Magnificent graphs? I see right through them. To me it’s much more important that the basics are solid.

- Jean-Paul Verdult, CFO Magnum Heating Group

Dynamic company, ditto reporting tool 

With a total of thirty years of experience - twenty of which in accountancy - Jean-Paul Verdult set the bar high when he took over as CFO of the Magnum Heating Group in the Netherlands. One of the first challenges he tackled with great enthusiasm was finding a dynamic financial reporting tool for the company. His quest led him to BrightAnalytics.

“In my career I’ve come across my fair share of financial and administrative software packages”, Jean-Paul says. “The sales pitch always looks promising enough but once you start using them it doesn’t take long for the first obstacles to crop up. Magnificent graphs? I see right through them. To me it’s much more important that the basics are solid. So when we contacted BrightAnalytics at the recommendation of our stock holder, I didn’t hesitate to put them through their paces.”

Time for automation

At the time the Magnum Heating Group had developed into a dynamic organisation consisting of multiple domestic and international companies, a trading company and a factory. The organisation was in urgent need of an efficient, dynamic reporting tool. This was illustrated once again when the company was taken over by investment company Smile. “Up to that point we’d been getting by with Excel, Speedbooks and a reporting model developed in-house. However, this was no longer enough now that we needed to be able to analyse the financial data from different angles. At the same time we kept growing in volume and number of entities.”

Jean-Paul wanted to have an overview of what was going on in his company, literally at the push of a button. And providing an insight into profit, loss, P&L or the balance sheet was just the start. “It was time for an automated, dynamic and time-efficient package, one that easily fits in new companies and makes it possible to monitor a company’s financial performance, even from a distance. Just like we did for our parent company. During the takeover we also noticed that the bank and the shareholder were strongly in favour of introducing such a package.”

They get us, they think along, they are open to our ideas and, like us, they are dynamic. I think that’s a great way of working. 

- Jean-Paul Verdult, CFO Magnum Heating Group

Custom-tailored liquidity forecast

BrightAnalytics was just what Jean-Paul was looking for. “When we first met and he introduced the tool I noticed we weren’t just talking to a salesman but a dyed-in-the-wool professional and that’s an excellent base to start from. The presentation showcased the possibilities of the reporting tool, he asked us what we needed specifically and my questions were answered in-depth.”

Jean-Paul indicates that meanwhile it has become clear he made the right choice. “Obviously we had our work cut out for us as well because the tool doesn’t come with a user manual. BrightAnalytics motivates us to act, they’re available for questions and they like to think along to cater to our needs.” For instance, at Jean-Paul’s request they developed a detailed liquidity forecast function. “I had once built one myself in Excel. BrightAnalytics copied it based on the data in Exact. This shows that they get us, they think along, they are open to our ideas and, like us, they are dynamic. I think that’s a great way of working.”

Jean-Paul Verdult, Magnum Heating Group

Covid consultations

Now that Covid-19 has changed the rules the liquidity forecast is more important than ever. “No one knows what will happen next and there is a great deal of uncertainty. It’s about survival. At the moment it’s not so much about results and the balance sheet as it is about our liquidity and debtors. Under these circumstances it’s great to have a system where this kind of data is easy to retrieve. Not just for us but also for the bank that wants to know how we’re doing, and for our shareholders with whom weekly Covid consultations have become standard all of a sudden.” 

Jean-Paul adds that the CEO and the management team are also very happy with the introduction of BrightAnalytics. “Of course, they look at the figures from a completely different angle. They don’t concern themselves with unnecessary details: instead they want key figures, revenue development, gross margins and so on. Explained in simple terms and with nice images and graphs. And they too are very happy with the performance of BrightAnalytics’ reporting tool.”

  • Dynamic tool that evolves with your company
  • Important time savings
  • A team that thinks along and that is open to our ideas
  • Not just nice to look at but in-depth quality
Magnum Heating Group is situated across the Dutch border, in Tholen. They specialise in electric and water-borne underfloor heating systems and control systems to manage them interactively. Following the expansion of the holding to 6 Dutch subsidiaries and 3 operating companies (a trading company, a plant and a project department) with a total workforce of 80 it was high time for a more professional financial approach. Just the thing for BrightAnalytics!

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