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Conquering Global Financial Management with IQMS ERP Software
Technology Category
- Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Industries
- Electronics
Applicable Functions
- Discrete Manufacturing
Use Cases
- Manufacturing System Automation
Services
- System Integration
- Training
The Challenge
Poly-Cast Plastics (Suzhou) Co., Ltd. was established in 2006 to support a United States customer that was simultaneously setting up a plant in Suzhou, China. In addition, Poly- Cast recognized a large business opportunity in the emerging Chinese market. Since it opened, the China facility has grown rapidly, from a modest two machine and three employee start to a current 10 machine spread. Additionally, the Suzhou facility has a full and independent team on the ground to run the daily operations and offer Poly-Cast’s customers a very competitive solution that eliminates the risks associated with doing business in China with unknown suppliers. In response to two challenges—the complexity of the People’s Republic of China (PRC) tax system and Poly- Cast’s lack of resources at the company’s start-up— Poly-Cast decided to sub-contract all of its financials for the first several years of operation. Unfortunately, the outsourced China CPA only managed the financials for PRC tax law (tax accounting), rather than providing accounting for manufacturing. This financial report structure, in addition to being expensive to outsource, made it very difficult to pull any data that would help Poly-Cast better run its business. The lead time alone to process a monthly financial was often 30 to 60 days, and Poly-Cast felt it was always looking backward.
About The Customer
Poly-Cast Plastics (Suzhou) Co., Ltd. specializes in providing tight tolerance, custom-molded components from engineered resins. The company services a wide range of markets, including the automotive, medical, consumer electronics, industrial and recreational industries. Poly-Cast Plastics (Suzhou) was established in 2006 to support a United States customer that was simultaneously setting up a plant in Suzhou, China. In addition, Poly- Cast recognized a large business opportunity in the emerging Chinese market. Since it opened, the China facility has grown rapidly, from a modest two machine and three employee start to a current 10 machine spread. Additionally, the Suzhou facility has a full and independent team on the ground to run the daily operations and offer Poly-Cast’s customers a very competitive solution that eliminates the risks associated with doing business in China with unknown suppliers.
The Solution
Poly-Cast brought its financials in-house through the use of its manufacturing ERP and MES software solution, EnterpriseIQ from IQMS. EnterpriseIQ is an extended, comprehensive ERP and MES system, meaning that every module (from human resources to accounting and the shop floor to quality, sales and inventory) is completely connected, so all the data Poly-Cast desired was already being collected. The overall goal was to drive accurate and timely financial reports internally out of EnterpriseIQ for better awareness and management of the Suzhou, China plant. This was approached in five steps: Separate out the Poly-Cast data into two locations: The headquarters in Oregon and locally at the China location by setting up a separate enterprise plant (EPlant) in EnterpriseIQ. Drive 100 percent of Poly-Cast Suzhou’s financials from EnterpriseIQ within three months. Create system-driven reports that management can use to track progress and identify risks. Eliminate the outsourced financial support of the China CPA within six months. Stay 100 percent compliant to rigorous PRC GAP and tax laws with the new internal financial reports. EnterpriseIQ was designed with a robust core of tools for financial management. Included in the base software solution are modules for accounts payable, accounts receivable, business intelligence, costing (standard and actual), general ledger, invoices, purchasing and financial reporting. Because the IQMS system is comprehensive and extended, the data from the core can cross seamlessly into other extended EnterpriseIQ modules, such as expenses, payroll, fixed assets, forecasting and more.
Operational Impact
Quantitative Benefit
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