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Venice Group: automated reconciliation of 80% of the SSC's financial operation

Find out how the company zeroed out the bank of 2,600 overtime hours for finance department professionals in one year

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About Venice Group

The Veneza Group is a retail company with more than 1,300 employees spread across 11 states in Brazil. The organization operates as a dealership of machinery and equipment for the paving, agricultural, trucks, buses and light automobile sectors.

The company, which started as a family business, has had strong growth in recent years, and today has its Shared Services Center (SSC) structure certified by the Great Place To Work (GPTW) institution, acting in an increasingly professional way and with total data security.

The SSC Journey

The SSC of the Venice Group began to be structured in 2019, through the unification of two existing administrative structures in Recife and Natal, as a result of the need for shareholders to obtain greater synergy and reduce expenses. Since then, the area already has 100 employees, and is responsible for managing the operation of 59 CNPJs, including headquarters and branches.

According to Marcello Rocha, Director of the SSC of the Venice Group, practically half of this workforce works exclusively in transactional activities related to finance, such as: accounts payable, accounts receivable, credit analysis, collection, cash flow, accounting, tax, legal, IT and indirect purchases.

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The Customer’s Goal

The client’s objective in seeking Dattos was to automate, organize and professionalize the financial process of the companies of the Venice Group through the efficient management of its SSC. After all, at the beginning of the operation, many processes were still being carried out on paper, e-mail and spreadsheets, without clear procedures, standardization or information quality criteria.

With the accelerated growth of companies, the financial reconciliation process has become a great challenge, due to the large volume of manual work, as well as rework and divergences in reconciliations.

“We needed to have governance and quality records, to have visibility to ensure that everything that happened in the accounts was 100% correct and reflected in the company’s accounting. But the reality was that, even with all the efforts and manual spreadsheets in this process, we always had a volume of pending issues, reconciliations and relevant rework”, explains Marcello.

The Beginning of Change

With this need in mind, the Venice Group began to look for tools and paths that could support them. The first step was to implement a major transformation in the team’s mindset and culture, so that they better understood the importance of delivering correct and on-time data.

In parallel with the cultural change, the company also resorted to technological tools that could support the different routines of the SSC, and that’s when they found Dattos. Marcello understands that technology is fundamental, and that finance departments that do not update themselves in this sense will be left behind.

“Our motto became: invest in technology and optimize routines to scale intelligently, with automated processes and integrated transactions,” he emphasizes.

The Challenges

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Overloading staff with overtime

The finance teams had more than 2,600 overtime hours at the bank due to the high demand for manual activities to be carried out under tight deadlines.

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Data Consistency

A lot of manual effort, spreadsheets, energy, and even then, it was still not 100% of the quality and governance needed in the process.

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High volume of transactions processed

More than 400 thousand lines to be processed manually per month in the administration of 148 accounting accounts associated with 58 CNPJs.

Our Solution

Prior to Dattos, the operation via Excel was the path chosen by the Veneza Group to regularize reconciliations. However, with spreadsheets alone , it was not possible to obtain the expected result because the volume of transactions was too high.

Our technology is optimized so that it is not necessary to have the support of an IT structure or programming knowledge, the implementation became much easier, and this was a decisive factor for Venice’s choice of Dattos.

Thus, with the automated reconciliation processes and governance brought by the Dattos platform, the SSC team of the Venice Group reduced its daily reconciliations to 48 hours, applying, in practice, the Continuous Accounting strategy.

“Every day, we do a previous period closure for all companies. In other words, there are many people involved daily in an operation that needs to be standardized and systematized. With Dattos, we had a great gain in productivity and were able to deliver the financial data to the accounting every 2 days. We have much more consistency, accuracy, quality in the data,  in addition to a lean and more qualified team”, says Marcello.

Today, of the total of 408,045 statement and ERP lines, 336,734 are automatically reconciled with Dattos, corresponding to a percentage of 80% of the entire financial operation of the SSC.

The next steps in the evolution of the Venice Group’s SSC are to continue with this strong vision of digitalization and seek new solutions that can make the SSC’s journey simpler and more scalable with the available technology.

 

SSC processes automated by Dattos

The Results

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Automated reconciliation of 80% of statement and ERP lines

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More than 140 automatically reconciled ledger accounts

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Reduction of 2,600 overtime, zeroing the bank from the financial sector

Dattos has transformed the quality of life of the financier. The team recognized the value because they had to work hard work and overtime to close the accounts on time, and today they work with much more quality and time optimization. Day-to-day life has become more balanced, employees have a better quality of life and are happier",
celebrates Marcello.

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