Premium Real Estate Developer
Oracle Fusion ERP with IFRS 15 revenue recognition for a UAE property developer.
All case studiesA premium real estate developer with 12 active projects across Dubai and Abu Dhabi — including 3 mixed-use towers, 5 residential communities, and 4 commercial developments — engaged Cydez Technologies to implement Oracle Fusion ERP. The developer managed a combined project portfolio valued at AED 8.5 billion, with annual revenue exceeding AED 2 billion.
Project accounting, revenue recognition, and contractor payments were managed using a basic accounting package supplemented by extensive spreadsheets. IFRS 15 revenue recognition for long-term construction contracts required percentage-of-completion calculations that were done manually by the finance team — consuming 2 weeks per quarter-end close. Contractor payment workflows involved manual matching of milestone certifications, retention tracking, and variation order management across 200+ active contractor relationships.
Cydez implemented Oracle Fusion ERP covering Project Accounting, General Ledger, Accounts Payable, Fixed Assets, and Cash Management. IFRS 15 revenue recognition was configured with automated percentage-of-completion calculations tied to project milestone certifications from the construction management system. Contractor payment workflows with retention tracking, performance guarantee management, and variation order processing were built using Oracle's approval hierarchy and workflow engine. Integration with the sales CRM provided real-time revenue forecasting based on booking pipeline and collection projections.
- Oracle Fusion ERP for AED 8.5B project portfolio
- IFRS 15 automated revenue recognition
- Project accounting with milestone-based costing
- Contractor payment and retention management
- Sales CRM integration for revenue forecasting
- Multi-project profitability dashboards
A premium real estate developer with 12 active projects across Dubai and Abu Dhabi was managing project accounting, revenue recognition, and contractor payments on spreadsheets supplemented by a basic accounting package. IFRS 15 revenue recognition compliance for long-term construction contracts required percentage-of-completion calculations that were done manually — taking the finance team 2 weeks per quarter-end close.
Cydez implemented Oracle Fusion ERP covering Project Accounting, General Ledger, Accounts Payable, Fixed Assets, and Cash Management. IFRS 15 revenue recognition was configured with automated percentage-of-completion calculations tied to project milestone certifications. Contractor payment workflows with retention tracking and release schedules were built using Oracle's approval hierarchy. Integration with the sales CRM provided real-time revenue forecasting based on booking pipeline.
How we delivered this project
Discovery
Analysed the financial workflows across 12 active projects over 6 weeks. Documented IFRS 15 revenue recognition policies and percentage-of-completion calculation methods. Mapped contractor payment workflows including retention, guarantees, and variation orders. Assessed CRM data quality for revenue forecasting integration.
Design
Designed the Oracle Fusion ERP configuration with project-based chart of accounts and multi-project cost allocation rules. Created IFRS 15 revenue recognition configuration using Oracle Revenue Management Cloud. Designed contractor payment workflows with approval hierarchy mirroring the organisation structure.
Development
Configured Oracle Fusion ERP modules with real estate-specific chart of accounts and project structures. Built IFRS 15 revenue recognition rules with automated percentage-of-completion calculations. Developed contractor payment workflows with retention tracking. Built OAC dashboards for project profitability and cash flow forecasting.
Launch
Migrated financial data from the legacy accounting system using FBDI. Executed parallel-run for 2 quarter-end closes. Trained 40 finance, procurement, and project management staff. Achieved first fully automated quarter-end close in Month 4 post go-live.
What we built
IFRS 15 Revenue Recognition
Automated percentage-of-completion revenue recognition tied to milestone certifications. Support for variable consideration, contract modifications, and significant financing components. Eliminates manual spreadsheet calculations.
Project Accounting
Multi-project accounting with milestone-based cost tracking, budget monitoring, and cost-to-complete forecasting. Drill-down from portfolio level to individual cost line items.
Contractor Management
Contractor payment workflows with milestone certification matching, retention tracking (5-10% configurable), performance guarantee management, and variation order processing with approval chains.
Cash Flow Forecasting
Real-time cash flow projection combining construction cost schedules, contractor payment commitments, unit sales pipeline, and collection forecasts. What-if scenarios for project delay impact analysis.
Multi-Project Dashboards
Oracle Analytics Cloud dashboards showing project-level P&L, cost variance, margin analysis, and comparison against business plan. Executive portfolio view with drill-down capability.
Sales Pipeline Integration
CRM integration providing real-time revenue forecasting based on booking pipeline, conversion probabilities, and collection patterns. Sales vs. construction progress alignment analysis.
Measurable outcomes
- Quarter-end close reduced from 18 days to 5 days
- IFRS 15 revenue recognition fully automated — zero manual calculations
- Contractor payment cycle reduced from 45 days to 15 days
- Real-time project profitability visibility across all 12 active projects
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