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Transform financial consolidation and reporting by implementing Fluence

Practice

Tool Selection Finance Transformation

Team

1 senior consultant and 2 junior consultants

Technical environment

Reduction

in closing time

Improved

consolidation and reporting processes

Cashflow

automation

CHALLENGES

Reduce closing time from weeks to days.
Improve the quality of financial information.
Expand consolidation scope by integrating new acquisitions more easily.
Automate the consolidation process via workflows.
Improve information security.
Reduce consultancy costs (financial audit) by reducing the auditors' intervention time at the end of the year.

SOLUTION

Implementation of Fluence Technologies for consolidation and reporting.
Use of Trial Balance data from the customer's ERP (Winpro, SAP, QuickBooks) integrated into Fluence, with a direct connector to PowerBI for easy dashboarding.
Accounting support outside the initial scope to resolve closing issues, including consolidated chart of accounts, inter-company elimination, specific conversion, and cashflow calculation.

BENEFITS

Significant reduction in closing time from several weeks to just a few days.
Improved consolidation and reporting processes.
Cashflow automation.
Established connectivity with PowerBI.
Independence from external consultants for consolidation, improving reporting for the committee and bank covenants.
Positive impact on the finance and reporting function, with greater autonomy and efficiency.