From Excel spreadsheets to a fully automated solution.
FinReCo ensures
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consolidated data for financial reporting and controlling that does not require manually editing and rewriting Excel spreadsheets |
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uniform financial terminology |
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transparent approval processes, including automated workflow and access rights management (IAM – identity and access management) |
Why choose FinReCo?
The income statement can be broken down into products in one second.
FinReCo speeds up regular monthly reporting from days to hours, sometimes minutes.
Within three months of launching the project, you will switch to automated and standardized reporting.
Who works with FinReCo?
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Financial directors and managementThanks to the single and unified source of truth provided by FinReCo, they have their |
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ControllersThanks to FinReCo, they have acquired certainty |
What is FinReCo?
FinReCo, a tool to support governance and analysis, introduces standards into controlling and management and makes KPIs available anytime and anywhere. It is especially useful in the post-boom times of COVID-19, when companies need to focus on efficiency and exploiting their potential.
FinReCo is a pre-prepared data warehouse with an additional layer for financial reporting. It is suitable for medium-sized and large corporations that are consolidating their management and/or statutory finances. FinReCo includes a financial module that provides not only all the functionalities necessary for management reporting, including allocations, but also support for statutory reporting, including financial consolidation. It facilitates transparent and quick financial reporting at regular intervals (monthly, quarterly, yearly reports) and ad hoc.
It automatically ensures that the numbers in historical reports are not altered and changes are not propagated to reporting periods that have already been closed. Once they have been evaluated, KPIs remain unchanged. In addition to management reports, it provides a self-sufficient and fully automated management income statement.
FinReCo handles 80% of financial directors’ data and reporting requirements.
Key features of FinReCo
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Online any day and at any time – your management will always have up-to-date financial numbers available for strategic decision-making. |
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Uniform results – three different controllers will obtain three identical responses to three independent queries on the income statement. |
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Much faster income statements – you will shorten the time it takes to finish your management income statement, including data collection, from three weeks to three days. |
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Logical reporting – your business logic will move into your reporting and will not just reside in the heads and spreadsheets of your controllers, whose absence or departure will consequently not endanger your company. |
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Business analysis and support – your controllers will be able to start analyzing and supporting the business instead of concentrating on the unpopular collection and connection of Excel spreadsheets. |
FinReCo benefits for business and IT
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Transparency |
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Flexibility in procurement |
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Full automation |
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Independence from the IT department |
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Auditable, reliable inputs |
References
Thanks to FinReCo, CME have gained full control over both their corporate and their local reporting, i.e. current budgets as well as forecasts. The company has eliminated local anomalies and differences, which has significantly accelerated the reporting process and increased the business’s credibility.
Using FinReCo, W.A.G. completes their monthly reporting in a single day, while previously it took a week or more. They use standardized naming for their business categories, know and control the course of individual processes, and are not dependent on their IT department.
Adastra switched to FinReCo within a year. As a result, the company’s financial department, the management of each local branch and company, and the individual business divisions work faster, more effectively, and with the same numbers. The Adastra Group CFO has been able to cut the time spent on closing the monthly reporting from several days to two hours.
Media coverage
Read about how to enter the world of Finance 4.0 with us
Interested? Book a free consultation now.
Thank you
We will contact you as soon as possible.
Account Manager
Oto Gücklhorn
