{"id":547,"date":"2021-12-22T02:20:17","date_gmt":"2021-12-22T02:20:17","guid":{"rendered":"https:\/\/www.varshabi.com\/hoc\/?p=547"},"modified":"2023-03-30T16:50:21","modified_gmt":"2023-03-30T16:50:21","slug":"automated-financial-reporting-for-power-generation-enterprise","status":"publish","type":"post","link":"https:\/\/www.varshabi.com\/hoc\/automated-financial-reporting-for-power-generation-enterprise\/","title":{"rendered":"Automated Financial Reporting for Power Generation Enterprise"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"547\" class=\"elementor elementor-547\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-764a0d9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"764a0d9\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ob_glider_is_slider&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c97bc88\" data-id=\"c97bc88\" data-element_type=\"column\" data-settings=\"{&quot;_ob_column_hoveranimator&quot;:&quot;no&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d7342ad elementor-widget elementor-widget-heading\" data-id=\"d7342ad\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.20.0 - 26-03-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">Client\u2019s Business<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1548701 elementor-widget elementor-widget-text-editor\" data-id=\"1548701\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.20.0 - 26-03-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p class=\"home-font\">The client is a power generation firm that owns over 2,200 MW of natural gas-fired generation in Texas. The client\u2019s business is delivering reliable and flexible power to the ERCOT Wholesale Market.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4586cfb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4586cfb\" data-element_type=\"section\" data-settings=\"{&quot;_ob_glider_is_slider&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c47b55e\" data-id=\"c47b55e\" data-element_type=\"column\" data-settings=\"{&quot;_ob_column_hoveranimator&quot;:&quot;no&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e357049 elementor-widget elementor-widget-heading\" data-id=\"e357049\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The Challenge<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aace154 elementor-widget elementor-widget-text-editor\" data-id=\"aace154\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p class=\"home-font\">Founded in April 2018, the firm needed a setup to generate reliable and accurate Financial Reporting from scratch at a reasonable cost.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-42718b5 elementor-widget elementor-widget-text-editor\" data-id=\"42718b5\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p class=\"home-font\">HOC was chosen over other competitors considering the domain and project execution capabilities showcased in the past.<\/p><p class=\"home-font\">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.<\/p><p class=\"home-font\">ePic was directly connected to the Intacct Accounting Software\u2019s 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&#8217;s accounting database. The budget reference field was used to map the actual data to the budget data.<\/p><p class=\"home-font\">Financial Reports generated from ePic included Balance sheets, Income statements, Statements of Cash flows, and Statements of members&#8217; equity.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3baa65e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3baa65e\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ob_glider_is_slider&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7d1274f\" data-id=\"7d1274f\" data-element_type=\"column\" data-settings=\"{&quot;_ob_column_hoveranimator&quot;:&quot;no&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2f06a34 elementor-widget elementor-widget-heading\" data-id=\"2f06a34\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The Solution<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d794454 elementor-widget elementor-widget-text-editor\" data-id=\"d794454\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p class=\"home-font\">HOC was chosen over other competitors considering the domain and project execution capabilities showcased in the past.<\/p><p class=\"home-font\">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.<\/p><p class=\"home-font\">ePic was directly connected to the Intacct Accounting Software\u2019s 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&#8217;s accounting database. The budget reference field was used to map the actual data to the budget data.<\/p><p class=\"home-font\">Financial Reports generated from ePic included Balance sheets, Income statements, Statements of Cash flows, and Statements of member&#8217;s equity.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5019995 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5019995\" data-element_type=\"section\" data-settings=\"{&quot;_ob_glider_is_slider&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3b20809\" data-id=\"3b20809\" data-element_type=\"column\" data-settings=\"{&quot;_ob_column_hoveranimator&quot;:&quot;no&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6a17255 elementor-widget elementor-widget-heading\" data-id=\"6a17255\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The Result<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-81036ed elementor-widget elementor-widget-text-editor\" data-id=\"81036ed\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>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.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c1153a5 elementor-widget elementor-widget-heading\" data-id=\"c1153a5\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Outcomes & Benefits<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1fb790b elementor-widget elementor-widget-text-editor\" data-id=\"1fb790b\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li class=\"home-font\">Successful setup of an accounting and financial reporting platform in a cloud environment with a direct connection to the firm\u2019s GL systems<\/li><li class=\"home-font\">Ability to generate Financial Statements and Management Reporting at the click of a button<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Client\u2019s Business The client is a power generation firm that owns over 2,200 MW of natural gas-fired generation in Texas. The client\u2019s 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1932,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[6,9,7],"tags":[],"class_list":["post-547","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","category-case-studies","category-financial-reporting"],"_links":{"self":[{"href":"https:\/\/www.varshabi.com\/hoc\/wp-json\/wp\/v2\/posts\/547","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.varshabi.com\/hoc\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.varshabi.com\/hoc\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.varshabi.com\/hoc\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.varshabi.com\/hoc\/wp-json\/wp\/v2\/comments?post=547"}],"version-history":[{"count":10,"href":"https:\/\/www.varshabi.com\/hoc\/wp-json\/wp\/v2\/posts\/547\/revisions"}],"predecessor-version":[{"id":2980,"href":"https:\/\/www.varshabi.com\/hoc\/wp-json\/wp\/v2\/posts\/547\/revisions\/2980"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.varshabi.com\/hoc\/wp-json\/wp\/v2\/media\/1932"}],"wp:attachment":[{"href":"https:\/\/www.varshabi.com\/hoc\/wp-json\/wp\/v2\/media?parent=547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.varshabi.com\/hoc\/wp-json\/wp\/v2\/categories?post=547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.varshabi.com\/hoc\/wp-json\/wp\/v2\/tags?post=547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}