Finance16 March, 2020

Sealord speeds up their financial close, while keeping pace with evolving accounting standards.

Second largest seafood company in New Zealand with global operations reaching over 60 markets in 30 currencies produces its global consolidated results in half the time.
Sealord
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Transcript

Our group entities are based in multiple countries.

They all operate in different foreign currencies and transact in multiple currenciesthroughout the year.

We have some very tight reporting deadlines, which means that we need to be able to pull together consolidated results asaccurately and quickly as possible without compromising on quality.

So, we needed a financial system that would enable us to handle multiple foreign currencies,and multiple charts of accounts.

We needed to be able to pull together the information as accurately and quickly as possible.

We wanted asystem that was well supported and kept up-to-date with the changes in the reporting environment, along with the ability to track anychanges and audit any journals, etc.

It was also quite important for us to show that we had a robust system to pull together our consolidated results.

Before we implemented CCH Tagetik, we'd pull together our financials manually in an Excel spreadsheet.

Pulling together theresults via Excel means that there were a number of inherent risks.

One was that there could be user error and that formula errors could exist in the spreadsheets,which made finding and tracking variances quite time-consuming.

It took us around about 8 working days to pull together results, which wasn't really quickenough.

The vendors are very responsive to feedback.

They're always continuously looking to improve the product, and we always have ongoing support.

We've found that our consultants go above and beyond whenever we need them to come back to us on a query or an issue.

So, our group consolidated resultsare now able to be provided by workday three, which is savings of about five days from when we used to prepare the results manually.

That means that staff can now use their time to betteranalyze the numbers and spend more time adding value by working on other projects within the business.

I recommend CCH Tagetik to any company that's lookingto provide consolidated results that have the complexities of multiple foreign currencies and require a system that is well supportedand kept up to date with the latest developments.
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