Congost is a leading manufacturer of plastic products with operations in multiple countries. As the company expanded its global reach, it faced several challenges in integrating financial data from different countries, currencies, and data sources. One of the major challenges Congost faced was intercompany eliminations and consolidation due to the complexity of the process and the number of different legal entities and currencies. The manual process of consolidating and eliminating intercompany transactions was time-consuming and prone to errors, resulting in a significant burden on the finance team.

Challenges

• Integrating financial data from multiple countries and currencies
• Manual data consolidation and analysis leading to errors and inefficiencies
• Difficulty in obtaining accurate and timely financial insights
• The complex and time-consuming process of intercompany eliminations and consolidation

‍Solution

To address these challenges, Congost implemented Cofi, an FP&A platform that automates financial planning and analysis. Cofi's powerful data integration and consolidation capabilities allowed Congost to integrate financial data into a single source of truth seamlessly. With Cofi, the finance team can easily access and analyze financial data in real-time, providing accurate and timely awareness to support decision-making. In addition, Cofi's intercompany elimination and consolidation features are helping Congost effortlessly and accurately eliminate intercompany transactions, saving substantial time and resources.

"Cofi has been a game-changer for our finance team. Previously we would spend countless hours manually consolidating and analyzing financial data from different countries and currencies. With Cofi, we can now easily integrate and analyze this data in real-time, saving significant time and resources. The platform's ability to provide accurate and timely insights has also been invaluable in supporting our global expansion and decision-making."

‍Results

• Automation of 3,120 hours annually of manual tasks with just one click.
• Savings of more than $165,000 in manual processes.
• Improved accuracy of financial insights.
• More productive use of the finance team's time and resources.
• Accurate and efficient intercompany elimination and consolidation.

‍Conclusion

With Cofi, Congost was able to streamline its financial consolidation process, resulting in significant time and cost savings. The ability to easily integrate and analyze financial data from different countries and currencies provided the company with accurate and timely insights, enabling better decision-making and supporting its global expansion.

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