{"id":3761,"date":"2024-09-27T15:05:03","date_gmt":"2024-09-27T18:05:03","guid":{"rendered":"https:\/\/site-novo.dattos.com.br\/?post_type=historias-de-sucesso&p=3761"},"modified":"2026-04-15T14:48:18","modified_gmt":"2026-04-15T17:48:18","slug":"cofco-international","status":"publish","type":"historias-de-sucesso","link":"https:\/\/www.dattos.com.br\/en\/historias-de-sucesso\/cofco-international\/","title":{"rendered":"COFCO International: automated reconciliations for more than 840 accounting accounts"},"content":{"rendered":"
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Automated reconciliations for more than 840 accounts<\/h1>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Sobre COFCO<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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COFCO International is a\u00a0a Chinese state-owned agricultural company with operations in 35 countries.\u00a0<\/strong>With US$31 billion in global revenue, it handles 114 million tons of grain a year and has more than 10,000 employees. Headquartered in Geneva, Switzerland, it is a leader in the global supply chains for grains, oilseeds, sugar and coffee.<\/p>

The multinational is focused on being the\u00a0world leader in the grain, oilseed and sugar supply chain,<\/strong>\u00a0with assets in the Americas, Europe and Asia-Pacific. Today, the company\u00a0negotiates with more than 50 nations,<\/strong>\u00a0giving farmers direct access to the growing Chinese market.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Context<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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In line with its vision of being the world's leading agribusiness supplier, COFCO International had bold goals for expanding its business, which automatically implied\u00a0increased volume of financial data to be processed\u00a0<\/strong>by the companies in the group.<\/p>\n

The financial operation of a company that is growing on a global scale needs to be precise and effective, and it can't afford any errors or delays. COFCO therefore needed to find a\u00a0a tool to support the team in managing controls, ensuring the accuracy of information and centralizing and standardizing conciliation processes.<\/strong><\/p>\n

So the initial motivation was to hire a\u00a0technological solution that would guarantee the quality of financial information and help it manage and analyze the closing process<\/strong>for reporting purposes to the head office in Geneva.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t

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The challenge<\/h2>\t\t\t\t<\/div>\n\t\t
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COFCO International did the reconciliations manually using spreadsheets and since there was no solution to formalize the procedures and process this information in bulk\n\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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The finance department needed greater control over activities, deadlines and those responsible to ensure that data was delivered on time and that governance was met\n\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Due to its size, the company had different departments responsible for delivering financial data, which at the end of the process had a direct impact on the quality of the information generated\n\n\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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The solution<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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COFCO International needed a reliable partner who could\u00a0automate accounting reconciliations and manage the flow of account approvals for closing.\u00a0<\/strong>The company's Shared Services Center needed a\u00a0a robust solution with functionalities that would allow the team to be more assertive and agile in its processes.\u00a0<\/strong><\/p>\n

The company therefore implemented a joint project with Dattos to\u00a0analytical processing of large volumes of financial data.\u00a0<\/strong>With features such as\u00a0management dashboards, customized accounting covers, approval control and justifications,<\/strong>\u00a0as well as the possibility of creating customized data cleaning, processing and matching rules, according to the structure of the current files and\/or business rules.\u00a0<\/p>\n

The main results were\u00a0centralization of closing processes, automation of accounting reconciliations, information quality assurance and transparency for auditing.<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t

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840 G\/L accounts from 15 account groups\n\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Management and 13 CNPJs in 5 business units\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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More than 2 million records entered on the platform every month\n\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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\"We have already gained at least one work day during the closing process in SSC operations. We had a strategy shift that required a global reduction in the closing deadline. Coincidentally, this happened just as we finished implementing Dattos. The closing process stopped being stressful and became comfortable.\"<\/h2>\t\t\t\t<\/div>\n\t\t
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Marcel Durante\n
COFCO Shared Services Center Manager\n\n\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Want to know how to achieve COFCO's results with our technology?\n\n<\/h2>\t\t\t\t<\/div>\n\t\t
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“J\u00e1 ganhamos, pelo menos, um dia de trabalho durante o fechamento nas opera\u00e7\u00f5es do CSC. Tivemos uma mudan\u00e7a de estrat\u00e9gia que exigia uma redu\u00e7\u00e3o global no prazo do fechamento. Coincidentemente, isso aconteceu quando acabamos de implantar a Dattos. O fechamento deixou de ser estressante e passou a ser confort\u00e1vel.”<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t

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Marcel Durante\n
COFCO Shared Services Center Manager<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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