Elenia electricity station

Elenia’s financial reporting and planning is rolling efficiently

Elenia is Finland’s second largest electricity network company, serving 432,000 customers in Kanta- and Päijät-Häme, Pirkanmaa, Central Finland and Southern and Northern Ostrobothnia. The services are produced in cooperation with partner companies. Elenia takes care of the operation of the electricity network, building of the electricity networks and subscriptions, measuring its customers’ electricity consumption and providing energy data to electricity sellers. Elenia is renewing the aging electricity grid to be weatherproof and developing smart grid solutions. Elenia’s service business provides energy companies with customer service and diverse services related to the electricity market, is responsible for Elenia’s procurement and construction, and builds fiber optic networks and subscriptions. Through customer companies, Elenia serves more than one million customers in the energy sector in Finland. The company’s operations are based on responsibility.

Elenia’s financial reporting and planning is rolling efficiently

When Elenia started operations after the acquisition in 2012, there was no system for group reporting, budgeting and forecasting yet, and laborious and time-consuming Excel-sheets were used.  Consolidation was handled by an external partner as a purchased service.

“I started working for Elenia in 2013 at a time when we wanted to take financial reporting into our own hands. We needed a system that allowed us to report in accordance with IFRS, including the income statement, balance sheet and cash flow statement. We also wanted to solve the challenges of budgeting and forecasting and reduce the number of Excel-sheets”, says Taru Suutari, Elenia’s Finance Manager.

“There weren’t many options that was good for both sides, financial consolidation and financial planning. Although our group structure has always been relatively simple, it was important for us to have ready-made templates and automation for the cash flow statement, for example. The ensemble of then Basware, the current Clausion, was the most appropriate of all. The system has a lot of ready-made features, but it can also be customized if necessary”, says Suutari about the steps in choosing a system.

At Elenia, business leaders and team leaders budget directly into the Clausion system, as they naturally have the best vision of what next year will look like.  Economic monitoring is ongoing and forecasts are updated three times a year. With the introduction of Clausion’s system, financial consolidation and IFRS accounting were also transferred to Elenia itself from an external partner.

“Significant time savings”

Elenia quickly slipped into the world of the new system, and today the mountain of Excel-sheets is just a distant memory. “Especially in the early stages, time savings were highlighted when making budgets and forecasts. For example, one of our management reports, which was previously processed in Excel for hours, is now less than a couple of minutes away. Budgeting is also at a whole new level thanks to Clausion. Even after the deployment project, the process has been further developed by creating read-in templates that enhance the storage of numbers in the system. Clausion’s Dynamic Reporting add-on already helps us with ad hoc reporting. This is a matter we will definitely invest more in, as long as we get to the finish of the ERP project that has just begun”, says Taru Suutari.

“An absolutely good tool for group reporting”

Today, Elenia also needs to obtain a result, balance sheet and cash flow statement from the budget and forecast at the Group level, and this is very successful in Clausion’s system.

“Especially for group reporting, Clausion’s solution is absolutely good. It has all the options related to IFRS reporting and the income statement, balance sheet and cash flow ready. Once the formulas are built, reports are obtained at the touch of a button.”

Taru Suutari, Financial Manager, Elenia

“We speak the same language”

Elenia is engaged in continuous development work for its financial operations. ESEF reporting is currently being introduced, which will also be mandatory for Elenia from the 2021 financial statements. “We at Elenia are very system-oriented, and we want to do things and understand them ourselves. The collaboration with Clausion has been really nice. I especially appreciate that Clausion’s system consultants speak the same language of economics with us,” Suutari concludes.

Top 3 reasons why Elenia uses Clausion’s solutions

  • Reliability and timeliness of reporting and especially group reporting.
  • Saving time allows you to focus on analyzing numbers rather than hunting them.
  • A working cooperation.