LB Forsikring has Streamlined the Financial Close Process with Adra® by Trintech
Today, LB Insurance has implemented Adra Task Manager, Adra Balancer and Adra Matcher (formerly Accounts). The top priorities – a clear audit trail and the ability to easily upload documentation – have been fulfilled, and there have been many other gains.
About LB Forsikring
LB Forsikring is a member-owned insurance company. It is currently the third largest insurance company on the private market in Denmark, with over 400,000 members and more than 750 employees. As a financial company, LB Forsikring must adhere to documentation requirements concerning transactions and reconciliations. Therefore, an audit trail and proper documentation were at the top of the priority list when in 2014, the company had to find a solution that could improve their financial close process. Since implementing Adra, LB Forsikring has seen several benefits, such as a streamlined financial close process and a continuous overview of all processes, tasks, and statuses.
Highest priority: Audit trail and documentation
“Before we got Adra, we reconciled in Excel spreadsheets. In practice, we made extracts from our financial system, then the various balance accounts were sent to the employees who were supposed to reconcile. It wasn’t agile. There could easily be changes in the bookkeeping, and it was a difficult process to adhere to the requirements for documentation,” says Finance Specialist at LB Forsikring, Kjeld Halkjær.
“We worked on a couple of systems, and Adra gave us the opportunity to visit some customers and hear their experiences. We also looked at the price, but the most important thing was to find a system that could meet our needs. On that basis, we agreed on Adra,” says Kjeld Halkjær.
Better cooperation and more flexibility
Both Kjeld Halkjær and Anja Jonassen find Adra to be intuitive and user-friendly software, which also benefits collaboration and provides more flexibility in everyday life.
“Adra is a very open system. Everyone can see where we are in the process, and as employees, we have gained a better understanding of each other’s tasks and the dependence that may exist between them,” says Anja Jonassen, and Kjeld Halkjær concludes: “As a manager, it is nice to keep track of how far we are in the closing process, and whether there are bottlenecks or tasks we are missing. Then we can move around and ensure that things are resolved.”
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