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Neil Shah, Co-Founder and PresidentEnterprise Platform for Integrated Compliance (EPIC), developed by HOC, becomes invaluable in navigating these multifaceted challenges.
EPIC represents a significant leap in financial reporting. Its capability stands in sharp contrast to the more common one-size-fits-all solutions, marking EPIC as a platform that truly understands and accommodates the unique requirements of each client. With its robust suite of algorithms, EPIC offers a substantial library of pre-constructed formulas that can be customized to align with specific business imperatives. Such adaptability allows EPIC to effortlessly assimilate client-specific data and templates into its framework and offer an intuitive reporting experience.
However, as they say, the effectiveness of the algorithms is only as good as the quality of data it receives.
This is where the technical foundation of EPIC excels. It is a web-based platform, leveraging the robust Microsoft stack to power its capabilities. For database management, it relies on SQL Server, while the front end is rendered dynamic and responsive through HTML5 Angular. The middle layer is powered by ASP.NET Core, with IIS as the web server, ensuring robust and secure processing. EPIC’s versatility extends to its data integration capabilities, which are adeptly handled by Azure Data Factory or SQL Server Integration Services (SSIS), depending on whether the data is stored in the cloud or on-premises.
Together, it not only enhances data management but significantly reduces the time required to configure processes within the platform. It also simplifies the review and approval stages for users, transforming what was once a complex, manual task into a straightforward process.
As Rahul Revankar, EVP of operations at HOC, puts it, “What traditionally took weeks, months, or even years, can now be accomplished in a matter of hours or days. By efficiently aggregating data from multiple sources, storing it effectively, and applying the necessary rules, EPIC alleviates the heavy lifting traditionally associated with financial reporting.”
This customer-centric design makes EPIC highly sought after by organizations burdened with manual, labor-intensive processes ranging from data collection to report generation.
Beyond customization and process simplification, EPIC significantly enhances the agility of accounting teams by facilitating real-time issue identification and resolution. If users detect an issue, they can initiate changes directly in EPIC, which are automatically updated in their transactional systems, like ERPs.
Taking a proactive stance, EPIC even incorporates triggers and analytics to automatically identify anomalies and exceptions early in the analysis phase, diverging from traditional methods where issues are typically discovered post-report creation. This fosters a more controlled and secure environment to minimize risk in financial reporting.
Long-standing client relationships, some spanning over two decades, reflect the profound and lasting impact EPIC has on clients. A recent example involves a client that encountered difficulties in automating their prepaid process. Invoices arrived from multiple platforms, and the approval process was intricate, involving a variety of business rules and several managers.
EPIC streamlined the process by automatically bringing invoice entries into the system, identifying prepaid invoices, directing them to the appropriate manager for approval, and initiating the necessary workflows. For example, EPIC automated the creation of monthly $10,000 amortization entries for an annual invoice of $120,000, culminating in the generation of the final journal entry for ERP loading and reporting for account reconciliations.
What was previously a manual task taking 15-20 hours is now an efficient, automated workflow, resulting in a monthly time-saving of 30-60 hours. Routine tasks such as daily checks, approval notifications, and the management of complex amortization schedules are now effortlessly handled by EPIC. Similar efficiencies were achieved in various areas, from general ledger disclosures to reporting packages, turning tasks that took days into processes completed in hours.
EPIC represents a significant leap in financial reporting. Its capability stands in sharp contrast to the more common one-size-fits-all solutions, marking EPIC as a platform that truly understands and accommodates the unique requirements of each client
Building on these successes, the company is now channeling its focus toward advancing EPIC’s automation capabilities for more intricate procedures. A key development in this is enhancing EPIC to interpret invoices directly from PDFs using AI. This feature will offer more profound insights into transaction data, elevating the level of support for financial analysis and decision-making.
Encapsulating the company’s vision for now and for the future, Sean Bennett, VP of business development, says, “Our goal is to humanize automation, to create a more intuitive and user-friendly experience for accountants. We are working toward making our system more human-centric, enabling users to interact with the platform and data in plain and simple English.”
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Company
HOC
Management
Neil Shah, Co-Founder and President
Description
HOC is redefining financial reporting efficiency through its Enterprise Platform for Integrated Compliance (EPIC). Leveraging Microsoft technologies, EPIC streamlines financial reporting and workflow complexities, offering adaptable solutions that automate processes, enhance analytics and providing unparalleled flexibility for organizations struggling with diverse transaction systems and reporting challenges.
