STRUCTURING THE CONSOLIDATION PROCESS
Building on its international presence, Christian Louboutin – the luxury French shoe and bag designer – wanted to restructure its consolidation process in order to reduce the Financial Close. Hence, the Group gave Neonn the mandate to prepare its consolidated accounts.
Neonn jointly worked with the financial team by providing its strong functional expertise. This close cooperation led to the standardization and optimization of the financial data collection process. In fact, the consolidation process has leveraged a proven methodology to efficiently prepare the statutory accounts.
The new approach exceeded the initial deadlines-related expectations, and has resulted in a reliable consolidation process for the year end closing.
THE GUARANTEE OF CONSOLIDATION PROCESSES RELIABILITY.
As the first nationwide network of hearing correction centers in France, Audika wanted to secure its consolidation process under an optimal financial communication framework to guarantee a smooth transition to the monthly consolidated accounts preparations.
Neonn conducted a comprehensive diagnostic review of the financial statements and organizations in place. The assessment identified three specific areas of improvement: defining new procedures, streamlining and harmonizing consolidation restatements, and standardizing financial communication manuals.
New principles and processes were developed and quickly put in place. They ensured that the data remained reliable, while providing enhanced and effective process management capabilities.
CBI (Chassis Brakes International)
Evolving based on new strategic and ownership issues.
After the sale of the Chassis Systems Brakes Division of BOSCH Group to the U.S. investment fund KPS Capital Partners, the new CBI Group had to quickly adopt a new reporting and consolidation solution that meets its new strategic needs.
Relying on its extensive knowledge of the different editors and their solutions, Neonn has assisted CBI in the selection of a suitable reporting tool by measuring all major and minor impacts for each proposed platform. By choosing Hyperion Financial Management, CBI picked a solution that is both flexible and scalable, making it possible to address all the (legal, reporting and budget) needs for the new Group.
CBI benefited from an optimal solution that meets both the needs of its management as well as the new regulatory requirements of its main shareholder in a record time. By managing and implementing all the phases of the project, Neonn delivered a new fully operational solution in 3 months.
Restoring confidence and reliability in a team
Three years of reorganization led NOVASEP to overhaul its entire financial team. A delicate transition ensued, resulting in a loss of expertise in the group’s Reporting and Consolidation solution as well as a deteriorated communication setting between the Corporate Team and subsidiaries.
Neonn conducted a diagnosis of the Hyperion Financial Management solution and a satisfaction survey to obtain a clear overview of the needs pertaining the Group’s Financial Department and all its divisions. This audit helped envision the actions to be implemented in order to optimize both the functional process and also the solution from technical and application perspectives. Neonn then implemented the migration of the previously installed (V.4.0.1) version to the new V.11 version of Hyperion Financial Management.
The enhancement of the existing features in HFM and the implementation of new ones allowed NOVASEP to leverage a reliable monthly reporting of its activities along with a statutory IFRS consolidation that complies with the group’s legal obligations. The integrity of the corporate teams was, therefore, strengthened.
Ensuring scalability and reliability during the growth phase
Throughout its growth, Neopost faced gradual problems in processing their financial information. Several issues seemed to have been identified but could not be internally addressed given the multiple sources of malfunctions.
Neonn conducted a general audit of the consolidation functions and management controls: teams, processes, scopes, equipment and software. Our diagnosis helped highlight two main sources of malfunctions at the company – organizational and functional, and then helped provide Neopost with the best solution that fits its financial needs. Neonn has therefore assured a smooth software migration along with the efficient implementation of new processes and indicators. Since the implementation of the solution, Neonn continues to deliver maintenance on regular basis to guarantee the smooth operation and scalability of the solution.
By overseeing the entire project, Neonn has ensured the implementation of a new solution in a very short time. Our financial and technical expertise has helped develop highly relevant and reliable indicators, which in turn have helped Neopost save several days in the preparation of their consolidated financial statements.