"From Spreadsheets to Seamless Consolidation: How Cofi's FP&A Solution Transformed Tecma's Financial Consolidation Process"Download NowWatch Now
"We had been struggling with manual consolidation processes and the complexities of multi-currency reporting. Cofi's FP&A solution made it possible to automate these processes, freeing up our finance team to focus on more strategic initiatives." - Mark Johnson, VP of Finance at Tecma.
Tecma, a data company based in the United States with 200+ employees, faced significant challenges when it came to consolidating their financial data across three legal entities in the United States, Mexico, and Canada. The company was operating in three different currencies and multiple data sources, which made the process even more complex. With only five people in the finance team, the manual consolidation process was time-consuming, up to 10 days every month.
Tecma had been using spreadsheets to consolidate their financial data, but this was a labor-intensive process that required significant manual effort from the finance team. The lack of visibility and transparency across the different entities made it difficult to make informed business decisions, and the team often had to spend long hours reconciling data from multiple sources.
To address these challenges, Tecma turned to Cofi, an FP&A solution that specializes in multi-company financial consolidation. Cofi's ability to automatically aggregate financial data from multiple sources, and integrate it into a single view, made the consolidation process more efficient and accurate. The pre-built templates for consolidation and multi-currency functionality enabled Tecma to automate the consolidation process, reducing the risk of errors.
With Cofi, Tecma’s finance team could easily view consolidated financial information across all three countries and legal entities, making it easier to analyze and manage. The team no longer had to spend long hours reconciling data from multiple sources, freeing up time for more strategic initiatives. Improving the efficiency of multi-currency consolidation, reducing the time required to manage foreign currency transactions by 80%.
Cofi's multi-currency functionality was particularly valuable for Tecma, as the solution automatically converted financial data into the company's reporting currency, providing a consistent view of financial performance across all entities. The solution also provided a high degree of visibility and transparency, allowing Tecma to track financial performance across its various entities.
Overall, Cofi's FP&A solution transformed Tecma's financial consolidation process, making it more efficient, accurate, and transparent. By automating the consolidation process, Cofi helped Tecma save 9 days every month, allowing the company to focus on growing its business. Tecma was delighted with the results and looked forward to continuing to work with Cofi to optimize its financial consolidation process.