SAP Newsbyte — Operating 70 business units in more than 60 countries, Cotecna, a leading provider of trade inspection, security and certification, chose software from SAP AG (NYSE: SAP) when it needed a powerful and finance-friendly solution capable of bringing consistency to its financial management processes spanning actuals, budgets and forecasts. With the SAP BusinessObjects Planning and Consolidation application, financial planning is now faster and simpler. Additionally, the application has helped Cotecna identify unprofitable business activities and take the necessary steps to improve overall performance.
Based in Geneva, Switzerland, Cotecna’s business is highly dynamic, with new consolidation requirements continually emerging. Its customers include governmental organizations located in Africa, Asia, Europe, North America and South America, as well as private sector companies. Challenged by the number and variety of its disparate reporting entities, consolidating its financial reporting was previously an arduous, time-consuming, manual task because the different countries all reported in their own formats using only spreadsheets as tools.
The decision to select SAP BusinessObjects Planning and Consolidation was driven by Cotecna’s finance team. Key reasons for the choice included flexibility; ease of use; unified planning, consolidation and reporting in a single application; ease of implementation; regulatory compliance; and the ability to scale with the company’s growth. With SAP, financial consolidation and reporting projects, including audits and month-end reporting, have been accelerated and simplified into one consistent format, helping improve overall accuracy significantly. For example, the company can now produce month-end financial reports in five days instead of 12. and audit reports can now be produced in half the time they were previously. Additionally, the application provides support for International Financial Reporting Standards (IFRS), which was another must-have for Cotecna.
“SAP BusinessObjects Planning and Consolidation has already been a big win for Cotecna,” said Jean-Frederic Thomas, vice president, Group Controlling, Cotecna. “We are continually finding new ways that it can help us and our customers.”
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