Nomor successfully met requests from new owners by using Konsolidator
DUE TO STANDARDIZED DATA
FOR FINANCIAL REPORTING
Credit: © Nomor
Nomor Holding AB is a Swedish limited company and one of the largest players within pest control and food safety in Sweden. The Nomor Group consists of three legal entities in Sweden and one in Norway.
In September 2019, The US-based company ServiceMaster Global Holding Inc., (listed on NYSE) acquired Nomor Holding AB. Becoming a part of a public Corporate Group increased the requests on the management to deliver monthly financial reporting, an improved closing process, and stricter internal control.
Before the sale, an external agent handled the legal consolidation for the Nomor Group, which was done once a year for the statutory annual report. When entering into a public listed Corporation, the option to make a full consolidation on a monthly basis became a necessity, including to need to handle the consolidation in-house. To meet the new standards, Nomor had to implement a tool that could automate the financial consolidation process. They decided to move away from a manual consolidation process in Excel and upgrade to Konsolidator®.
“Management needed a system that could provide the standards needed for a public company. The existing Excel template that we were using did not meet the new standards and requirements. With the help of Konsolidator®, we are now able to meet the new standards.” – Ann-Christin Markström, Interim Group Financial Controller
“We are able to trust the numbers now because the risk of mistakes is minimized. We have everything in one place – including adjustments, reclassifications, and journals booked on consolidation level. This has improved the quality of our data, and we are now able to make a much better analysis.”
Through cloud technology, Konsolidator® automates financial consolidation and standardizes data. This has given Nomor a more effective workflow while improving the quality of the financial data.
Before, the Nomor financial team used lots of time checking for errors in the Excel Consolidation template. Konsolidator® now handles this work. Instead of checking a large number of spreadsheets for errors, they can focus on in-depth financial analysis.
The improved data quality makes it possible for the financial team to provide financial reports to the management consisting of valid financial data.
“We are able to trust the numbers now because the risk of mistakes is minimized. We have everything in one place – including adjustments, reclassifications, and journals booked on consolidation level. This has improved the quality of our data, and we are now able to make a much better analysis.” – Ann-Christin Markström
In only 4 weeks of full-time work, Nomor implemented Konsolidator®. Ann-Christin Markström has implemented new tools before but never via online onboarding. A part of the reason that the onboarding went smoothly is because of the well-prepared Customer Success team at Konsolidator that created a specific onboarding plan for the Nomor team.
“It was first-class support. Martin, who managed our onboarding, was very patient, good at explaining the system and clarifying the different responsibilities for the teams in the implementation process. It was learning by doing, which was good because then you really got the hang of it.” – Ann-Christin Markström.