Success Story
Perstorp
One platform for faster, more reliable intercompany reconciliation
About
Perstorp, is a world leader in several sectors of the specialty chemicals market. Private Equity owned, by PAI partners, Perstorp has 10 production plants and 26 sales offices.
Perstorp solved the problems they were experiencing with month end intercompany reconciliation by using the Ripple Treasury Netting Recon module. In this presentation given by Perstorp at the Ripple Treasury User Group Meeting in June 2018, Ewa Stiernfeldt, Financial Controller, Perstorp AB, showed how they addressed the major issues of reconciliation.
Solutions leveraged:
Challenges
Delays and incorrect AP bookings caused frequent mismatches, and when disputes came up, you didn't always know who to contact for resolution. These gaps forced manual adjustments to your consolidated balance sheet and put your P&L accounts at risk of misstatement, drawing undesirable audit comments. Month end brought constant time pressure, worsened by manual processes at every subsidiary and centrally. Reconciled data and documentation lived in scattered locations, making it hard to find what you needed when you needed it.
Perstorp uses the automatic matching of reconciliation items by uploading AR into the system, uploading AP, using the Ripple Treasury Netting functions such as ‘mismatching analysis’ and the reporting functions such as ‘confirmation of outstanding balances’ and ‘recon subtotals’ reports.
Solution
Perstorp now has one common platform, no matter how many different ERP systems its subsidiaries run. This gives the company a more stable reconciliation process that takes far less time to manage. It also solved the month-end intercompany reconciliation issues that used to slow down its close. And Perstorp now has consolidated storage for all reconciled data and documentation, so everything the team needs lives in one place.