We are familiar with hearing just how companies struggle to make the most of their financial data using Excel as well as similar spreadsheet-based devices. True, spreadsheets are fine for saving and sharing top-level monetary information. Nevertheless, when it boils down to drawing out essential info as well as endeavor essential tasks like producing monetary statements, they struggle to do at the level called for from any type of business aiming to utilize their data for service growth. A modernized strategy is needed to undertake a financial combination improvement as well as return important insight to finance groups as well as the wider service.
Financial loan consolidation and closing is a required operation for money groups to execute. It is, nevertheless, a facility and all-too-often laborious job when not supported by the ideal system. Next-level economic debt consolidation software, such as Board Financial Consolidation (Board FC), replaces the time-consuming, manual tasks commonly related to the economic debt consolidation procedure within a solitary, extremely versatile remedy.
For Altium Product packaging, this was an important pain point for the group to get over. Therefore, they introduced an electronic transformation initiative, choosing Board FC as the appropriate platform to lead this trip. Hong Dinh– VP, Controller at Altium Product packaging– notes, “We were searching for something that allowed us to have a great deal of adaptability … Board is just that.” With ingrained BI and CPM capacities, Board FC delivers deep insight into monetary as well as functional results to significantly enhance economic combination tasks.
Altium Packaging and also Board
Altium is a packaging services carrier with producing centers in the United States and also Canada, generating rigid plastic product packaging for various market demands, consisting of customer commercial oil containers, food as well as nourishment tags for items like yogurt and also orange juice, as well as healthcare product packaging and labeling for prescription containers. Altium also has a vested interest in the recycling and sustainability room– facilitating the reuse of plastic containers to create new inflexible containers.
Enjoying a considerable duration of organic growth, mainly through numerous large purchases (occasionally up to 3 or 4 in a year), the need was there for a financial solution that can be adaptable enough to adjust to these vital changes at a business degree. Hong Dinh mirrors, pre-Board FC, that, “… a great deal of our processes were not updated, exactly how we generated monetary declarations for our space, as well as our interior administration, was really done in Excel.”
It was essential, after that, to embrace a remedy that could take care of the generation of monetary declarations and also provide the versatility to influence wider service areas. Accordingly, the Altium group dealt with Board Specialist Services to set up a full year of historic actuals– offering a complete void balance sheet, revenue declaration, as well as cash flow for their recommended go-live day in Board FC.
Within the initial month of using the option, the group at Altium had an incorporated system for all their external financial statements. Therefore, the business currently has a boosted and revigorated method to its decision-making procedures. Even more power as well as time have actually been given to the packaging business’s financing team, opening up brand-new avenues to consider and examine their information and also what it will cause.