How is the group doing – for real?

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Minimize manual work in Excel, get better visibility and up-to-date information faster. According to board professional Tim Hansen, you should digitize the follow-up if you want to keep track of how the group is really doing.

It should take a minute to convert financial data into a finished report that is sent to the board’s email.”

The vision is clear. Tim Hansen has 25 years of experience in management work in Group companies. Already in the early 1990s, he encountered a system of group consolidation for the first time.

“It wasn’t that remarkable, but it cost a lot of money. There was more to do,” Tim says.

The idea of a fully automated system for the Group

The idea of developing a fully automated system was born. It had to live on in the memory bank for a long time. Only in 2012 the opportunity appeared.

– I have started, invested in and sold many IT companies over the years. In 2012, I went through that process very quickly and was looking for something new to focus on. It became Boardeaser.

“In the past, I have not produced good CEO reports every month for the companies. They were often of low quality and came in late. Sometimes they were downright wrong,” Tim says.

” I wanted to be involved in developing a system that retrieves data from accounting and creates quality-assured reports. Easy to understand, which all board members could take part in.

tim-hansen

"It should take a minute to turn financial data into a finished report that is sent to the board's email."

Tim Hansen, styrelseproffs och delägare i Boardeaser

Group consolidation in one minute

When Tim met one of Boardeaser’s founders, Pär Haga, Tim ended up buying into the company. Nowadays, they are colleagues. Tim’s task lies in designing and testing the functionality.

–My experience of board work and discussion with hundreds of like-minded people, means that I know what information and reports are requested. At the same time, I keep track of the data bit,” he says.

Boardeaser facilitates board and management work through its board portal, and function for reporting. Over 4,500 customers currently use the service and over 200 are doing group consolidation.

“Quite quickly, we discovered that virtually all companies with active board work were groups. So we obviously wanted to develop the service for group consolidation,” says Tim.

Much of the information that boards ask for is generic. Of course, it can differ between different industries and companies, but usually not so much. Thanks to the fact that boards generally demand similar key figures and reports, Boardeaser has been able to streamline and minimize the time to get started.

In Boardeaser, you can also easily tailor your own reports and dashboards to your own unique needs.

“Today, we consolidate the Group and design reports to the Board of Directors of one minute per company for most of our customers,” says Tim.

– For really large companies with heavy financial data, it can take a little longer – up to 5 minutes. But if you compare it to consolidating in Excel , it’s very fast. Depending on the size of the company, manual work can take 3-5 days, sometimes a week.

Easier for the Group to meet challenges in a fast-moving world

Life goes faster and the world spins faster. 30 years ago, group follow-up on an annual or quarterly basis was sufficient.

“Nowadays, most people want to consolidate the group every month. Then you will soon be up to many working days per year. That’s where Boardeaser’s great strength lies. We can follow up on how your companies are doing quickly – and at the same time increase quality and safety, tim believes.

Automatic counterparty reconciliation and comparisons

So what does a good group report look like? Just like for a regular company, but supplemented by the fact that all internal transactions are removed.

Group reporting shall also include which companies have contributed to the result and a comparison of key figures between different Group companies.

– You can set up elimination rules and other smart features that automatically capture internal transactions over a period of time. We also check the opening and closing balances so nothing goes wrong. It’s done completely automatically,” Tim explains.

For example, an invoice that has been sent from one company to another can be recorded as sent. But if it never reaches the recipient, it will never be registered there. It is called counterparty reconciliation.

“In Boardeaser, we build in as many automatic reconciliations and controls as we can. Comparisons between different periods and different companies are available with a simple push of a button.

Better insight into the business

It may take some dedication to get started with Boardeaser, but once that’s done, you’ll quickly get value for the investment.

The legal reporting, the consolidated financial statements, will be smoother.

Many people can take part in the operational reporting. Potential investors often require a high level of reports. Sometimes the bank also needs to have insight into the company’s finances.

– The finance department, controllers and really all management teams in the company can benefit from the continuous reporting.

” When you digitize the consolidation, you get much better reports, which in turn give you better insight into the business. Through this, you can lead your companies and organizations better, Tim concludes.

Do you want to know more about how to create accurate consolidated financial statements and consolidation? Watch our recorded, free webinar here.

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