Success Story
Perstorp
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.
Challenges
- Mismatches due to delays / incorrect booking of Accounts Payable (AP)
- Not clear who is the relevant contact to resolve disputes
- Consolidated balance sheet needs manual adjustment
- P&L accounts may be incorrectly presented
- Undesirable Audit comments
- Considerable time pressure at month end
- Manual processes at every subsidiary and centrally
- Fragmented storage of reconciled data and documentation
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
Provides a common platform for subsidiaries with different ERP systems
Gained a more stable and less time- consuming reconciliation process
Solved month-end intercompany reconciliation issues
Consolidated storage of reconciled data and documentation
