Background

World Fuel Services is 103 on the Fortune 500 list and based out of Miami, Florida. They provide marketing and financing for aviation, marine and ground transportation fuel products and related services to commercial and corporate aircraft, petroleum distributors and ships at more than 3,500 locations around the world.

Problem

World Fuel Services initially had a 100% manual process of using Excel and scrubbing the source trade data that comes from CXL in their reporting. Multiple team members using separate processes made it impossible to output reports into a format that was easy to audit, control, validate, or drill-down. In addition, the Excel-based manual process was fraught with risk of error and extraordinary effort - the limitations of Excel meant that their sheet kept crashing when multiple sheets were involved in processing data.

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Solution

HOC was brought in by request from a partner working for one of the Big Four consulting companies. World Fuel met with the HOC team and was able to map out multiple areas of the business where they could leverage process automation. HOC probed deep to understand the internal function of the company and to bring about a solution with a strong attentiveness to understanding the client, the process flow,  and the interaction of the systems and the files, . They realized there were significant opportunities for improvement due to suboptimal backend processes specifically due to the manual nature of the existing workflow.

HOC implemented the following changes:

  • After meeting with individual stakeholders they mapped existing processes and created a plan for a more efficient and accurate flow of data.
  • Leveraged the RPM platform to reduce dependency on Excel for data processing.
  • Reconfigured the internal systems for more flexibility in adding tables, updating rules and logic, and more.
  • Automated the preparation of financial reporting footnotes and disclosure tables in a format preferred by accountants and downstream systems.

 

Results

By leveraging HOC's industry expertise, World Fuel Services has been able to generate these results:

  • Automated the preparation of financial reporting footnotes and disclosure tables.
  • Significant reduction in the cycle time to get external reports out. What used to a three week process was cut down to a single week.
  • Can now prepare the ASC 815, 820 and MD&A footnote tables for any accounting period close accurately and within hours of the risk or accounting system being refreshed with new records.

"Efficient, effective, auditable, flexible and scalable are the keywords that come to mind in describing the benefit of deploying the RPM solution to automate the preparation of financial reporting footnotes and disclosure tables.  Not only did we see a significant reduction in the cycle time to get external reports out; now we can prepare the ASC 815, 820 and MD&A footnote tables for any accounting period close accurately and within hours of the risk or accounting system being refreshed with new records."

Yemi Karunwi

Director, Financial Accounting & Reporting - World Fuel Services

We were trying to create a precise disclosure process with an underlying process that was anything but precise. As we went through the overall process we found so many things that we weren’t able to fix by ourselves. This is where the flexibility of the HOC team really stood out. They were malleable to an underlying broken process.

Will Billings

VP Global Controller - World Fuel Services

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