Case Study

Automating our financial consolidation with FinAlyzer made our statutory reporting simple, auditable, accurate and efficient by 60%

Vineet Joshi
CFO & Member of the Management Board

Industry:

Automation & Robotics Technology

Overview:

  • PARI provides world class Automation and Robotics technology that makes manufacturing Smarter, Faster & Safer.
  • PARI hosts one of the Worlds largest automation and robotic engineering teams under one roof with over 2000+ man years of automation experience.
  • Over 1000+ employees of which 650+ qualified engineers in machine design, controls, software, manufacturing quality control, equipment manufacturing and project management.
  • PARI has deployed over 1500+ automated systems worldwide.

The Challenge

The consolidation of PARI’s  5 entities (in India, US, Germany) , multi GAAP & multi currency, was done manually. Handling inter-company eliminations, forex translations, casting, GAAP differences,   reclassifications, minority interests & management reporting where proving to be time-consuming, effort intensive and error prone

The Objective

The primary objective of automation was to eliminate the complexities of processes around financial consolidation & reporting and have confidence that the numbers are accurate. 

The Solution

PARI leveraged FinAlyzer® to fully automate financial consolidation and statutory IFRS reporting. All the previously manual activities like inter-company eliminations,  forex translations, GAAP differences, minority interest computations etc. were fully managed within FinAlyzer.

The Results & Benefits

FinAlyzer helped PARI speed up the completion of the financial consolidation process by 60%. The productivity savings helped the finance team spend more of their time in analysis and less time on repetitive manual activities. Casting and Inter company eliminations, which were among the major challenges earlier, were fully automated & thereby generating fully accurate and timely financial reports.