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AMC Automates Financial Reporting and Improves Operational Efficiencies

  • Centroid
  • $
  • AMC Automates Financial Reporting and Improves Operational Efficiencies

About AMC

AMC Networks Inc. (AMC), based in New York, NY, is a leading American entertainment company founded in 1980. With an annual revenue of $2.71 billion, AMC Networks operates multiple cable television channels, including the flagship AMC channel launched in 1984.  

AMC Logo_Success Story

Situation  

AMC utilized Oracle’s EBS for their general ledger in combination with Oracle’s legacy Hyperion Financial Management (HFM) software to supplement their consolidation and close processes. As the media industry rapidly evolved, AMC acquired a new business unit and needed consolidated reporting by January 2020 for full financial visibility.

Even with HFM, their accounting team manually consolidated data across business units and struggled to automate equity ownership revenue data for their acquired subsidiaries. With plans to acquire additional media companies in the next five years, AMC recognized that automating their financial reporting was imperative to keeping their finance teams operating efficiently.  

Action

Centroid worked with AMC to alleviate doubts about cloud functionality early on by seamlessly mapping existing Hyperion data configurations to the EPM cloud platform. AMC leveraged pre-built frameworks to automate reporting for income, balance sheet, and cash flow statements. This reduced the manual workload for the accounting team, freeing up time to analyze the data rather than prepare it.  

Impact

AMC’s partnership with Oracle and Centroid gave them the technology to quickly integrate acquired business units into their corporate-wide financial statements. This project marked AMC’s first experience with the cloud, leading them to explore options for streamlining workforce planning through Cloud EPM in the coming years.

As a result, AMC reduced their reliance on manual processes and improved financial reporting efficiency, positioning themselves better for future acquisitions. The reduction in manual workload allowed the accounting team to focus more on data analysis, and the automated reporting improved accuracy and timeliness of financial statements.