Every year, a corporate group specializing in powerful network infrastructures for electricity, traffic and telecommunications undertakes an external audit. Its purpose is to provide independent assurance of the entity's financial statements so as to raise their credibility with investors. But with data scattered across systems, there was an urgent need to optimize the process.
Before RADAR, the primary tools used by the company in corporate reporting were SAP and Excel spreadsheets, and external audit professionals needed considerable effort to gather and prepare all necessary information for evaluation.
Transitioning to a cloud-based solution has eliminated this impediment. All types of financial data are now imported from SAP to RADAR and then consolidated into clear and comprehensive financial statements which also contain annotations from project managers commenting on reported figures.
A uniform format and requirements for the structure and content have been defined together with the audit company to ensure that the statements are presented fairly and in accordance with the applicable financial reporting framework.
By using RADAR as an integrating solution and thus making the audit process more efficient, the company was able to cut the cost of audits by 23%.
General optimization of financial reporting has also resulted in improved cashflow. The company no longer has millions of euros in outstanding invoices and can close projects without delay.