Application

    Project Name: 
    Oracle Application
    Project overview: 
    Oracle Financials and Inventory Control

Our Finance Department provides a comprehensive financial accounting and reporting system that meets its daily operations in addition to presenting valuable information to ACC's management. It is managed in accordance with International Accounting Standards & Generally Accepted Accounting Principals (GAAP).
 
The department safeguards all the company assets and promotes their efficient use while adhering to prescribed management policies. The information available with our Finance Department provides the company management with valuable financial planning tools. It performs many major functions such as:

  • Financial Accounting and Reporting to Management
  • Budget and Forecasting Analysis
  • Purchasing Cycle Monitoring
  • Monitoring of Accounts Payables and Receivables
  • Fixed Asset and Investment Management
  • Project Profitability and Feasibility Study
  • Payroll Management
  • Cash Flow Analysis

 
In an effort to increase accounting and financial performance, our management agreed to implement the use of Oracle Applications in our company.  This was a step taken in order to improve the department capabilities in performing its functions and give the management an added advantage in managing business with a contracting company that involves simultaneous projects in different fields of Telecommunication, IT and Fire Fighting. Those complex and daily challenges require efficient financial and accounting abilities that aims at facilitating the efficient execution of our projects.
 
Once Oracle e-Business Suite was chosen, it was the implementation phase that posed the biggest challenges and delays especially in the transition from our old system to the new system. Despite these challenges, we managed to get to the final stage and the changeover was a great success.
 
The use of Oracle system has had a major impact on our operations. In addition, our database has become more secure and accurate when performing activities with sub-ledgers.
 
All our business activities now use the Oracle Applications system standard features. We have found this system convenient for customising reports as per management needs, providing accurate results in reports for our customers and suppliers and performing accurate reconciliation between our statements and bank statements. In addition it has also been effective for reconciling with sub-ledgers and general ledger periodically and providing on-time statements for the management.

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