What is financial consolidation at Solitwork?
One of our core competences is financial Business Intelligence. We have more than 17 years of experience with our consolidation platform which we have implemented in a range of companies such as TDC, Broadnet, LEGO, Bang & Olufsen (B&O) , BO Concept. Each of these organisations are similar in that they have complex ownership structures with many subsidiary and associated companies. Our platform gathers all the companies accounts in one joint consolidation to enable transparency, near real-time data across all companies and to generate valuable release of resource to be utilised more effectively. Our platform is called FCC Consolidator and is an automated platform that eliminates errors and optimises the processes concerning consolidation.
Why implement a FCC Solution?
FCC is a well-tested, efficient and secure Business Intelligence tool. The purpose of FCC is to automate the consolidation, which means that valuable time for analysing data is released and the foundation for analysis of future decisions becomes of higher quality. FCC is a Solitwork solution focused on addressing the typical challenges connected to reporting such as late delivery of data, large amounts of data, missing integration of ground systems and maintenance.
Unique benefits with FCC
“B&O chose to collaborate with Solitwork with regards to a consolidation solution that could automate the report process. By using FCC time is released, time that can be better spent on analysing as internal and external reporting is driven by one process and the group and subgroups become united in one gathered consolidation. We also experience an increasing demand for error mitigation and elimination that we ensure by using intelligent, digital solutions that create transparency and provide our clients with an overview of their system architecture”, Esben Duedahl, CEO of Solitwork.
By using Solitworks Business Intelligence tool, FCC Consolidator, you will receive a deep insight into your numbers through the creation of internal and external consolidation whilst the resource consumption reduces as the process is automated and streamlined.
From “last minute reporting” to “due time reporting”
Fast closing is a demand that many finance departments face. Solitwork helps to ensure high quality, accurate reporting whilst the closing time is reduced. This is something we have done for B&O who state that Solitwork is “the right business partner”. By automating the process, they have benefitted through more time being released from preparing data to analysing it. B&O’s Senior Director, Global Finance, Brian Bo Nielsen elaborated:
“By having Solitwork as a partner we have streamlined our reporting. The implementation process has been extremely fast and we have closed our interim ahead of schedule. That is what creates value for us.”
Value that is Noticeable
B&O can now close their interim about a month before schedule through utilisation of our consolidation platform, FCC Consolidator, and with help from our competent consultants. Following the introduction of the FCC solution B&O reported an increase of 10% on their stock value. We are proud that Solitwork, in collaboration with the excellent finance staff at B&O, could assist B&O to achieve this goal and create value for our client. You can read more about B&O’s experience with Solitwork here.