Business case Cork Supply
Cork Supply Group: key information
- Business sector: production and distribution of wine closures
- International group
- Headquarters: Luxembourg
- Active in North and South America, Europe, Australia and South Africa
- 20 entities in more than 10 countries
- Multicurrency (USD, AUD, EUR, CNY, ZAR and ARS)
- More information: www.corksupply.com
The benefits – in a few words
- Reliability and punctuality
- Cost efficiency (no investments)
- Guaranteed quality
The group Cork Supply publishes consolidated accounts annually. The Financial Direction of the group had previously worked with several service providers from Luxembourg for the realization of their consolidated accounts, but were always disappointed due to the lack of professionalism of the consultants:
- Late filings
- Endless exchanges of files between collaborators
- Loss of knowledge
The Financial Direction of the group was looking for a reliable and serious partner, who could assist them in both the realization of the consolidated accounts and the production of the annual report of the group.
Cork Supply chose in 2013 for a partnership with Sigma Conso. A senior consultant was dedicated to the group and organized a first meeting with the people involved in the process to better understand the specificities of the group. A consolidation schedule was agreed upon, because also for the group meeting deadlines is crucial.
Once the closing period arrives, the finance department of the group delivers the balance sheets of the different entities of the group to the consultant. In his turn, he can perform the entire consolidation process:
Reconciliation of intercompany accounts
An intercompany report, generated by the software used by the consultant, is sent to the group. The finance department gathers the reasons for the differences and forwards this information to the consultant, so that he can perform the relevant consolidation entries.
Resolution of complex consolidation cases
The consultant handles all possible consolidation cases like acquisitions, opening of new branches … Before, complex cases like handling the different entities, countries and accounting rules would slow down the process, whilst now this is entirely covered by the consultant.
Establishment of the annual report and the notes to the consolidated financial statements
Reliability and punctuality
The group can count on the consultant from Sigma Conso, who delivers a “finished product”. The expert dedicated to the client performs every operation of consolidation, from the simplest to the more complex ones. This guarantees the consolidated accounts to be timely filed and technically correct.
Cost efficiency (no investments)
Cork Supply does not need to dedicate internal resources to the consolidation: during the closing process, the group can rely on the expertise of a senior consolidation accountant. Furthermore, the group only pays a fee per consolidation for the consultancy and software usage rights.
The consolidation process is carried out with Consolidation & Reporting, software that is recognized as a reference in consolidation and management reporting. The use of this software also delivers to the group and their auditors perfect data auditability and historical tracking functionality.
Francisco Castro e Almeida, Financial Director at Cork Supply explains:
“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.”