John Eaton, Keith Porter, Co-foundersAspate of mergers, acquisitions, divestiture, and splitting of companies are restructuring the business landscape. “The speed at which they need to undertake these procedures requires automation,” explains Keith Porter, Co-founder, Virtual Trader. In association with Oracle—the American tech juggernaut that provides optimized and fully integrated stack of business hardware and software systems, Virtual Trader automates and enhances the inter and intra-company functionality of Oracle E-Business Suite (EBS), without the need for customization. Often multinational companies’ requirements span multiple systems and Oracle instances, and Virtual Trader is designed to support inter-company solutions in such environments. “Designed specifically for inter-company and custom accounting activities, our company not only integrates solutions hosted on the Oracle platform but also across non- Oracle applications, drastically reducing the overhead costs and challenges that the IT team faces,” says John Eaton, Co-founder, Virtual Trader.
One of the major areas that Virtual Trader focuses on is inter-company, which revolves around producing tax efficient solutions. “That’s a very sensitive area of business,” says Eaton. To add more complexity to the situation, changing jurisdiction and the tax legislations transforms the way organizations want to run their inter-company affairs and manage tax liabilities. Resolving the issue, Virtual Trader enables organizations to respond quickly to such situations and operate efficiently, through configurable solutions being fully integrated with the host Oracle EBS environment. In addition, the company assists organizations to maximize their resources by identifying the bottlenecks and streamlining inter-company activities.
As large companies start trading globally, inter-company activities crop up at every stage. However, it is an arduous task for Oracle to stay at par with the diversified trade patterns and legislations. Virtual Trader assists them by configuring the solution, instead of embedding the solution in the software. “This approach strengthens our relationship with Oracle, and we deliver products that match their coding standard,” states Porter.
Oracle architecture is not embedded in our product, making it upgrade independent
Though the company’s product is hosted on Oracle, Virtual Trader does not modify any of their products. The company’s products are developed so distinctly from the host application, that touch points between the company and the Oracle application are not embedded in the code. “The Oracle architecture is not embedded in our product, making it upgrade independent,”says Eaton. If Oracle changes its receivable invoices for example, customers can easily accommodate the alteration in the architecture themselves, and no change to the code line would be needed from Virtual Trader.
Most of Virtual Trader's clients are trading in multiple countries. One such client takes a job in the U.S. to deliver a parcel in China. Costs were incurred in the U.S. as well as in other countries along the route but only the U.S. were getting paid for its service. This created the problem of understanding the flow of accounting through these companies and making point-to-point payments, and settling the inter-company liabilities. Virtual Trader not only created the inter-company trade, but also provided them a semi-automated mechanism for settling and doing the reconciliation.
“The solution that we deliver is a system or a framework, which allows customers to be extremely flexible,” asserts Porter. Staying side by side with Oracle, the company is evolving, following the giant’s roadmap. Porter cites that Oracle will continue supporting on-premise solutions, but moving forward, Virtual Trader also plans to move in the cloud domain to support Oracle’s other solutions.