Millennium JD Edwards

Telephone +44 (0) 845 604 4262 | Email info@millenniumconsulting.co.uk

industry solutions

Millennium Consulting provides solutions for the industries shown below. This includes advice and guidance to enable you to achieve more from JD Edwards making use of Millennium Consulting's complementary products and consulting and resourcing services.

As we have multiple ERP practises we are also in a unique position to assist companies migrating from one ERP to another. Click HERE for further details.

Please see below for more details about our individual offerings and contact us for further information or to arrange a call or visit. We have expertise in all JD Edwards modules and industries so whatever your requirement may be we can help you.

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banking/insurance

Our strategic, operational and RegTech expertise, simplify and help you address regulatory compliance, whilst increasing your competitive advantage.

Following the 2007 Global Financial Crises, national governments introduced bank regulation to ensure the events would not be repeated. Regulations were introduced subjecting banks and financial institutions to requirements, restrictions and guidelines, designed to create market transparency between financial services and the individuals and companies with whom they conduct business.

In light of banking industry inter-connectivity and national (and global) economic reliance on banks, it was believed essential for regulatory agencies to maintain control over standard practices operated by institutions. Banking regulators took the view that large banks were "too big to fail" as their failure would have serious repercussions over the wider economy.

The result of this is that regulatory reporting has become a prime focus for financial institutions. Regulatory requirements have increased and organisations must anticipate and document current and future risk exposures. The information required is much more detailed and complex than before and a comprehensive view of each institution’s position is required in real-time.

Millennium's regulatory and compliance services provide a comprehensive range of expertise covering regulatory reporting for the Banking, Insurance, Telecoms and Healthcare sectors. We help businesses anticipate and adapt to ever changing regulatory requirements on both a national and global basis, focussing on areas such MiFID III, Basel II, Solvency II, Dodd Frank, Sarbanes Oxley, GDPR and IFRS.

Millennium operates a dedicated team of experts to provide specialist regulatory and compliance consulting services to all types of businesses ensuring that you comply with the evolving legislative environment.

Below is some information on the regulation requirements that we believe will affect JDE customers. If you are interested in the latest financial regulation requirements and how they may affect you please contact us and we can call you or visit you to understand which of the regulations affect you and how to implement the best solution to meet your needs.

Industry Solutions
GDPR

GDPR - General Data Protection Regulation

In April 2016, The European Commission ratified The General Data Protection Regulation (GDPR), which covers the capture, control, and consent to use personal information. GDPR is designed to protect the data rights of E.U. citizens, meaning individuals will have greater control of who has their data, and how it will be used. Organisations must report on data breaches within 72 hours and will be bound by more stringent rules for obtaining consent from individuals on how their data can be used.

Under the GDPR, the responsibility of protecting the personal data of customers falls on the shoulders of organisations. GDPR applies to personal data that resides anywhere within an organisation, and applies to any company, inside or outside the E.U. that offers goods and services to European citizens.

Organisations must be 100% compliant from day one (25th May 2018) or regulators will issue fines for of between 2-4% of revenue. Depending on the infringement, the reputational damage from non-compliance may be long lasting.

The regulation on GDPR is clear on what needs to be done; however, organisations are struggling with how to do it. Protecting and securing data isn’t achieved by locking it away but by making it transparent across the organisation. To ensure GDPR compliance, organisations must be clear on where data is held and who is responsible for that data. It not only your responsibility to ensure data is secure, you must also be able to prove everything is being done to protect the subject’s data and the rights of the subject itself.

The ability to report on data is vital to breach notifications. Under the regulation, companies must report certain data breaches within 72 hours. Failure to do so will result in a fine.

To find out more or to discuss implementing on your site please contact us. We would be happy to arrange an introductory call or visit.


IFRS15

This was developed to address differences in the definition of revenue between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB). It is an International Financial Reporting Standard (IFRS) initiated by the IASB that provides guidance on accounting for revenue derived from customer contracts. It is a joint project with the FASB, which issues accounting guidance in the United States and becomes effective 1st January 2018. Broader impact:Changing revenue recognition methods will impact many parts of an organisation including financial accounting, IT, executive management, sales, legal, human resources, tax, investor relations, share and bond holders.

Revenue modelThe IFRS15 revenue model has five steps:

1) Identify contract with a customer

According to IFRS 15, the following criteria have to be met before a contract can be identified:a - Each party has to approve the contract and be committed to its fulfillment.b - Each party’s rights and obligations can be identified in terms of the contract, there are clear payment terms in the contract and the contract has “commercial substance”.

2) Identify individual performance obligations within the contract

A good or service that is to be delivered in terms of a contract with a customer qualifies as a performance obligation if the good or service is “distinct”. In this context a good or service is distinct if the contracted item can be consumed by the customer, either on its own, or in combination with other items that are regularly available to the customer and the promise to transfer goods or services to a customer can be separately identified from other transfers stipulated in the contract.

3) Determine transaction price

In most cases the transaction price payable is laid out in the contract and is simple to calculate, however certain circumstances require the transaction price to be calculated by other methods.

4) Allocate the price to the performance obligations

Firstly, an entity has to measure the amount of non-cash consideration in a contract in terms of IFRS 13: fair value measurement.

Secondly, a contract can have variable consideration (for example, the transaction price is subject to settlement discount should the client pay within a certain time frame). In this case, the transaction price can be calculated by two methods:

The most likely amount: the amount with the highest probability of being realized will be measured as the transaction price, or the expected value approach. In this instance the weighted average of possible amounts is measured as the transaction price. Both methods are estimates and if the actuals differ, the entity will apply the change retrospectively.

Finally IFRS15 requires the entity to test for the existence of a “significant financing component” in the contract, which will occur if: “the timing of payments agreed by the parties to the contract provides the customer or the entity with a significant benefit of financing the transfer of goods or services to the customer”.

If the above mentioned is applicable, the transaction price will be adjusted to eliminate the effect of this benefit. This is simply done by calculating the net present value of the payments (if the satisfaction of performance obligations is prior to the payment date), or by calculating the net future value (if the payment date is prior to the satisfaction of performance obligations). The difference (between the amount recognized after adjustment for a significant financing component and amount of consideration to be received) is simply recognized as interest income/expense in terms of the accrual basis of accounting as mentioned in IAS 1.

5) Recognize revenue as the performance obligations are fulfilled

An entity can recognize revenue when performance obligations have been settled defined as when the customer has received all the benefits associated with the performance obligation and is able to use and enjoy the asset.

IFRS16

The International Accounting Standards Board (IASB) issued IFRS 16 Leases in January 2016 which sets out the principles for recognition, measurement, presentation and disclosure of leases for both parties to a contract. IFRS 16 becomes effective from 1 January 2019; however, it can be applied before this date if an organisation also applies IFRS 15 Revenue from Contracts with Customers. IFRS 16 completes the IASB’s project to improve lease financial reporting and replaces IAS 17.

Arranging a lease results in a company (the lessee) obtaining the right to use an asset at the start of the lease and if lease payments are made over time, also obtaining financing. IFRS 16 eliminates the classification of leases as either operating leases or finance leases as is required by IAS 17 and, instead, introduces a single lessee accounting model.

Lessees

A lessee is required to recognise:

(a) assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value; and

(b) depreciation of lease assets separately from interest on lease liabilities in the income statement.

Lessors

IFRS 16 substantially carries forward the lessor accounting requirements in IAS 17. Accordingly, a lessor continues to classify its leases as operating leases or finance leases, and to account for those two types of leases differently.

Primary challenges

Data collection. The need to enable hundreds of thousands of leases to be held within a flexible model, efficiently storing all levels of granular data required for IFRS 16.

Complexity. Lease structures can be complex, as can the accounting scenarios. Leases can be of multiple types and can be further impacted by multi-GAAP and multi-currency considerations. The system needs to support both the full retrospective and cumulative catch-up approaches to cater for the period of transition.

Audit & Disclosure. Ensuring a consistent approach that is fully auditable and traceable is a key part of implementing any new accounting standard. This is of particular importance as the IFRS 16 accounting standard requires judgements and decisions to be made at various points across the accounting process.

IFRS 9 & 15 Compliant. IFRS 16 is one of a number of new accounting standards. It needs to co-exist with IFRS 15 revenue recognition for asset fair value calculation, plus any asset impairment charges under IFRS 9.

Technology. Most lease administration systems are old, poorly integrated and hard to change. The accounting functionality is usually limited and inflexible and therefore a tailored solution is required.

Finance & Lease Sub Ledger: The move to IFRS 16 lease accounting can result in a significant increase in journal entries driven by multiple events over the lifetime of the lease. A Lease Sub Ledger allows detailed finance and lease information to be held in a centralized accounting hub to drive detailed reporting across the organisation of key movements and ratios. All data is validated with online balance to journal to lease drill down and enquiry.

A Sub Ledger provides a great alternative to overloading the existing Oracle or SAP GL. The sub-ledger provides great flexibility around account codes, hierarchies, accounting periods, calendars, and transactional, reporting and base currencies. Multiple balance types are stored allowing for financial, non-financial and lease aligned reporting. Both IFRS 16 and existing IAS 17 balances can be held simultaneously for comparative reporting.

IFRS 16 Finance Data Model. The best practice IFRS 16 data model caters for the most complex of lease structures and organisation or party relationships. The system stores a rich source of information to meet financial and lease based reporting requirements. To ensure complete financial reporting integrity and record the accounting information and the full lease life cycle event simultaneously.

Detailed payment schedules, index linked rates, terms, lease options and other key data items should be stored in the data model with full traceability and audit with the accounting entry.

Solution

Millennium works with several technology vendors who supply appropriate solutions that overcome the challenges associated with IFRS16. We can help you choose the right solution and integrate it to JD Edwards.

IFRS17

The new standard for insurance contract accounting, IFRS17 will become active from January 2021 and will replace IFRS4. The new standard will be complex and have fundamental differences concerning current accounting in both liability measurement and profit recognition. The financial and operational implications of IFRS17 will require a fundamental change in insurers’ accounting practices and provide a major challenge for much of the industry. There are, however, opportunities to optimise adoption, both operationally and in terms of financial performance.

The principles underlying the new standard are broadly similar to current practices, however the detailed requirements are markedly different. These changes will re-shape primary statements and change financial statement disclosures and changes to the data gathered and maintained will also be necessary.

A structured approach to planning your IFRS17 implementation project will help you overcome the coming challenge and Millennium Affine is well placed to help. Our mix of industry, regulatory technology and change management experience ensures we are well placed to support you.

To find out more about any of the IFRS standards or to discuss implementing on your site please contact us. We would be happy to arrange an introductory call or visit.


duplicate payments

Duplicate payments happen all the time. Occasional overpayments and duplicate payments of supplier invoices inevitably elude even the best real time system controls. The most common cause being human error. Invoices may be received twice, a single character reference may be misread resulting in two payments plus a host of other scenarios can result in duplicate payments; many of which are difficult to identify using automated systems. Occasionally these payments may not be erroneous but fraudulent.

Either way many private companies and public sector organisations are losing six or seven figure amounts of money each year. Much of this money can be identified and recovered. Millennium Consulting has a wealth of experience in tracing these erroneous payments offering a quick win service whereby clients can recover monies quickly and easily. Using our specialist techniques developed in house together with sophisticated detection algorithms and plenty of attention to detail we are able to find class-leading cash sums for our clients. We don’t use commercial audit software so we can work with your raw data without the need for you to purchase any additional software.

The service is discrete and unobtrusive and can highlight ways to improve the service delivered whilst saving money and not costing money. With over twenty years’ experience in data analysis of ERP systems, particularly JD Edwards, Millennium Consulting can help you find smart solutions to chronic problems within a short period of time without the risk of expensive business transformation programmes or large, expensive third parties.

To find out more about this unique service please contact us. We would be happy to arrange an introductory call or visit.

Industry Solutions
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manufacturing

Millennium consulting has worked with manufacturing companies for over twenty years. Our team of experts can assist you to optimise your processes, reduce stock levels and improve forecasting and planning. Using our experience of JD Edwards in manufacturing coupled with our extensive network of partner companies we can tailor make a solution that meets your requirements, overcomes your current challenges and saves you money.

Every manufacturing company is different - even within the same sector so our solutions aren't standard templates or accelerators because in manufacturing we firmly believe that one size does not fit all. By understanding your business and processes, challenges and issues and goals we can help you to succeed.

If you would like to implement or optimise JD Edwards Manufacturing please contact us. We would be happy to arrange an introductory call or visit.

Industry Solutions
Global Deployment

food and beverage

Food and Beverage is a wide ranging industry. Many of the leading global brands use JD Edwards to manage their manufacturing and supply chain processes. Millenium Consulting has worked with many of these leading brands providing assistance to configure the system as required or improve the processes and setup. Like manufacturing each company faces different challenges.

Millennium Consulting has worked with many JD Edwards customers in this sector and we understand the unique challenges faced.

If you would like to implement or optimise JD Edwards for any aspect of Food and Beverage please contact us. We would be happy to arrange an introductory call or visit.

Industry Solutions
Optimization

professional services

Professional Services isn't the easiest industry to describe and includes companies working within the formally regulated professions, such as law, accountancy, and architecture. The definition can be extended to encompass organisations such as management consultancies, advertising agencies, and investment banks. However we look at it these comapnies share three distinctive characteristics: -

Resource base Having relatively limited physical resources; their value derives primarily from their professional workers, and specifically the technical knowledge, expertise, and experience which they possess.

Organisational form Through the partnership form of governance, which is common, professionals experience a higher degree of autonomy than they would typically enjoy in conventional bureaucratic structures.

Professional identity Companies identify themselves as professionals and are united by a shared understanding of the concept of professionalism.

The sector as a whole has grown by more than 10 per cent a year over the past 25 years and currently generates more than US$1,000 billion in revenues globally. There has been a corresponding growth in the size of the firms within this sector, as many have followed their clients abroad and sought to become global. For example, the largest accounting firm, PricewaterhouseCoopers, whom Millennium Consulting works alongside, currently employs 163,000 people in almost 151 countries, with a 2009 gross revenue of US $26 billion.

The growth of the sector has run in parallel with its increasing influence. The majority of MBA students from top business schools wish to join consulting and investment banking firms. Many global investment banks are now far larger than the clients they serve and have a profound impact on financial products. Accountants are no longer simply watchdogs or even specialist business advisers to their clients: they have become deeply embedded within client firms through long-term relationships. PSFs are also subsuming the activities of their clients into their own organisations as they become increasingly involved in outsourcing activities. Their influence extends to the way we are governed as well as the way we do business: PSFs have taken the lead in reshaping the public sector in many developed and developing economies and have become major funders of political campaigns.

Millennium Consulting has helped many professional services companies implement JD Edwards and much more. We can help you to ge tmore from your JD Edwards systems and other systems.

If you would like to find out more please contact us. We would be happy to arrange an introductory call or visit.

Industry Solutions
Bespoke Custom Development

supply chain / logistics

Supply Chain/Logistics is a huge area affecting many JD Edwards customers. There are many factors in play that affect how efficiently a company is operating. These could include managing delivery schedules, workflows, and transportation data not to mention all the other related tasks that logistics companies have to perform on a regular basis. Delegating these tasks to multiple systems not only threatens their level of efficiency, but also threatens return on investment (ROI). Traditional methods of managing commercial logistic activities, often prove to be cost and labor-intensive.

Millennium consulting has a number of offerings comprising advise, industry expertise and partner solutions that help our customers improve their processes and efficiency saving them time and money.

If you would like to implement or optimise JD Edwards Supply Chain / Warehouse Manangement please contact us. We would be happy to arrange an introductory call or visit.

Industry Solutions
Financial Regulation

pharmaceuticals / healthcare / life sciences

Issues and solutions for the pharmaceuticals and life sciences industry 

The pharmaceuticals and life sciences sector faces particular issues when using the International Financial Reporting Standards (IFRS).There are many industry-specific factors which need to be considered in order to provide a view on the most pertinent accounting solutions for common commercial transactions under IFRS.

Pertinent areas include solutions for IFRS 15, ‘Revenue’, and IFRS 9, ‘Financial Instruments’, which are issued but only effective for periods beginning on or after 1 January 2018.

Each solution is based on a specified set of circumstances. They cover general situations and provide a framework for determining the appropriate accounting answer but individual fact patterns may give rise to a different answer.

Examples cover various practices in the following areas:

  • Research and development 
  • Intellectual property 
  • Manufacturing and supply chain 
  • Sales and marketing 
  • Revenue recognition 
  • Business combinations

If you would like to implement or optimise JD Edwards for Pharmaceuticals, Healthcare or Life Sciences please contact us. We would be happy to arrange an introductory call or visit.

Industry Solutions

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