Finnvera: Efficient reporting
Finnvera is a specialised financing company owned by the State of Finland and it is the official Export Credit Agency (ECA) of Finland. It provides financing for the start, growth and internationalisation of enterprises and guarantees against risks arising from exports. Finnvera strengthens the operating potential and competitiveness of Finnish enterprises by offering loans, domestic guarantees, export credit guarantees, and other services associated with the financing of exports.
High-quality data handling
Throughout its history, Finnvera has used Clausion and its predecessor, Basware solutions. Due technological development and new demands for reporting – e.g., IFRS reporting – it was time to update the software for financial management.
”Data needs to be correct, reports easily updated, edited and transformed. We also needed an efficient and well-working solution for IFRS reporting. We needed to develop both management accounting and financial reporting and since Finnvera is a public company, we started competitive tendering for both areas”, tells Tarmo Narikka, Chief of Finance at Finnvera.
Due competitive tendering, Finnvera needed to give a close look of what they wanted on the new solution. Reporting needed to be more efficient, quick, and high-quality – able to provide correct information. Company’s management accounting is genuinely multi-dimensional, and the same data is also used in financial consolidation. Possibility to enrich the data to be able to get a full picture was important. In addition to IFRS reporting, Finnvera needed to find a solution that could serve their ESEF reporting needs as well.
Small and dynamic team is working for financial consolidation at Finnvera. “Thanks to Clausion system, it is easy to move the data from accounting to reporting. Reconciliation and internal items are automatic, and drilling is easy. Making appendixes and ad-hoc reporting is also easy”, describes Jenni Vehviläinen, Development Manager, Finnvera. “It is important to us that management accounting and financial consolidation work seamlessly together. It is also a great benefit that ESEF reporting is possible within the same system”, Vehviläinen adds.
”The consultants are extremely professional”
Finnvera has been very happy with the solution and its flexibility but also to Clausion consultants. “Consultants are extremely professional and cooperative. Solutions what they offer are well-thought and planned”, Tarmo Narikka says. “One small, yet important thing is documentation which is done for our system environment. It describes our processes in the system and it is a great additional tool for system usage, learning and developing”, Tarmo Narikka adds.
“Consultants are extremely professional and cooperative. Solutions are well-thought and planned.”Tarmo Narikka, Finnvera
Main reasons why Finnvera uses Clausion solutions
- A complete solution – well working solution for both management accounting and financial consolidation.
- Service and flexibility – system can be adjusted to business specific needs and Clausion has good resources managing these changes.