West Bend Mutual Insurance (WBMI) previously used Microsoft Excel spreadsheets as a data collection and reporting tool for their monthend close process. Allocations were performed in a different software tool that had size processing constraints. Inconsistencies in data collection via Excel spreadsheets created a labor-intensive and error-prone close process. Further, the transparency by operations to financial detail was limited. A key motivation for system implementation was the lack of transparency and performance consistency of their multi-tier allocation process of expenses to profit center, product and state reporting
Valeo Foods Group had grown significantly through acquisitions, yet was still using Excel® for its monthly close and consolidation process. All the local operating entities reported their data from different source systems in Excel sheets. These sheets were then emailed to the Group Finance team to collate both management and statutory information in Excel. This included consolidations for foreign currency translations, which was becoming more difficult as the group expanded into new geographies with different reporting currencies.