Nuxe Group has chosen Mona Group Reporting for consolidation and financial reporting
Brussels, May 2nd, 2012 – Nuxe has selected Mona Group Reporting, the unified consolidation and reporting software from Sigma Conso, for its statutory consolidation and financial reporting.
The contract was signed at the end of December 2011 and implementation (including retrieval of the data from the previous two fiscal years) lasted 15 man-days. Account consolidation for the 2011 fiscal year was carried out successfully. Françoise Callier, the chartered accountant at Nuxe, stated that: “I’ve been doing the group’s consolidation for five years now. Nuxe’s strong growth over the past years, especially internationally, has made consolidating accounts on a spread sheet particularly complex, notably because of the number of currencies that have to be managed. The growing number of entities would also have created productivity problems for account consolidation in the short-term.
I was won over by the expertise of the Sigma Conso team and by its professional commitment. After researching the reliability of the solution, and its power and ease of implementation, I whole-heartedly recommended Mona Group Reporting to Nuxe. I’m very happy that they agreed because the first consolidation with Mona Group Reporting was completed without a hitch. From the audit standpoint, the auditors were particularly appreciative of how easy it makes statement auditing.”
Bich Pham-Huy, Nuxe Group’s CFO added that: “Mona Group Reporting provides us with the flexibility we need to support the group’s growth: the addition of new entities, the growth in the rate of consolidations, the monthly budget/actual comparison… can all be handled without overloading the chartered accountant managing consolidation.
After validating the level of safety guaranteed by the software publisher, we decided to increase flexibility by choosing to deploy the solution in on-demand mode. This decision enabled us to start up the project immediately without any additional technical infrastructure and in control of a budget line that will gradually be allocated to operating income.
From a functional standpoint, I also particularly appreciate the instantaneous picture the tool gives me of the contribution of each entity in the cash flow table. This enables me to take the right management decisions and develop reliable projections.
Thanks to Mona Group Reporting, I only need a few minutes to answer shareholder questions, notably about the changes in certain items.”
Dominique Galloy, Managing Director of Sigma Conso, concluded that: “Nuxe Group is our first Mona Group Reporting solution reference in France. We’re proud of the trust this prestigious client and their chartered accountant, Françoise Callier, have placed in us and we’re very happy to have the opportunity to support their growth. Thanks to its flexibility, Mona Group Reporting is particularly well-suited to the needs of growing groups. Its operating budget is moderate and progressive. Its ease of use, combined with its processing power, enables it to effectively support groups over the long term, regardless of their size.”
The current history of the group only really began in 1989 when Aliza Jabès, a young entrepreneur with a passion for aromatherapy and phytotherapy purchased the Nuxe laboratory (a contraction of Nature and lUXE) with the help of her family, giving birth to the brand we know today. It has since become a leader in the cosmetics market. For example, it currently sells its Huile Prodigieuse® somewhere in the world every six seconds. Nuxe is a natural cosmetology laboratory with over 350 employees and a presence in 58 countries. For more information, go to www.nuxe.com