FinReCo gives senior managers full control over financial data

FinReCo is a proprietary solution developed by Adastra, which supports controlling and analysis and provides rapid and effective managerial reporting. It is suitable for companies or holdings with rich management structure, for whom it can:

• consolidate data for financial reporting and controlling
• standardize previously unclear reporting
• unify financial terminology and approval processes including automated workflow and access rights management
• locks reporting periods against changes
• eliminates manually correcting and overwriting spreadsheets

Finance Directors (CFOs) and company management – they especially appreciate that they now have their financial reporting fully under control – thanks to the single and unified source of truth provided by FinReCo.

Controllers – they have gained confidence in detailed analyses of reported numbers, whether these are examined according to products, customers, countries, branches, or any other view.

• FinReCo speeds up regular monthly reporting from days to hours, sometimes even minutes
• Within seconds you can get a breakdown of business results by product
• It handles 80% of the requests finance directors place on data and reporting with minimum customer input
• With it you will transition to automated and standardized reporting within 3 months of starting the project

The Adastra Group’s financial reporting and controlling setup was no longer working for them. Their financial terminology needed to be unified and standardized, source data to be consolidated (including adjustment for local currencies), and financial processes to be streamlined across the group, which includes 8 companies operating from 16 offices worldwide. Over the course of a year, Adastra switched to FinReCo. As a result, the financial department, the management of each branch and company, and the individual business departments within Adastra work faster, more effectively and with the same numbers. They also use a unified terminology, which is binding across the entire holding. The Adastra Group CFO now closes regular monthly reporting in two hours instead of days.