Our Work / NREC
Consolidation to Close
cycle reduced by 3
Quarterly close process taking 4 – 5 weeks to complete.
Reporting for variance analysis and management was eating up a lot of the Finance department’s resources. The budgeting system was manually managed and therefore not robust.
Confidence and information is critical...
Managing performance, planning and reporting in the Real Estate sector brings a constant challenge from both internal and external factors, confidence in information is critical.Teddy Murphy, CEO, Miagen
Move from old world FP&A to technology empowered Consolidation & Budgeting.
Miagen’s specialist Construction & Real Estate team presented a bespoke solution and integrated process to connect all areas of the organization, while delivering a powerful, intuitive Planning and Consolidation model which could be speedily implemented and future proofed for expansion and growth. The team then helped NREC map and steer their course from beginning to end.
The whole implementation was completed in 6 weeks using Miagen's rapid implementation methodology.
The consolidation solution required Miagen to build a complex model which could cater for 160 organisational units across 45 subsidiary companies, including 3 groups and 8 companies with minority or other ownership interests. The new model works with eight different currencies, two of which are for reporting. Over 40 historical exchange rates are captured for share capital and retained earnings translation.
Eliminations covered more than 100 intercompany transaction types including investment and share capital eliminations. The complete solution design resulted in a reduction of 400 different matching accounts across the group companies.
Planning & Budgeting
Miagen built separate models for sales, direct costs, OpEx, other income, personnel planning, CapEx planning, cash flow, income statement and balance sheet, which all smoothly join together to form the planning and budgeting solution for the entire group.
Senior executives can now monitor actual and planned performance of key operational and strategic metrics through tailored dashboards. The preparation of monthly reporting packs - including profit & loss, cash flow and balance sheet with actual, plan and forecast data for all departments and companies, is automated.
Consolidation to Close cycle reduced by three weeks.
Effortless data collection and reconciliation
Transparent intercompany reconciliations
Simplified budgeting process
User configurable reporting
Gave us solutions...
The experience working with the Miagen team was very good. They were receptive to all our requirements, walked us through the planning phase, could see our problems and gave us solutions.Seby Varghese, Finance Manager, NREC