How Boni Holding AD reduced the time for financial consolidation by 92% [case study]

As the volume and sources of data increase, and standards and regulatory requirements change, financial consolidation is becoming an increasingly complex and labor-intensive process, and data quality is more uncertain.

How has Boni Holding AD been able to reduce financial consolidation time from 14 days to 1 day and improve the quality of financial statements?

About Boni Holding AD

Boni Holding AD is one of the largest companies in the food industry in Bulgaria, a leader in pork production, and an established producer of meat products and sausages.

The company’s activities include hybrid and commodity pig farms, as well as one of the most modern meat processing complexes in Europe, which has the technological capabilities to produce an unlimited range of meat products.

The Group consists of 14 subsidiaries.

Financial consolidation challenges

Financial consolidation in the Boni Holding Group is performed every month.

Before the introduction of a software solution, this process took an average of 14 days, and the manual transfer of data from one file to another was a prerequisite for errors and deviations in the accounts.

Clarifying each company and identifying gaps in the reports, reconciling, and fixing the differences took significant staff time.

The solution – financial consolidation software

Seeking to reduce the time to prepare the consolidated report and increase the accuracy of the monthly reports at the individual company and group level, the holding company’s management decided to automate the process.

As a long-standing customer of ours in terms of the QlikView BI system, Boni Holding AD knows the team and the software solutions we offer.

A presentation was made to the group’s management on the specialist financial performance management system LucaNet and the capabilities of its financial consolidation module.

Implementation specifics

Once the decision to work together has been made, the process of implementing the financial management software, LucaNet, begins.

The group companies submit their accounting data every month in Excel consolidation packages, which over time have differences between them.

When the implementation started, the consolidation packs were unified and enriched with additional data to support the consolidation process and enable the collection of additional information required by Group Management.

Input data is validated at import into the system and no time is wasted in reformatting reports.

Management has a requirement to keep the format of the packages and the way of working as much as possible for the employees in the individual companies so as not to increase the stress in their working routine.

Results of the project to automate the consolidation process at Boni Holding

As a result, the focus shifted from data collection to data analysis, from the consolidation process itself to decision-making for the group based on consolidated reports.

Before the use of LucaNet, consolidation was done in 2 weeks, now it is done in 1 day” – says Denitsa Marinova – Financial Analyst at Boni Holding AD.

An additional benefit of the implementation for Boni Holding AD is the ability to store data in a structured format and easily track and compare them over time, both for individual companies and on a consolidated basis.

Users report as an advantage of the software the ability to visualize the data according to the relevant search, which the system generates with just a few clicks, without the need for additional development and intervention of the implementer.

The reports in the system are integrated and a change made to the data is reflected in all related reports.

“Balkan Services won us over with their attitude and constant communication. The consultants came into the business and Desi worked as dedicatedly as if she was part of our company. To this day, she is fully aware of the entire process, including advising on what can be improved. For any changes that happen at LucaNet, we have mandatory monthly meetings where she updates us and shares what we could improve. Apart from good work, I have also gained friendship!” says Denitsa.

No business nowadays can grow and be competitive without the use of IT systems. Choosing the right software solution and implementing it is a complex, difficult but critically important decision. Moreover, technology is evolving much faster than we can imagine.

At Balkan Services, we have expert knowledge of business and technology, we speak both languages. We’ll listen carefully and advise you on choosing a business system that exactly meets your needs.

We have been implementing business software solutions since 2006 and have completed over 690 projects. Our experts have years of experience and expertise in finance and financial management software implementation.