Given its international presence, Niko Group was primarily dealing with a currency management issue. The finance group had been doing consolidation using a spreadsheet program but, due to the Group’s ongoing expansion (more entities to consolidate, different currencies, etc.), the system was starting to show its limitations.
Annick Pieters, Niko Group’s Management Reporting & Consolidation Manager explains: “It was a matter of making the statutory consolidation process quicker and more reliable. Our short-term goal was also to improve the Group’s reporting by doing sub-consolidations by business line. We quickly realised that Mona Group Reporting was the right choice: the product’s standard parameters suited our needs perfectly. We were able to implement it in record time and this resulted in affordable project costs.”
The solution’s ease of use combined with the freedom to change product parameters also provides a guarantee that the product will easily adapt to the Group’s growth. This is true both in terms of the accounting standards used and future increases in the number of entities that must be included in the management report or statutory consolidation… What’s more, the audit trail functionality included in Mona Group Reporting (validation at different steps, parameter controls, relevant reports, etc.) makes work easier for auditors.
Dominique Galloy, Managing Director of Sigma Conso, concluded that: “Mona Group Reporting perfectly meets the goals groups have set themselves for 2012: shorter account production times, increased quality, better financial data analysis capabilities, unification of standards and data… We’re happy to have been able to contribute to the Niko Group finance team’s project.”
About Niko Group
Niko Group is the European reference for innovative, stylish and user-friendly electro-technical solutions and services (ICT: Information & Communications Technology) for home and professional environments. The Group provides solutions for energy management, lighting control, health and health care, access control and automation. The company’s head office is located in Sint-Niklaas, Belgium alongside the Group’s main production facilities and central services. Niko Group sells its solutions throughout Europe from offices in Belgium, the Netherlands, France, Denmark, Poland and Slovakia. Niko Group is growing rapidly. It employs over 700 people, has shareholders’ equity of €135 million and net annual turnover of over €120 million. For more information, please go to www.nikogroup.be