Different accounting packages and currencies on a single platform
STAS produces trailers for customers throughout Europe. The company has enjoyed vigorous growth which has led to expansion abroad. Different accounting packages and currency units turned gathering and analyzing data into a highly complex chore, so the company searched for a user-friendly, overarching platform for financial and operational data analysis. Six months after the implementation of BrightAnalytics, the reporting has become a great deal faster and easier.
STAS makes trailers with a range of options custom-tailored to the buyer. In this way they can meet the current needs in the agricultural sector, the construction sector and the recycling industry. A fine example of Belgian workmanship setting the standard for manufacturers worldwide. Their keen sense of innovation and top quality standards have borne fruit, enabling the company to build up a strong network of dealers throughout Europe.
In 2015, after more than 100 years and 3 generations, STAS consolidated its strong position with new establishments in Germany and Romania.
Excel formed the core of the reporting at STAS. With the foreign sites, other currencies and accounting packages were added to the mix. Working with spreadsheets became untenable, so they began looking for a faster and easier management reporting platform.
The search for a user-friendly platform brought STAS to BrightAnalytics. "For us, it immediately seemed like the perfect choice", says Gilles Desmet, the company’s Product & Finance manager. “For example, a conversion module from euros to Romanian lei was already available, so that practical problem literally solved itself.”
The accounting package from Romania was a new system for BrightAnalytics as well, yet the developers were able to integrate it into the package without difficulty. “The start-up went smoothly, despite the complexity of the situation.“
Six months after the implementation, STAS was already seeing the positive impact of BrightAnalytics in its day-to-day operations. “We have an up-to-date, clear overview of our sites in order to do comparisons. In management committee meetings we can easily interpret them on the basis of the visualizations in the dashboard. The challenge of simplifying Excel was successfully met."
Both the financial management and the operational management are steered by the analyses. The close of the financial year is followed by a large-scale budgeting exercise, including an in-depth analysis of the KPIs. “With BrightAnalytics, we get a substantiated explanation for divergent results, such as under- or over-budgeting.”
- Accessible everywhere via the internet
- Intuitive interpretation of the figures
- New data imported with a single click
- Easy reporting, quick analysis
- Standardization of different accounting packages and currency units
At STAS, BrightAnalytics has transformed reporting from a necessary evil into useful tool - even for those without a financial background. Gilles Desmet: “Earlier, on Sunday evenings all of us filled out the Excel spreadsheets for a new work week, which inevitably resulted in errors and conflicts in the different versions. Now we avoid typing errors and can focus fully on interpreting the data. BrightAnalytics is a powerful aid for risk management on every scale, from small companies to very big ones.”