Workday Foundation Data Model Improves Consolidation and Reporting
A Real Estate Investment Trust (REIT) had acquired over 150 legal entities complicating their financial operations. The client’s financial consolidation and elimination of entities across multiple financial systems had become complex, time-consuming, and manual. Each operating entity functioned in a silo. Data was exchanged through data extracts and mappings, and the client lacked a common data model to drive consolidation and financial reporting. Furthermore, all elimination and financial adjustments occurred as topside adjustments at the parent company level.
Guidehouse led a multiphase Workday Implementation to merge all parent company financial operations into a subsidiary’s Workday environment. The Guidehouse solution included,
The client now has a common financial system and data model to perform consolidation and automate elimination entries. This integrated approach streamlines period end close while enhancing compliance, accuracy, and substantiation of the client’s financial statements. Through the Workday Foundation Data Model (FDM), the client can scale quickly to meet future growth objectives, mergers, and acquisitions.