Case Studies and Podcasts
IBP Powers Forward with Mondial
IBP was founded in St Louis, Missouri in 1977 to provide motive power solutions to customers in Eastern Missouri and Southern Illinois. In the intervening period the company has grown to six locations and has expanded its business into the critical power and electric vehicle charging markets.
Providing a complete range of batteries, chargers, lighting inverters as well as both AC and DC charging solutions, IBP is a “people first” organization, attracting and keeping the best talent in the industry, and growing by rewarding strong performance and promoting from within.
Today, the company is recognized nationally as an authority on motive power and EV charging. IBP has used SAP Business One as its ERP system for fifteen years. Although SAP is ideal for managing business operations and accounting, leaders at the company wanted a purpose-built platform that could extract validated transactions from SAP, streamline their month-end reporting, and generate accurate financial reports quickly and easily. A single demonstration of Mondial was enough to persuade the company to move forward.
Automated, Affordable, Real-Time Financial Reporting
Mondial is a modern, cloud-based repository for multi-company, multi-currency financial data with advanced reporting capabilities. Using transaction-level data imported in real-time from the underlying accounting system, it allows period- end adjustments and supports the creation of quality financial statements for management, investors, and regulatory authorities.
Since implementing Mondial, IBP has standardized its financial report formats for all divisions within the company and has created consolidated financials to provide a consistent view of corporate performance.
The company’s CFO learned to use Mondial and create new reports from scratch after just a few training sessions. That included learning how to make intra-divisional elimination entries in Mondial so that sales between branch locations within the company do not inflate the total revenue figures.
Since rolling out Mondial, the company has created a complete set of modern accurate, multi-dimensional financial reports, with drill- down from every reported balance to each general ledger transaction. Users can view underlying accounts receivable and accounts payable transactions including customer, invoice number, line item detail, and matching payments; without ever leaving Mondial’s user interface.
IBP’s finance team can now close the books much faster than in the past. Previously, they struggled to bring together all the data from the company’s branch locations quickly. With the automated integration between Mondial and SAP Business One, IBP can now complete the closing process faster and more efficiently.
Mondial provides a common set of reports for a range of different stakeholders across the company. Each user can quickly and easily drill down to any balance on any report, leading to improved decision support and greater confidence in the data.
What’s one cause of lack of insight and confidence in data amongst CFOs and finance organizations that often holds back organizational decision-making?
This week in the 1st episode of Accounting X, Mark Richardson, Co-Founder and CEO of Mondial talks about Financial Reporting Challenges when Group Companies Have Different Operating Calendars.
Join us at Accounting X as we share practical content each week to help you and your Finance and Accounting Teams succeed in the digital world.
Key Risk? Overreliance on IT to support Financial Reporting
Welcome to Episode 2 of the Accounting X Podcast, practical content to help you and your finance teams succeed in the digital world.
In today’s episode we discuss how the quality of financial reporting can be put at risk through over-reliance on the IT group, and what the finance department can do about it.
As technology continues to advance, many companies have come to rely heavily on IT systems to support their financial reporting processes. While these systems can certainly be efficient and effective, there is also a risk that companies may become too reliant on them. If something wereto go wrong with the IT system, it could have serious consequences for the accuracy and reliability of financial reporting.
Accounting X Podcast Ep3: Challenges when producing financial consolidations
As companies grow and expand, they often find themselves with multiple legal entities through which they conduct business. While consolidated reporting is necessary to effectively run the business and meet legal obligations, the process itself can present challenges.
Incorrect consolidation can produce errors and lead to a lack of confidence in the numbers. Learn about the challenges and steps companies can take to remove the risk and improve confidence levels for management and other stakeholders in our latest podcast.