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COFCO International: automated reconciliations for more than 840 G/L accounts

See how the multinational optimized the management of 15 groups of accounts, belonging to 13 CNPJs and 5 business units

About COFCO

COFCO International is a Chinese state-owned agricultural business company with operations in 35 countries. With US$31 billion in global revenue, it handles 114 million tons of grains per year and has more than 10,000 employees. Headquartered in Geneva, Switzerland, it is a leader in global supply chains for grains, oilseeds, sugar and coffee.

The multinational is focused on being the world leader within the grains, oilseeds and sugar supply chain, with assets in the Americas, Europe and Asia-Pacific. Today, the company trades with more than 50 nations, providing farmers with direct access to the growing Chinese market.

Check out some numbers from the multinational

The Customer’s Goal

Due to its vision of being the world’s leading agribusiness supplier, COFCO had bold business expansion goals, which automatically implied an increase in the volume of financial data to be processed by the group’s companies.

The financial operation of a company with growth on a global scale needs to be accurate and effective, it cannot count on errors or delays. COFCO then needed to find a tool that would support the team in the management of controls, the accuracy of information, and the centralization and standardization of reconciliation processes.

Therefore, the initial motivation was to hire a technological solution that would guarantee the quality of financial information and assist in the management and analysis of the closing process, for reporting purposes to the headquarters in Geneva.

The Challenges

alto volume

High volume of data processed

COFCO did the reconciliations manually through spreadsheets and as there was no solution to formalize the procedures and process this information in bulk.

acuracidade

Accuracy of information

The finance department needed greater control over activities, deadlines, and assignees to ensure data was delivered on time and governance was met.

processos (1)

Lack of process standardization

Due to its size, the company had different departments responsible for delivering financial data, which at the end of the process, directly impacted the quality of the information generated.

Our Solution

The company needed a reliable partner who could automate accounting reconciliations and manage the flow from approving accounts to closing. COFCO’s Shared Services Centre needed a Robust solution with features that allowed the team more assertiveness and agility in the processes. Thus, the company implemented a project together with Dattos for analytical processing of large volumes of financial data. With features such as Management dashboards, customized accounting covers, approval control and justifications, as well as the possibility of creating customized rules for cleaning, processing and beating data, according to the structure of the current files and/or business rules. The main results were the centralization of closing processes, automation of accounting reconciliations, assurance of information quality, and transparency for auditing.

The Results

agilidade na entrega

840 G/L accounts from 15 account groups

processos

Administration and 13 CNPJs in 5 business units

relatorios (3)

More than 2 million records entered into the platform every month

With the word, COFCO

"We have already gained at least one day's work during the closure of the SSC's operations. We had a change in strategy that required a global reduction in the closing timeframe. Coincidentally, this happened when we just deployed Dattos. The closure is no longer stressful and has gone from
to be comfortable. "

Marcel Durante
Shared Services Center Manager
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