“Profitbase has skilled people who know what they are doing. In the past, we used to spend two or three weeks on this type of work. Now we have all the information available, and can get this done in ten minutes.”
Consolidation solution for Fatland
Less time - more precision
These words are expressed by Roar Malmin, the corporate chief accountant at the Fatland Group. What he is excitedly referring to is a comprehensive consolidation solution delivered by Profitbase for Fatland.
Consolidation is probably a foreign term to most people, but a well-known concept in the world of finance. It is also a very important element for corporations consisting of multiple subsidiaries. The system makes it possible to ignore all transactions that take place between the subsidiaries under the parent company, so what remains is the company’s actual turnover.
“We eliminate, in other words, we take away all the intercompany transactions, everything that takes place under the corporate group,” explains Malmin. He further explains the process by providing an example of how the actual turnover is calculated in Fatland.
“If Fatland has 14 billion (kroner) in its total turnover, then 9 billion can come from trade within the group, such as a transaction between Fatland Jæren and Fatland Ølen. What actually goes out is approximately 5 billion. When we eliminate, we take the sum from all of our accounts and remove all the internal transactions. Then we are left with Fatland’s actual relationship (financially) with the outside world.”
Less time—More Precision
One of the biggest advantages of the financial consolidation solutions provided by Profitbase is its efficiency and accuracy. Nothing is more valuable than time, especially when you can produce more precise work.
“Having such a solution is time-saving and automates a lot of work that had to be done in Excel. It saves time, but this is just a small aspect. First and foremost, the degree of accuracy increases considerably when we do this (through the consolidation solution),” says the chief accountant.
Moving forward
Our collaboration with Fatland continues, and we plan to provide even better solutions to ensure that they can manage their finances in the most effective manner.
Fatland has been doing business consolidation for quite some time but intends to take one step further, in order to get a solution that is even more automated and transparent.
Thank you for your collaboration!
We, at Profitbase, are proud to have Fatland as a client. We are looking forward to our future collaboration!
Facts:
- The Fatland Group AS is Norway’s largest privately owned meat company with roots dating back to 1892.
- Today, the company has over 700 employees with its largest production facilities in Ølen, Sandnes, Oslo and Sandefjord.
- Fatland delivers meat that is produced by Norwegian farmers. The meat is slaughtered in their own slaughterhouses under strict quality control.
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