Liftupp is a provider and developer of educational software. The company was created in 2015 as a spin-out company from The University of Liverpool. The group consists of 2 companies, and the parent company is based in the US.
75% FASTER
FINANCIAL CONSOLIDATION
Maximum data quality
AND TRANSPARENCY
Liftupp delivers its consolidated management reports in only 15 minutes with Konsolidator
Before implementing Konsolidator, it took Helene Sewell, Finance Director at Liftupp, an hour to consolidate the small group consisting of two companies. Now, it takes 15 minutes to do the full consolidation and send an updated version of the management report to the head office.
“Rerunning the consolidation is so easy! In 15 minutes, I can pull a trial balance, do the consolidation, refresh my reposts, and send them back to the head office.” – Helene Sewell
She estimates consolidating and reporting manually with the same data quality level as she gets when using Konsolidator would take at least half a day longer.
Managing multiple ERP systems and currencies
Finding a tool that integrated well with several different ERP systems was crucial for Liftupp since the group uses different ERP systems. With Konsolidator being a cloud-based system and thereby online, Liftupp could integrate all its ERP systems to Konsolidator with ease.
Handling foreign currencies in the consolidated accounts was another challenge Liftupp was looking to resolve. According to Helene, consolidating accounts with intercompany trades in different currencies is a messy process in an Excel spreadsheet – even if there are only two companies. Their small size also meant they did not want to purchase a big system, so for Liftupp, Konsolidator hit a sweet spot because of the suitable pricing model for smaller groups.
Errors in Excel spreadsheets are hard to track. With Konsolidator, Liftupp can track their data from when it enters the system, and the software lets them know if an error occurs. The tracking and checking for errors in Excel spreadsheets often leave little to no time for analyzing the numbers or presenting recommendations based on the consolidated figures to management. Any delay in preparing the numbers means that Liftupp would have no time to look at the numbers – a key motivator for wanting to change consolidation methods.
“With Konsolidator, we significantly reduce the time it takes to get the numbers and increase the time for analyzing and understanding the numbers. This is where the true value lies. This is where someone with my job can add value to the business and influence management decisions.” – Helene Sewell
Konsolidator was unmatched on the consolidation market in both price and functionality
For Helene, it was impossible to find another tool on the market for smaller groups that could offer all the functionalities at the price Konsolidator does. The ease of use is the biggest advantage for the finance function at Liftupp, and the fact that Konsolidator was simultaneously increasing the data quality was an added benefit.
Konsolidator provides a full audit trail meaning you can track your data from the moment it enters the consolidation system. The ability to review your financial data means more transparency and increased data quality. For Liftupp, it means that in addition to reducing time and errors, Konsolidator also instills confidence that the numbers are correct.
For Liftupp, this benefit proved itself when they did their first audit after implementing Konsolidator. Helene Sewell uploaded the consolidation to the auditors and showed them how to read the reports, and they never had a question. Not even one. For Helene, this is a sign that the transparency and data quality has reached a new height.
Today, there are 2 main reasons why Helene cannot imagine her team managing their consolidation without Konsolidator:
1: Redoing a consolidation is no longer an issue
“When we did the year end, we ended up at version 12, so we made 12 full consolidations which each only took 15 minutes. Now, I can’t imagine if we had to use an hour every time.” – Helene Sewell
The 3 most important functionalities in Konsolidator for Helene are:
- The possibility of managing multiple currencies.
- The budget functionality.
- The reporting tool, Konsolidator Konnect.
Konsolidator Konnect pulls data directly from the system into Excel and creates a report as Liftupp wants it to look. Konsolidator can pull and put data into any reporting tool, and Helene has chosen Konsolidator Konnect for this task.
Of the three functionalities mentioned as valuable to Helene, the ease of use is the number one advantage for the finance team at Liftupp.
“For me, the real value is in the ease of use, accuracy, speed. It is easy to learn it and so simple once you get the hang of it.” – Helene Sewell
2: The service and support are quick and reliable
In Liftupp’s experience, the onboarding was like the product – simple and fast. Liftupp onboarded Konsolidator in 3 weeks. Also, being able to contact a support team of skilled auditors who know the exact problems you are facing as a Finance Director has been valuable to Liftupp’s financial team.
“The service and support from the customer experience team have been eminent, which is very important when you are working on a tight schedule. So, always getting a quick reply to my questions is highly appreciated.” – Helene Sewell.