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Better Infrastructure Built on a Faster, Smarter Financial Close
Technology Category
- Analytics & Modeling - Predictive Analytics
- Platform as a Service (PaaS) - Data Management Platforms
Applicable Functions
- Business Operation
Services
- Software Design & Engineering Services
- System Integration
The Challenge
The month-end close process at Capstone Infrastructure was plagued by manual data collection and reconciliation against printed spreadsheets. This manual data entry and consolidation were becoming increasingly time-consuming and error-prone. The overall process lacked version control, an audit trail, and data accuracy and integrity, making it difficult for the company to ensure reliable financial reporting. The inefficiencies in the process were causing delays and increasing the risk of errors, which could have significant financial implications for the company.
About The Customer
Capstone Infrastructure is an independent power producer focused on clean, renewable energy. The company generates revenue of $138.4 million and is committed to providing sustainable energy solutions. Capstone Infrastructure operates in the energy industry and has a significant focus on financial processes, including financial close, reporting, and account reconciliation. The company was using Microsoft Great Plains (MS GP) as its existing software for managing these processes. However, the manual nature of their month-end close process was becoming a bottleneck, leading to inefficiencies and potential inaccuracies in their financial reporting.
The Solution
Capstone Infrastructure implemented the Vena solution to address the challenges in their month-end close process. The entire process was run through an OLAP database, providing a single source of truth for all financial data. This centralized data approach eliminated issues related to version control, data accuracy, and integrity. With real-time visibility into the data, teams across the business could ensure they were always looking at the correct information. The Vena solution streamlined the month-end close process, making it faster, more accurate, and efficient. By automating data collection and reconciliation, the company significantly reduced the time and effort required for these tasks.
Operational Impact
Quantitative Benefit
