$2.5b Company completes Year-End in 2 days

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Financial year-end done in a day and a half – position fully reconciled down to a unit level. Last year it took weeks and numbers were not, to put it nicely, "fully" reconciled.

That’s what one of CALUMO’s Senior Consultants said on the 26th of June! That’s right – the financial year had not even finished. He was talking about a client of his who we hope to have presenting at the next Club CALUMO.

Using CALUMO, he helped his client to automatically load the full general ledger (GL) with all the details required for end to end reporting – dashboard to transaction. This means managers inside and outside of finance can review their results and drill all the way to the transactions. The bulk of the work is actually automating the systems that feed the GL. This used to be a jumble of spreadsheets that are now CALUMO models automating the process.

All the reports are built by Finance people in Excel and published as web pages so the results can be shared with anyone in the organisation as soon as a journal is posted. There are thousands of transactions per day and everyone has the latest information.

Coupled with excellent month-end processes - these are the results you should expect.

Next the auditors will start their work, beginning with reviewing the CALUMO web reports, and they can drill to transactions too. With everything reconciled, a clear path to the detail, audit costs have suddenly dropped.

This also means Finance isn’t “lost” for weeks. Finance can still help the company charge ahead, focus on business outcomes, growth, cost reduction etc. The finance folk also get to go home on time, every day.

If you what to talk to the finance team of this company and asked them how they did it, email me on wleitch@calumo.com.

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