Since the implementation of the ERP Unit4 Business World, we at Heifer International® has streamlined processes, such as the closure of accounts and preparation of the Consolidated Financial Statements. The complexity of working in a multi-currency environment has been reduced. This is thanks to multiple solutions that include: foreign currency management, managing intercompany transactions, and customer consolidation solutions to manage the elimination transactions and statutory adjustment. Managers are now making decisions based on real-time information.
The summary of the benefits and results are as follows:
• Simplification of the annual closing and preparation of consolidated financial statements
• Simplification and standardization of the revaluation process without the need to make manual calculations. No need to reevaluate the foreign currency in an Excel file with an average exchange rate because - with the Revaluation module and Oanda subscription - the system updates daily exchange rates and translation of foreign currency transactions to dollars automatically. The revalorization of assets and liabilities at the end of the month is done in the same system.
• No need to collect data from different systems because all necessary data is contained in the same ERP database.
• Intercompany transactions (transactions that occur between headquarters and subsidiaries abroad) are automatically recorded in each country’s books in the ERP.
• The financial information includes more relevant and comprehensive information, for decision-makers on time. Another important feature is comparability between entities at Heifer®.
• The exponential increase of managing accounting because reports are provided for internal analysis. The browser in Agresso offers the flexibility to generate the appropriate report for the correct situation. This tool has a "deepening" feature. In other words, the ability to see the details behind an information summary.
• Increased financial transparency. With a few clicks, the auditor may pass from a brief indication of the browser (or reporting tool) from the details of a major account or a payable voucher account.
• Increased internal controls because there is a direct link to the single transactions that make up the state so that fraud and abuse of assets can be detected more easily.
• Improves human capital and project management.
• Save hundreds of hours of labor since the implementation of the ERP. As an example, in the past, it took more than fifteen people and two months to prepare financial data for consolidation. Now, this information is already in the systems in local currency, functional currency, and reporting currency (US dollars). These 15+ people can do more analytical work such as the use of global reports to make important decisions in real time.
• Additionally, a conservative economic estimate is that Heifer® saves more than $125,000 per year since the implementation of Unit4 Business World.
Review collected by and hosted on G2.com.