Geac, an enterprise software company for Business Performance Management, announced today that energy provider Consolidated Edison of New York Company, Inc. has chosen Geac Performance Management software to centralize, automate and streamline its financial consolidation process. Con Edison will implement Geac's software on the Microsoft business intelligence (BI) platform. Geac Performance Management won Con Edison's business because it could centralize key information and ensure data consistency for corporate and subsidiaries alike, while it handled Con Edison's large volume of data.
"With Geac, we will have a single, secure, Web-based application for automating the loading, validation and financial consolidation of data," reported Frank D'Amadeo, assistant controller for Con Edison. "And because the software works on Microsoft's BI platform, we expect to speed up these processes as well."
Con Edison purchased Geac Performance Management (formerly Comshare MPC) from Comshare, Inc. prior to Geac's acquisition of Comshare.
Geac Performance Management works with the many general ledger systems used by Con Edison's subsidiaries. When these subsidiaries close their books, they will click a button, sending their data to the Geac application, where intercompany eliminations will be performed. If the corporate office adds an account or if one of the subsidiaries makes a change, that information will be replicated throughout the system. Everyone will work with consistent information, helping Con Edison better control the process while also ensuring accuracy. In addition, end users at both corporate and subsidiary locations will be able to create their own reports and ad hoc analyses in order to better understand the business and identify trends and opportunities.
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