Customer case study – PVS nv – Belgium
How PVS Transformed Financial Reporting with Finarato
In the dynamic world of audio-visual equipment manufacturing, staying ahead of the curve requires not just innovation in products but also in internal processes. PVS, a leader in creating cutting-edge AV solutions for education, corporate, and entertainment industries, recently embarked on a journey to revolutionize their financial reporting. This transformation was powered by Finarato.
The Challenge: Manual Processes and Inconsistent Reports
Before discovering Finarato, PVS faced significant challenges with their financial data management. The company relied on manual processes to consolidate financial data from multiple sources. This approach was not only time-consuming but also prone to errors. Inconsistent financial reports and delayed insights were common, hindering strategic decision-making and financial planning. These inefficiencies resulted in increased labor costs and a lack of real-time financial visibility, which are critical in today’s fast-paced business environment.
Why Finarato?
PVS needed a solution that could seamlessly integrate with their existing financial systems, automate data consolidation, and offer customizable reporting features. Finarato ticked all these boxes and more. Its user-friendly interface and data integration capabilities made it an ideal choice. Importantly, Finarato’s reporting features can be tailored without requiring programming knowledge, providing PVS with the flexibility to meet their specific needs.
The Implementation Journey
Implementing Finarato at PVS was a well-planned and executed process. It began with integrating the tool with PVS’s existing financial systems, followed by training sessions for the finance team. Throughout the implementation, continuous support and training were provided to address any challenges and maximize the benefits of Finarato’s features.
The Results: A Game-Changer for Financial Reporting
The impact of Finarato on PVS’s financial reporting has been nothing short of transformative. Here are some of the remarkable results:
- **Efficiency Boost**: The time spent on generating monthly financial reports has been slashed by 80%, with reports now produced in hours instead of days.
- **Accuracy and Consistency**: Improved accuracy and consistency in financial reports have significantly enhanced strategic planning and decision-making.
- **Error Reduction**: The error rate in financial reports has decreased by 85%.
- **Team Efficiency**: The overall efficiency of the finance team has increased significantly.
Hear from PVS’s CFO, Jochen Sauwens
“Finarato has transformed our financial reporting processes,” says Jochen Sauwens, CFO of PVS. “The automation and real-time insights have not only saved us countless hours but have also significantly improved the accuracy and reliability of our financial data. It’s an indispensable tool for our financial operations.
Previously, we manually built our financial reports in Excel, which was extremely time-consuming and prone to errors. This led to challenges in providing timely and accurate data to our management for strategic decision-making. Since using Finarato, we haven’t missed a deadline, and our management team is extremely satisfied with its ease of use. We now utilize Finarato in every board meeting and have even built additional dashboards for future meetings. Finarato has been a real improvement for the entire management team.”
Looking Ahead: Expanding Finarato’s Use
The journey with Finarato doesn’t end here. PVS plans to expand the use of Finarato by leveraging its forecasting and budgeting features to manage departmental budgets in detail. This will provide deeper insights into financial forecasting and help optimize the company’s future performance.
Conclusion
PVS’s success story with Finarato is a testament to the power of leveraging advanced financial reporting tools to enhance business processes. By choosing Finarato, PVS has not only improved their financial reporting but also set the stage for more informed and strategic decision-making.
Stay tuned to our blog for more success stories and insights on how innovative tools like Finarato can transform your business.