FDC Utilities, Inc. (FDCUI), the utilities arm of one of the Philippines’ leading conglomerates, Filinvest Development Corp., has selected SAP FICO to streamline key finance and accounting functions in the company.
SAP FICO consists of SAP Financial Accounting (FI) and SAP Controlling (CO), two major modules of the SAP Enterprise Resource Planning solution. SAP Financial Accounting is a core module where all the financial processing transactions are captured. The SAP Controlling module helps provide operational information to support business analysis and decision making.
“With SAP FICO, we have more confidence in the accuracy and speed of our accounting system,” said Mario Pangilinan, Executive Vice President, FDCUI. “Before implementing SAP FICO, we manually recorded financial transactions, which gave us results that were not in real time. SAP has helped us achieved efficient recording of transactions and timely reporting of financial results.”
The implementation of SAP FICO has also enabled the company to create customized Bureau of Internal Revenue-accredited reports and allow a more accurate reporting of withholding taxes remitted to the government.
“SAP FICO will certainly help us move forward with these projects in the coming years because it allows the company to make crucial management decisions expeditiously and accurately,” Pangilinan added.
FDCUI hopes to contribute to the development of the country by bringing electricity and water to potential growth areas in the Philippines. The company plans to build multiple power generation projects in the next five years across the Philippines.
“SAP enables FDCUI to record its financial reports in real time. SAP FICO helps FDCUI achieve efficiency and timeliness in the generation of their financial reports,” said Darren Rushworth, Managing Director, SAP Philippines.
