Case Study: Luceco achieves faster financial close and reporting with Version 1 and Oracle EPM Cloud

Luceco cuts financial close from 12 days to under 5 with Version 1

Luceco, a UK-based manufacturer of LED lighting and wiring accessories, faced significant challenges due to its rapid international growth. Their financial close and consolidation processes were heavily manual, relying on error-prone spreadsheets that were time-consuming and created a lack of trust in their data. This prevented the finance team from providing valuable analysis. Luceco engaged Version 1 to help transform these processes.

Version 1 implemented Oracle EPM Cloud Consolidation and Close, integrated with Luceco's source systems using their Cloudbridge data tool. This solution automated data loads, currency translations, and intercompany eliminations. The results were transformative: Version 1 helped reduce the financial close process from 12 days to under 5 days, with full data consolidation achieved in just 10 minutes. This created a 70% time-efficiency saving and established a single 'golden source' of truth for confident, real-time reporting.

Luceco