Success Story Library
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Sanoma Media Netherlands Transforms The Last Mile of Finance with AssureNET GL
Overview
Sanoma Media is the largest media company based on reach in the Netherlands, taking into consideration magazines, custom media, events, websites, mobile sites and apps. Combining all channels, Sanoma Media reaches about 91% of the Dutch population (13+) and 75% of all internet users (13+) in the Netherlands, readers and visitors with whom Sanoma Media has had a close relationship for generations.
Sanoma has an extensive portfolio with over a 100 different brands including AutoWeek, Donald Duck, delicious., Flow, Kieskeurig.nl, Libelle, Margriet, NU.nl, Viva, Vrouwonline.nl, SchoolBANK.nl and Startpagina.nl.
Challenges
Sanoma Media Netherlands used manual excel spreadsheets to reconcile the General Ledger (GL). However they had a vision to be recognised internally as a centre of excellence and the GL reconciliation function was an area ripe for improvement.
Despite having resourceful accounting staff, manually intensive processes mean errors can occur, delays can occur, and the business is unable to gauge the risk exposure to material weaknesses.
Despite best efforts in following IFRS as a compliance model there was a lack of control, structure and visibility into this particular area of the financial close process.
Objectives
• Automate the general ledger reconciliation within the SSC
• Reduce the manual effort spent in the GL reconciliation process
• Reduce the high volume of spreadsheets used in the process
• Improve management visibility into the status of the reconciliation
• Increase the efficiency of the accounting staff involved in the process
• Ensure the accuracy of the balance sheet
Capabilities Provided
Sanoma Media Netherlands selected Trintech’s Unity AssureNET GL solution to increase control and visibility of the GL reconciliation and to improve efficiencies through automation.
The UNITY AssureNET solution allows the company to:
• Automate the GL Reconciliation process
• Reduce the risk of manual errors
• Standardise the manner in which the GL reconciliation is performed
• Better comply with the internal IFRS model requirements
• Improve internal controls
• Manage the system within the financial SSC without additional IT support
• Provide a better level of service to the business and meet internal SLAs
Testimonial
“Since implementing AssureNET GL we have a truly IFRS compliant process providing us with controls and visibility into the Record to Report process in our financial close.” – Saskia van Hoppe, Sanoma Media Netherlands Finance Manager
