Charl Ryan, Rocketmine DNA - Drones and automation - who use Joiin across their group of companies globally

Improving consolidated reporting processes across a global team

Grappling with spreadsheets and what he describes as ‘horrible’ v-lookups, Charl Ryan at Rocketmine turned to Joiin for a consolidated reporting solution. Since then, the global group has reduced its 10-company month-end consolidated reporting process from three days to less than 30 minutes.

“Our consolidated reporting process is now under 30 minutes.”

Charl Ryan, Group Finance Partner for Africa, Rocketmine

Background

Rocketmine is a mining industry drone-serving company. As the Group Finance Partner for Africa, Charl Ryan and an extended global team across the group’s ten companies, including an in-house CFO, finance professionals, and external users/accountants, use Xero for the group’s financial reporting requirements.

The challenge

Reporting was a lengthy manual process. To create reports, the company would have to extract trial balance(s) into Excel and then create separate worksheets, writing ‘horrible’ v-lookups as part of the process. Generating the required consolidated reports would take three and a half days.

The solution

With Joiin, Charl now prepares reports for his Africa-based companies while his Australia-based CFO prepares reports for companies in their region. The company easily create group-wide reports and share with global stakeholders, with more time for analysis and improving other areas and processes. Real-time decisions have also improved with the use of the Joiin performance dashboard.

Rocketmine’s reporting times reduced

Infographic showing how Rocketmine's reporting times have reduced with the use of Joiin

The benefits

  • Days saved across the group: The 10-company month-end consolidated reporting process reduced from three days to less than 30 minutes.
  • Rapid reporting: “It’s even quicker if there are no new accounts”, according to Rocketmine, with reports running in seconds if no mapping is required.
  • More time for analysis: Time savings across processes enable Rocketmine to assess its financial position confidently, generating greater faith in the numbers.
  • Simple reporting filters: These enable more opportunities to compare actuals to budgets, and run consolidations according to departments and categories.
  • Group cashflow simplified: The group now runs cashflow reports weekly, generating more stable group figures than previous stand-alone entity figures.
  • Straightforward automation: Group consolidated reports now run monthly (previously quarterly) with the benefit of automated processes.
  • Daily dashboard: A dashboard overview provides Charl Ryan with a real-time snapshot of his region’s performance.
  • Monthly report pack: A Report Pack is generated within Joiin and used to report figures to senior management as an exported Excel document and via video calls to the senior team and board-level shareholders worldwide.

“I’m now clearer in my reporting, and we’ve clawed back days using Joiin. Our reporting process is now under 30 minutes, whereas it was three and a half days.”

Charl Ryan, Group Finance Partner for Africa, Rocketmine

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