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Synergia - Oilex

Client : Synergia (Formerly known as Oilex)
Industry : Oil & Gas Production
Global Presence: Operates in 9 countries with diverse fiscal years, 
regulatory requirements, and complex multi-national operations. 

 

About Client 

Synergia Energy Ltd specializes in oil, gas, and CCS with a focus on India's Cambay Project. Leveraging expertise in conventional and unconventional resource development, the company addresses India's growing natural gas demand. Publicly traded on the AIM Market (AIM: SYN), Synergia drives energy innovation from its Australian base.

Challenges Identified

Synergia faced several operational challenges due to its legacy systems and global scale:

  1. Consolidation Issues :

    • Manual Process : Financial consolidation was done manually through Excel, which was time-consuming and error-prone.

  2. Fiscal Year Variations :

    • Each country operated on different fiscal years, complicating the budget planning and consolidation processes.

  3. Currency Management :

    • The need to manage both local currencies for statutory reporting and USD for global consolidation.

    • Issues arose from fluctuating exchange rates affecting currency revaluation.

  4. Legacy System Dependency :

    • Project managers preferred using legacy systems, leading to challenges with data export and import.

  5. Budget Tracking :

    • Managing and tracking budgets across different fiscal years and varying country standards was complex and inefficient.

  6. Complex Multi-Level Reporting :

    • Synergia required hierarchical reporting that consolidated data at both the entity and global levels.


Solution Provided by SerpentCS

To address these challenges, Serpent Consulting Services implemented a tailored Odoo ERP solution that transformed Synergia’s financial management operations.

  1. ERP Platform Implementation :

  • Migrated to Odoo Enterprise (Version 15) , focusing on accounting and consolidation modules for streamlined financial operations.

Multi-Level Consolidation :

  • Configured multi-layered reporting for both country-specific and global consolidation, ensuring accurate data aggregation.

Dual-Currency System :

  • Customized Odoo to manage dual currencies (local and USD), allowing for seamless integration of local statutory compliance and global reporting requirements.

  • Automated revaluation of liquidity accounts to address currency fluctuations effectively.

Data Import Automation :

  • Developed Excel-based templates integrated with macros and ActiveX controls, enabling a one-click upload of accounting data into Odoo. This significantly reduced manual errors and saved time.

Budget Management Customization :

  • Utilized Odoo’s analytical tags to assign budgets according to fiscal year specifics, enabling accurate budget tracking and better financial planning.

Reporting Optimization :

  • All essential financial reports (P&L, balance sheet, trial balance) were automated in dual currencies, streamlining both statutory and internal reporting.

User Adoption Enhancement :

  • Ensured compatibility with legacy systems during the transition phase, allowing users to gradually adapt to the new Odoo ERP system.


Impact and Benefits

The Odoo ERP implementation by Serpent Consulting Services delivered substantial improvements for Synergia:

  1. Improved Consolidation :

  • Eliminated the need for Excel-based processes, resulting in accurate, seamless consolidation across all entities.

Enhanced Efficiency :

  • Automated data imports saved significant time, reducing errors and enhancing operational efficiency.

Comprehensive Currency Management :

  • Simplified compliance with both local statutory requirements and global reporting standards , addressing issues caused by currency fluctuations.

Effective Budget Control :

  • Fiscal-year-aligned budget tracking helped improve financial planning and operational decision-making.

User-Friendly Integration :

  • The compatibility with legacy systems allowed for a smooth transition, minimizing disruptions during the changeover.


Customization Highlights

Dual-Currency Setup :

  • Configured secondary currencies for each entity (e.g., AUD for Australia, INR for India), enabling accurate financial reporting across regions.

Revaluation Customization :

  • Automated monthly revaluation of liquidity accounts to mitigate the impact of exchange rate fluctuations on financial statements.

Excel Plugin Development :

  • Developed a macro-based script for seamless data uploads into Odoo, eliminating the need for manual data entry.

Analytical Tags for Budgets :

  • Implemented analytical tags for each fiscal year to facilitate precise budget tracking and filtering.


Conclusion

Serpent Consulting Services successfully helped Synergia (formerly Oilex) transition to a modern, integrated ERP system that streamlined their financial management across global operations. The Odoo ERP solution not only addressed Synergia’s complex challenges of fiscal-year variations, multi-currency management, and reporting but also improved efficiency, accuracy, and decision-making. This transformation reflects SerpentCS’s expertise in implementing complex ERP solutions for large-scale, global enterprises.

With Serpent Consulting’s tailored ERP implementation, Synergia now has a robust, future-proof system in place, enabling enhanced financial transparency, improved operational efficiency, and seamless compliance with both local and international regulations.