Valeo Foods Group had grown significantly through acquisitions, yet was still using Excel® for its monthly close and consolidation process.
All the local operating entities reported their data from different source systems in Excel sheets. These sheets were then emailed to the Group Finance team to collate both management and statutory information in Excel. This included consolidations for foreign currency translations,which was becoming more difficult as the group expanded into new geographies with different reporting currencies.
The manual nature of the consolidation process presented challenges in calculating these scenarios. On top of this, as each financial year passed, the Excel consolidated model continued to get larger with increased complexity and was becoming unsustainable. Both management and statutory reporting was completed in Excel and was becoming increasingly cumbersome and prone to error.
“We then started the search for a sustainable tool to enable the way forward,” says Dónal Staunton of Valeo Foods, Group Finance. “We needed to safeguard the creation of financial and management reports with a modern solution offering the agility to support future growth.”