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Case Studies > Reducing the Month-End Close Process by Days with Automated Templates

Reducing the Month-End Close Process by Days with Automated Templates

Technology Category
  • Functional Applications - Enterprise Asset Management Systems (EAM)
  • Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Industries
  • Utilities
Applicable Functions
  • Business Operation
  • Quality Assurance
Use Cases
  • Predictive Replenishment
  • Process Control & Optimization
  • Remote Asset Management
Services
  • Software Design & Engineering Services
  • System Integration
The Challenge
For every month-end close process, the Finance team downloaded five separate trial balance reports from their ERP and created 40 separate reports for all 40 entities of the organization. The Finance team then copied and pasted the data from the ERP into Excel spreadsheets to further manipulate their format. The entire process was repeated if changes needed to be made to the month-end close templates. The Finance team was manually performing inter-company eliminations over a period of several days.
About The Customer
One of the leading electric utility companies in the U.S. was manually completing their month-end close process by downloading five separate trial balance reports from their ERP and copying and pasting that data into Excel for further manipulation before manually performing inter-company eliminations. The company has a large and complex structure, with 40 separate entities that require individual and consolidated financial reporting. The manual process was time-consuming, prone to errors, and required significant effort from the Finance team, which could have been better spent on value-added activities.
The Solution
Vena seamlessly syncs with the client’s GL and data from the GL is automatically loaded into pre-built income statements and balance sheets. Vena automatically builds P&L reports for all 40 entities of the organization. Vena produces a single template that the entire organization can use for the month-end close; changes can be made to existing templates in real time with the click of a button. Vena saves all eliminations in a separate Excel workbook that is automatically rolled into reports. This automation eliminates the need for manual data manipulation and inter-company eliminations, significantly reducing the time and effort required for the month-end close process.
Operational Impact
  • The Finance team no longer has to download multiple trial balance reports, then manually copy and paste that data into Excel for further manipulation.
  • Vena has automated the need for inter-company eliminations, saving vast amounts of time that can now be spent on value-added work.
  • The automatic creation and distribution of reports enables users to contribute their data in a more timely manner and reduces the risk of error.
Quantitative Benefit
  • Reduced month-end close process time by several days.
  • Automated the creation of 40 separate P&L reports.
  • Eliminated the need for manual inter-company eliminations.

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