Vincent Logistics

Our Excel reporting became increasingly cluttered and complicated.  The situation had become untenable.

- Caroline Vergotte, CFO Vincent Logistics

Always a direct consolidated result

The accounting and reporting of an international organisation with four subsidiaries in four countries can get quite complex. Vincent Logistics was one company facing this challenge. When Excel no longer adequately met the organisation’s reporting requirements, it switched to BrightAnalytics. Today, it conjures up the most recent consolidated figures with a single mouse click in four accounting packages and at three different levels.

“Logistics and transport company Vincent Logistics has entities in Belgium, Luxembourg, the Netherlands and Slovakia,” Caroline Vergotte starts. Caroline runs Vincent Logistics together with her husband. “We want to keep a close eye on the performance of our companies. This is not easy: not only are we using data from four different accounting packages, each country office also has to observe its own accounting laws. We also need to be able to filter out intercompany transactions from our data really quickly.” 

Until recently, Vincent Logistics used Excel to do this. “However, our reporting became increasingly cluttered and complicated. We had parameters coming from all angles and we were using highly sensitive, complex formulas. The situation had gradually become untenable. We also had to filter out any intercompany transactions from the figures manually, which we did not always manage to do. This meant that there was no complete, correct consolidated result. Consequently, we always had to be very cautious in our interpretations of the figures. We could never rely on them 100%.”

 

Custom automatic cost allocation

Vincent Logistics started looking for a tool that could solve these issues. The company’s bank recommended a meeting with BrightAnalytics. “At the time I had already looked at a number of possible tools, but I had not yet found the right solution for our company,” Caroline says. "Either the tools were too big and therefore too expensive for our SME, or they did not meet our direct consolidation requirement. After we sat down with BrightAnalytics and we saw the tool demo, we had found what we were looking for.” 

Accountant Christine Bronckart agrees: “We were immediately impressed by the solution’s visual and graphical strengths. It was also possible to configure BrightAnalytics based on our needs. Our accounting uses three analytical levels: we analyse data based on our fleet, on our transport categories and on the used fuels. Our reporting had to be in line with what we used to do in Excel, but it needed to be easier, faster and extremely accurate. In the end, BrightAnalytics developed the tool based on the structure of our P&L in Excel, including custom automatic cost allocation for costs that cannot be assigned to any category.”

Foto Vincent Logistics

Defining your own additional ratios

IT Project Manager Christoph Mennicken worked on the preparatory analysis and mapping. He was struck by how easy BrightAnalytics is to use. “The tool is very intuitive. It also allows us to click through to the smallest detail, down to the scanned invoices even. We can quickly compare the budget figures with our current performance, and we can exclude any intercompany invoices with a single click. The comments feature allows our accountants to explain any unusual figures in the monthly reports to the management. All this is extremely useful.”

After a half-day training course at BrightAnalytics, Christoph was able to define and create extra ratios that the company wants to track. He sees that as a major advantage: “It means that we can follow up on the issues that are most pertinent to the company. Because of COVID-19, for example, we have had to pay more attention to certain parameters. We can easily display these on the screen without the help of an  external programmer. And if we do have any questions or problems, we can rely on BrightAnalytics to help us. Its highly dynamic team responds very quickly. It has always found a solution so far, so our collaboration has been very successful.”

We were immediately impressed by the solution’s visual and graphical strengths.

- Christine Bronckart, accountant Vincent Logistics

Caroline’s number-one tip for anyone considering a similar project:

"If you want to introduce a reporting tool, you have to be well prepared: what do you want to get out of it? How will you get the information from your different accounting packages into the tool? And how can you structure your reporting consistently and logically? Take your time to do this. Rather than gloss over it, take a thorough approach. After that, BrightAnalytics will respond quickly and have your solution up and running in no time.”

  • Visually and graphically strong
  • Adaptable to the company’s needs
  • Extremely intuitive
  • Click through to the smallest detail
  • Useful comments feature to explain figures
  • No external programmer required for additional ratios
Together with her husband Jean Vincent, Caroline Vergotte runs the company Vincent Logistics. The fact that she excels in transport and logistics should not come as a surprise - given the name. With companies in four countries (Belgium, Luxembourg, the Netherlands and Slovakia) and an international field of activity, financial reporting for the company's auditors was until recently not an easy job. Today BrightAnalytics bundles all figures in one tool and reports a correct, consolidated result.

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