Eniro, a leading search company in the media industry, explains in brief how their financial close process was before implementing BALANCER and why the decided to automate the process with Adra.
How did the financial close process look like before working with Adras products?
In the Swedish office we did the accounts reconciliation in Excel, we had one document per account and company. At the end of September and December, we had to print all bank specifications and place them in different binders with its supporting documentation, it was a tedious and time consuming work.
During Q1 2014 we decided to centralize all finance operations and created a Nordic Shared Service Center in Sweden and Poland to handle the accounting of Sweden, Norway and Denmark. This led to a number of challenges when we had to archive and document the different balance specifications and supporting documentation as the reconciliation was done in two different countries.
What did you want to change and improve?
We wanted to have better control of the different balance sheets and a well-structured and unified archive to storage all the documentation. To reduce the amount of binders and paper was also very important.
It was crucial to us to get a real-time overview of the entire process. Just such a simple thing like being able to check which accounts are reconciled without needing to go through a huge number of Excel files to make sure everything is correct.
What has improved since the implementation of BALANCER?
So far, we have only done one year-end in BALANCER. It took a little extra time to upload all the needed material in the system. However, it was great that we didn’t need to make paper copies and use binders. I think we will see greater benefits in the coming future when we start working regularly in BALANCER.
They auditors have received their own login and they are very positive about getting access to all documentation digitally.
Now, we feel that we have much better control and visibility. It is easier to get a real-time overview and status of the financial process.
Eniro is a leading search company in the media industry, with operations in Sweden, Norway, Denmark, Finland and Poland. In 2013, 80 percent of the company’s revenues derived from digital media (excluding directory assistance services). The company specializes in local search and Eniro’s well-known brands, products and services create user value for a vast number of users each day.