Mid-market JKX Oil & Gas plc has selected Cartesis to strengthen its reporting function and provide greater transparency across six markets around the globe. JKX, which historically used manual excel processes to report, will be implementing Cartesis ES Magnitude, a financial consolidation and management reporting application, to increase the information available to its decision makers.
Headquarted in London, the UK listed company has had the task of producing monthly board reports, which consist of some 40 excel spreadsheets for various markets including Ukraine, Georgia, Russia, USA and new projects in Turkey and Bulgaria. This type of multi-market activity brings with it a mass of strict external demands, ranging from the IFRS to providing information for investors - all of which led JKX to rethink its BPM process.
"Our criteria was simple but non-negotiable. We needed a robust and financially intelligent system that is flexible enough to grow as we do. Due to this, we went through a selection process reviewing a number of BPM solutions to ensure we selected the right product," said, Sue Rivett, Group Financial Controller, JKX Oil & Gas Plc. "Cartesis ES Magnitude gives us the visibility to meet a number of demands across our markets. But just as importantly, Cartesis has worked with us to provide a bespoke solution that addresses the needs of a mid-market company."
"The success and subsequent growth at JKX has brought a range of complexities to its reporting and finance function. With the implementation of Cartesis ES Magnitude, 95% of JKX's reporting will now become automated, either direct from Cartesis ES Magnitude or through excel add-ins linking directly to Magnitude, giving the finance team additional valuable time to plan and analyse the movements within the business," said David Gray, UK Country Manager, Cartesis.
