Fortaco: Financial consolidation in their own hands
Fortaco is the leading brand-independent strategic partner to the heavy off-highway equipment and marine industries, offering technology, vehicle cabins, steel fabrications and vehicle assemblies.
Previously, Fortaco’s financial consolidation was handled by an external partner. As this is a large group that performs IFRS accounting, it was decided that external accounting should be performed by the company itself. With the change, there was also a need for a group financial consolidation system.
Advanced automation was found convincing
“We made a comprehensive comparison between different systems. Clausion’s very advanced automation and especially the possibilities regarding notes in financial statements as well as the large number of ready-made templates and content convinced us,” Johanna Kuisma, Fortaco Group Financial Controller, explains the system selection.
Fortaco sees Clausion as a long-term partner. “The system is not too massive for us to use, nor is it too small if our company expands in the future. The features and usability of Clausion’s system were by far the best. The user interface is really clear and pleasant to use,” Kuisma adds.
Returning to the original source of the data made the numbers more reliable
With the introduction of the Clausion system, source systems (other business systems) and source data also had to be looked at more closely. “We have gone thoroughly through the accounts, the use of the accounts and their harmonization. Clausion’s system is much more accurate than our previous approach, and that’s why we’ve had to dig into the source of the data. The revisions of Clausion’s system have revealed the real numbers and this information is really valuable to us,” says Johanna Kuisma.
Installing a cloud-based system was simple. “We got what we were looking for, a well-automated group financial reporting system. Clear system checks show items that need review and manual correction. Best of all, Clausion also comes with extensive substance expertise. It is definitely an advantage that a person skilled in group accounting is doing the system implementation. Our consultant has been worth their weigh in gold and a keen expert. She has asked the right questions along the way that have helped us move things forward. The cooperation as a whole is very good and effective. Response times are top tier both in terms of customer support and those involved in the project. The expertise of Clausion employees is really impressive,” says Kuisma. “We now have much more comprehensive and extensive reports available. Clausion’s system is really comprehensive,” she adds.
“A good system combined with extensive expertise”
“The project was very well organized by Clausion. Clausion knows what is being done from a numerical perspective as well, not just a system perspective. The solution combines a good system with extensive substance expertise. We did a lot of homework during the project, which means that the numbers in the system are in a much better condition and more reliable than before,” says Kimmo Raunio, CFO of Fortaco.
Top 3 Reasons Why Fortaco uses Clausion’s solutions:
- Automation. When manual human labor does not need to be relied on, human errors are also eliminated.
- Excellent reporting capabilities, lots of ready-made report templates.
- Usability – a clear and well-functioning system.