Gaining Full Oversight and Control Over the Financial Close Process
Genesis Systems has been in business since 1983 and specializes in factory automation, with its accounting and finance operations dispersed globally. They have three business entities in the United States, Mexico, and Japan rolling up to the headquarters in Davenport, Iowa. Genesis Systems was acquired in December 2018 by a publicly traded company, IPG Photonics. At that time, they had been conducting their close process manually using Excel spreadsheets and tracked reviews and approvals of reconciliations and journal entries using Outlook. This caused a lack of consistency and standardization in the process opening the need for a solution to accurately manage the close process.
Since implementing Adra, their whole team has been able to stay on track throughout the close process while simultaneously increasing productivity and morale. They have seen significant time savings and increased efficiencies during the onboarding process by shortening the learning curve of month-end. The Genesis Systems team is now confident during close knowing that they have full visibility and control throughout the entire process.