By upgrading to the Oracle E-Business Suite 12.1, Fruit of the Loom will streamline its financial reporting and increase flexibility by creating a centralized location for business information and will reduce its reliance on manually intensive processes.
New functionality in Oracle Sub Ledger Accounting, part of Oracle E-Business Suite Financials, will enable Fruit of the Loom to centralize and enforce consistent accounting processes, while also supporting compliance with multiple accounting standards such as International Financial Reporting Standards (IFRS) and U.S. GAAP.
Oracle E-Business Suite Financials has also helped Fruit of the Loom use electronic payment and bank reconciliation functionality, enabling it to improve its financial processes, strengthen its controls and further increase efficiencies.
Additionally, Oracle E-Business Tax will help Fruit of the Loom automate its sales and use tax calculations by providing a platform for integration with a tax engine.
Based on the success of the project, Fruit of the Loom plans to take advantage of additional modules within Oracle E-Business Suite Financials, including Oracle Receivables and Oracle Internet Expenses. Additionally, the company plans to implement Oracle Hyperion Financial Management.
"As we continue to grow our company, we need a scalable and integrated platform that can optimize financial processes," said Fred Siegle, vice president of IT and Business Integration, Fruit of the Loom. "With the Oracle E-Business Suite 12.1, we are in the process of standardizing, automating and streamlining processes within the company. As a result, we will gain a more comprehensive view of our financial information, eliminate many inefficient manual processes and ultimately increase bottom-line profit."
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