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SBC Medical Group Implements MoneyForward Cloud Consolidated Accounting

SBC Medical Group, a subsidiary of SBC Medical Group Holdings located in California, USA, has officially decided to implement the 'MoneyForward Cloud Consolidated Accounting' system. This innovative platform aims to optimize the group's global consolidated accounting operations, significantly reducing the manual workload associated with Excel tasks. The benefits include automated processing of financial statements, reclassification, currency conversion, and master maintenance, ultimately leading to more efficient financial statement production.

Background of the Implementation

SBC Medical Group operates an extensive array of medical services from advanced aesthetic medicine to dermatology, orthopedic surgery, infertility treatment, dentistry, AGA (Androgenetic Alopecia), and ophthalmology. They are progressively expanding their global footprint primarily in the US and Asia. While the domestic accounting system is standardized, the overseas subsidiaries relied on multiple systems, mainly QuickBooks. Previous implementations of consolidated accounting systems primarily operated on an Excel basis, which increased the workload of decision-makers for several reasons:

1. Redundant Work in Currency Conversion: As a listed company on NASDAQ, SBC is required to consolidate not only in Japanese yen but also in US dollars. This necessity leads to repetitive manual currency conversion tasks, where figures first need to be converted to yen and then re-converted into dollars. Furthermore, preparing consolidated cash flow statements also relies heavily on manual Excel entries, generating substantial burdens.

2. Subjective Operations and Inefficiencies: Decision-makers familiar with each subsidiary were limited in number, leading to operations that depended heavily on individual expertise and management styles. Additionally, financial statement management in overseas subsidiaries was not centralized, primarily relying on emails for data collection, resulting in prolonged efforts toward data accuracy and progress tracking.

To address these challenges and fortify their consolidated accounting structure to align with their global growth objectives, SBC Medical Group initiated the search for a new accounting system. The 'MoneyForward Cloud Consolidated Accounting' was chosen due to its ability to overcome existing challenges and its intuitive design and high usability that allows for operation independent of specific staff expertise.

Comment from SBC Medical Group's Chief Financial Officer

Shimizu, the Chief Financial Officer of SBC Medical Group, stated, "In our parent company, SBC Medical Group Holdings (listed on NASDAQ), speed and accuracy in global consolidated accounting are crucial. Previously, we spent a significant amount of time on Excel tasks, hindering our focus on vital management analysis. We believe 'MoneyForward Cloud Consolidated Accounting' is the optimal solution for our challenges as it automates currency conversion and centralizes financial data collection and management from our overseas subsidiaries. Moreover, by standardizing the consolidated process and data management rules within the system, we reduce dependency on specific staff, thus shortening the lead time for consolidations and enabling a shift towards more strategic activities."

About MoneyForward Cloud Consolidated Accounting

The 'MoneyForward Cloud Consolidated Accounting' system is designed to streamline data collection and file management across group companies, providing real-time visibility into management status. It features API integration with 'MoneyForward Cloud Accounting' and 'MoneyForward Cloud Accounting Plus', allowing for automated data collection and compatibility with imported Excel files, ensuring usability even for companies utilizing different accounting systems.

More information can be found at MoneyForward's Official Website.

About SBC Medical Group Holdings

• - Name: SBC Medical Group Holdings, Incorporated
• - Location: 200 Spectrum Center Drive Suite 300, Irvine, CA 92618 USA
• - CEO: Yoshiyuki Aikawa
• - Business: Management support services for medical institutions, including aesthetic medicine, dermatology, dentistry, AGA treatment, gynecology, infertility treatment, ophthalmology, orthopedics, and regenerative medicine.
• - Website: SBC Medical Group Holdings

About MoneyForward Inc.

• - Name: MoneyForward Inc.
• - Location: 3-1-21 Msb Tamachi, Tamachi Station Tower S 21F, Minato-ku, Tokyo
• - CEO: Yosuke Tsuji
• - Established: May 2012
• - Business: Platform service business
• - Website: MoneyForward Inc.

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