Get a first-hand view of how Adra BALANCER works in the real world. Charlotta Lind-Vintersköld, Financial Controller at Bilia, the giant Scandinavian car reseller, gives it to you.
With some 3 400 employees and a turnover well above 18 billion SEK, Bilia is considered a car reseller giant. The Month-End Close had its challenges:
Before using BALANCER Bilia was using Excel spreadsheets for their reconciliations. As a first step the team would print all of their ledger reports once a quarter and then pass these reports along with an Excel spreadsheet to their Financial Manager for review.
However, as Charlotta Lind-Vintersköld, Financial Controller, explains, there were several problems with using this approach.
Firstly, the Financial Manager had no way to keep an overview of the balance sheet accounts as the reconciliation reports only came out once every quarter – it was difficult to spot potential financial difficulties on the horizon.
Secondly, because all the spreadsheets were stored separately on local computers in their different offices, there was no way to gain any control over the process of the monthly close. The Financial Manager would have no idea as to the status of the reconciliations, if internal controls were fully used, if risks were mitigated (or not), and had no governance over the process. The quarterly reports were just received for review.
“BALANCER was really quick and easy to set up,” explains Charlotta, “the installation process took one day per company (Bilia has two companies that is currently using BALANCER) and with the staff training, we were up and running in a week.”
The improvements were instant and dramatic, Charlotta explains:
- The quick and easy automation of the vast majority of reconciliations means that we now upload our figures to BALANCER twice a day during the period close, keeping information continuously updated.
As balances are constantly up-to-date, the Bilia finance team can begin reconciling on the first day of the month-end close, rather than spending the first few days entering data. This means that they also close their books quicker.
- And have greater confidence in our reported figures! Says Charlotta.
What’s more, thanks to the intuitive dashboard and the homepage, BALANCER allows the Bilia team to manage their time and workflow more effectively, splitting or reassigning tasks where necessary for a quicker, less stressful month-end close.
Lastly: What’s best?
Charlotta tells us that her favourite aspect of BALANCER is the digital archiving system:
- It makes it really easy to store all of our reports without even having to print them out. So our auditor is very happy that they can find all the necessary information quickly and easily!
Learn more of the tricky challenges of the Month-End Close