CMB is an international group, with various businesses and many currencies. In this video, their Consolidation Manager explains how Sigma Conso help them face their challenges as far as consolidation and group reporting are concerned.
BESIX is an international construction group. Preparing the consolidated accounts in a timely manner is crucial for the Finance Department, as well as providing the Executive Management with management reporting and group’s key figures.
The Spie batignolles group is experiencing strong growth and has an active acquisitions strategy. This implies frequent changes in scope and the need to be equipped with “agile” consolidation software. In addition, given the frequent addition of new entities to the consolidation scope, Spie batignolles wanted software which was easy to learn and able to quickly adapt to all types of environments (ERP, etc.).
“The migration from our consolidation in Excel to the automated solution of Sigma Conso has offered us many benefits. Our data is now more reliable, both at entity and group level, processes are more streamlined and we are better in control. Sigma Conso Consolidation & Reporting has made it possible for me to produce a monthly consolidation and elimination for balance sheet, P&L, cashflows, budgets and forecasts, and I now have a complete overview of the figures with all the necessary details, instead of one time a year at the closing period.”
Informatics is using the system to perform monthly consolidation. Apart from the system pre-built reports, Informatics is also using the excel add-in function for reporting in their own format. Implementation and training were smooth, and completed on schedule.
“Sigma Conso Consolidation & Reporting brings clarity, accuracy and confidence to our entire group reporting. This is one of the most user-friendly solutions we have ever used. Before we used Sigma Conso, we spent a lot of time working on spreadsheets just to tie the numbers. Great product and wonderful support team!”
“Sigma Conso Consolidation & Reporting is a flexible and powerful consolidation software application, at the leading edge of technology. The tool is ideally suited to the needs of major groups like Eiffage. Full web, it can be deployed quickly and provides impressive performance.”
The project was scheduled for 24 days and was completed in 23, with well-defined milestones met along the way. Sigma Conso enables Pictet to carry out the consolidation of the Group’s accounts in two and a half days and to generate consolidated monthly reports at D+4.
The Sigma Conso Consolidation & Reporting application is user-friendly: the tool’s logic is very clear and easy to understand. That makes the application easy to learn. Work flows and is very intuitive. The application is also very effective: consolidation processing is quick, as is the generation of the various reports.
“The Sigma Conso Consolidation & Reporting application perfectly meets the fast close goals and need for frequent reporting of international groups like ours.
Sigma Conso’s quality support ensures that the project will be completed on time.”
“We really appreciated our collaboration with Sigma Conso and we will be able to grow a lot more with Sigma Conso Consolidation & Reporting. Our key project in the future is to reduce closing time by one to two weeks. To meet these ambitious goals, we’re going to implement Sigma Conso’s automatic interface between our accounting system and Sigma Conso Consolidation & Reporting.”
The Galloo Group asked Sigma Conso to help them to simplify the complex structure of the group. The number of entities has been successfully reduced from 64 to 31 and it was rewarded with an award of the Best Finance Team of the Year in 2014.
“We now have been working with Sigma Conso for more than one year. We particularly appreciate the organization and punctuality of Sigma Conso: the entire process goes smoothly according to the schedules we agreed on in advance. This way, we can publish our accounts on time. Every effort is made by Sigma Conso to make our task as easy as possible. The relations with Sigma Conso are warm and friendly, it is really pleasant to work together.”
“What I like about Sigma Conso, is that we’re in contact with the development team which listens to us. Our contacts aren’t just salespeople, which means that there is a real dialogue with the vendor. The dialogue was easy right from the start of the project, because we already spoke the same language. We felt that we were perfectly understood and our suggestions were taken into account. Furthermore, our efficiency is significantly improved thanks to the implementation of the software.”
Since the implementation of Intercompany in 2012, the group now uses the perfect software for an optimal intercompany reconciliation process, resulting in an optimal closing process on group level as well as on entity level. Next to the quality of the information and its optimized traceability, also the productivity of the process has increased: with the implementation of the software, the time spent on reconciliation at every closing period is reduced from 2 persons for 2 weeks to 1 person for only 2 days (preparing the process).
“The previous package we were working with did have some weaknesses and did not allow us to change to a monthly consolidation of our accounts. With the implementation of Sigma Conso Consolidation & Reporting, we are able to shorten our closing time-frame and this with an improved information quality. Furthermore, the functionality of the Excel Add-in allows us to create dynamic reports: a significant added-value!”
“We chose Consolidation & Reporting chiefly for its flexibility and user-friendliness. We also appreciate how well the start-up of the project was planned and managed and that all the parties met their deadlines. This allowed the implementation of Consolidation & Reporting to go extremely smoothly and we were soon up and running with the new system. The clear and effective training ensured that everyone was able to get started quickly. Finally, the Sigma Conso consultant oversaw the entire project flawlessly and thanks to him, we were able to complete the first consolidation worry-free.”
“The implementation of Consolidation & Reporting has resulted in considerable advantages in terms of the quality of data and time savings. We always received rapid support of the professional Sigma Conso team: the result was a short implementation period and a correct follow-up. The automation of the tool made a number of aspects considerably more efficient, such as the follow-up of the CTAs. In the future we are considering using the HUB of the tool to create a direct link with the accounting systems.”
Cogent Europe is part of a US group. They acquired Consolidation & Reporting a few years ago for the monthly consolidated reporting of the European subgroup. In a second phase, the headquarters in the United States was looking for a software to provide the relevant information and documentation to several stakeholders (management, analysts, tax authorities, auditors) and perform a monthly hard close.
The data comes from the accounting systems and are injected into Consolidation & Reporting via accounting file interfaces. Thanks to the system implemented, the Group’s consolidation is handled very efficiently. With Consolidation & Reporting, the Group has a solution that is flexible in all respects and makes it easy to keep up with all of the Group’s changes and specificities.
Alter Domus wanted a reliable, flexible, multi-client, multi-currency, multi-standard, and multilingual solution to handle its consolidation files and provide its clients with the best possible quality while meeting shorter and shorter completion deadlines. It also wanted software based on the latest IT technology to be prepared for the future needs of its international clientele.