The group finance department makes sure that the correct accounting rules are respected (IFRS), prepares monthly closings and produces a quarterly financial statement. All of this requires meticulous coordination between the different contacts involved in the consolidation and reporting activities of the group.
To manage the financial operations of 47 offices world-wide, each entity has its own financial service. The Group Finance Department is shared between offices in Paris, Dallas, London and Stockholm. Managing accounting and financial reporting between the 17 countries where Valtech operates implies dealing with different accounting rules, time zones, and cultures. In 2009, Valtech started to use Oracle HFM as a core system for reporting and consolidation processes reliability.
After many acquisitions, the Valtech’s scope of consolidation had been constantly evolving and the group needed to both manage the flow of new employees and to adjust the internal and external financial operations. When Oracle HFM was implemented, Valtech was much smaller than it is today, and wanted to build strong foundations to create an enabling growth environment. However, having a consolidation solution and a highly skilled workforce was not sufficient to support the group’s growth.
Challenges of the project:
- Analyze, prioritize, and fix any dysfunction noticed during the initial diagnostic and make the system more reliable and adapted to strategic growth goals.
- Rapidly but effectively guide and train collaborators whether during mergers or during internal movements (evolution of finance team).
- Ensure the best possible transfer of knowledge as part of a continuous improvement process.
- Establish a smooth cross-country communication system with the different entities of Valtech to be able to prioritize and solve any requests.
- Secure migration from 126.96.36.199 to 11.2 in three months, while enabling the activity to stay up and running.
- Manage HFM for both external and internal reporting.