The workflow is very convenient and immensely helpful. It simply guides you step by step through the consolidation process.
Head of Finance
- Business planning
- Integrated financial planning
- Consolidated financial statement
- SAP business One
Passionate about solutions – Introducing CP-Cons at Reichhart Logistics Group
In keeping with its “Passion for Solutions” slogan, Reichhart Transport-Logistik GmbH in Gilching, Bavaria is a specialist provider of solutions for contract and transport logistics. The company was seeking a quick and easy solution for its consolidated financial statement too – and found it in CP-Cons.
Following the group’s reorganisation in 2011, Reichhart Logistik needed to produce a consolidated financial statement for the first time. Melanie Theil, deputy head of the Finance team and an enthusiastic CP software user, found out more about the consolidation module CP-Cons at the CP User Meeting. Although there were already plenty of compelling reasons for implementing the consolidation module CP-Cons alongside Corporate Planner at the time, Ms Theil and her colleagues in the Finance department nevertheless took the step of comparing this solution with alternative programs. “We wanted to get a sense of the value for money,” she explains.
At the end of the selection process, the executive management and the heads of finance declared themselves in favour of introducing CP-Cons. The advantage of the two modules being integrated within the Corporate Planning Suite was not the only deciding factor – even though this has made the introduction, implementation and subsequent use of the software considerably easier. What persuaded the decision-makers was that the application had a clear workflow diagram and a complete depiction of every consolidation step.
In September 2012, the time had come. “We had been putting off the introduction itself until all the data we needed for the consolidated financial statement were available. There wouldn’t have been any point beforehand,” the financial specialist explains. The installation and implementation of the CP-Cons module proceeded without a hitch. Its user interface, workings and logic are similar to those of the Corporate Planner module, which has been in use at the company since 2007. This integrated solution from one software suite comes with added benefits in that the users can find their way around quickly and easily and the IT environment has not become heterogeneous but is limited to just a few products.
From 0 to 100 (%) in 10 days
Together with the tax advisor and auditor, they prepared the elimination of intercompany investments and created the initial charts of accounts as the basis for a two-day introductory workshop. Then, in the workshop held on the Reichhart premises in Gilching, the entire group was set up in next to no time. “The CP consultant was a great help for us here, as he was extremely well versed not only in the software, but also in consolidation,” Melanie Theil says, delighted with the support. Guided by the consolidation workflow, which includes a progress monitor, and accompanied by the CP consultant, the corporate performance management staff at Reichhart went through the individual consolidation steps in CP-Cons.
“The workflow is very convenient and immensely helpful. It simply guides you step by step through the consolidation process and you can see what you have to do next,” are advantages that are also obvious to Susanne Blank, who took over as Head of Finance at the end of 2012.
The data import was defined and the values were imported from the SAP Business One pre-system. For each company in turn, the intercompany investments, intercompany liabilities and intercompany expenses and income were eliminated. A further step dealt with the calculation of deferred taxes. Finally, the statement of changes in fixed assets was produced. To finish off the consolidated financial statement, a full set of documents was prepared to a professional standard.
The reorganisation resulted in 2011 being a shortened fiscal year that ran from 1st April to 31st December 2011. This meant that there were several other specific challenges here and there. For the companies using SAP for their accounting, interim statements had to be produced. The remaining companies initially had their year totals entered before these were removed again with the elimination of intercompany investments.
Right through to the audited consolidated financial statement
Following the workshop, the auditor joined the Reichhart staff and the CP expert again, and they went through the data together and cleared up some final queries. The complete consolidated financial statement was then ready to be produced for the auditor. From the installation of the software, the two members of the Consolidation project team had taken only ten days to arrive at this moment. The Finance team had the finished, audited statement in their hands as early as October 2012.
It’s not just the auditor who has been happy since then. The executive management also receives analyses and reports from CP-Cons containing essential information about the financial position of the business. In particular, frequent reference is made to the balance sheet and the P&L when decisions and valuations are coming up. The Corporate Planning Suite software solution with the CP-Cons module for consolidation and Corporate Planner for business planning has thus turned out to be the right choice for the solution provider Reichhart and has paid off extremely quickly.
The Reichhart Group regards itself as a problem-solver for all the transport and logistics tasks of its customers in industry and commerce. At the same time, the company sets itself apart from conventional freight carriers. Its objective is not to transport the cargo from A to B, but to organise the flows of goods and information for its customers with a comprehensive approach.
In two business areas, contract logistics and transport logistics, and at five companies, logistical processes are handled efficiently and economically along the entire supply chain. The group employs 630 staff at fourteen locations.