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Retail Technology, Retail technology News

Central European premier drinks brand invests in BI

Monday January 18 2010

Stock Spirits choose BOARD for its Group financial consolidation solution for monthly management and statutory accounts  

Stock Spirits choose BOARD for its Group financial consolidation solution for monthly management and statutory accounts

 

Stock Spirits Group has implemented the BOARD Financial Consolidation (BFC) system to consolidate its monthly management and statutory accounts, which involves the currency conversion and consolidation of the group’s 17 reporting units, including actual, budget and forecast results.

 

The BFC implementation has improved the consolidated accounts production process and the methodology for automated consolidation adjustments has massively reduced the number of manual adjustments.

 

Following the successful implementation of BFC, which went live within three months of the order being placed and included one month’s successful parallel run, Stock Spirits is now looking to take advantage of BOARD’s integrated platform to extend into other areas such as: budgeting, forecasting, planning, reporting and analytics.

 

Multi-brand, regional approach provides flexibility

 

Peter Needham, financial analyst for Stock Spirits, which produces and markets a wide range of established and modern drinks brands, including Stock 84, Fernet Stock, Keglevich and Wódka Żołądkowa Gorzka, commented: "We implemented BOARD FC at Stock Spirits Group to replace an outdated legacy system. BOARD has provided the flexible, robust solution we were looking for, as well as being cost-effective. In addition, BOARD fulfils our criteria of being easy to use across our offices throughout Central and Eastern Europe.

 

“As one of the fastest growing spirits companies in Europe, we also needed a scalable solution. Again, BOARD fits our requirements perfectly as it provides the functionality and scope to grow alongside our business.”

 

Needham added: “The implementation went smoothly and we were particularly impressed with the high standard of the consultant provided by BOARD to undertake the project."