Hyperion believes the latest version of its financial management package will ease roll-ups of accounting data, especially for global companies.
The application, shipping now, was rearchitected as a fully Web-based system, allowing data access through standard browsers, Hyperion said.
"We've added full global support, full European statutory reporting which before required more customization work," said John O'Rourke, senior director of product marketing at the company. "The big benefit is this is a single solution that supports both legal and statutory [reporting requirements; many companies use two different products for that."
Corporations use the package to collect and analyze financial data typically funneled from a variety of sources. "Our customers have 20 or 30 general ledger systems, and we pull from all of those for consolidations," O'Rourke said. The advantage of using a packaged application such as Hyperion rather than spreadsheets or general ledgers is time savings, the company said. International consolidation of a company's divisions and subsidiaries can take weeks. Hyperion said its Web system can shorten that cycle to five days or less.
"The big improvement over [Hyperion's old enterprise product is that this has a database behind it . . . rather than a proprietary file-based structure, and because it's Web-based, you can set up multiple sites faster. Instead of multiple countries having separate installations, you can now send data up to a central location for statutory reporting," said Raja Kochar, director of financial business planning at Answerthink, New York.
The software also sports full support of the euro and links to popular ERP, CRM and data-warehousing systems.
Software-only pricing starts at $200,000 for a 10-user starter license. But implementations, including consulting, can top out at $1 million, the company said.