With the Adra Suite, Mestergruppen has Streamlined its Month-End Process
Mestergruppen has been using Adra Accounts for transaction reconciliation for 10 years. Vibekk explains that Adra Accounts has been an important tool for the company’s period closing process.
Mestergruppen is one of Scandinavia’s Largest Corporations in building materials, housing, and real estate. Since Ferd AS acquired Mestergruppen, the group has grown rapidly in scope with the acquisition of XL Bygg, Byggtorget, Nordbohus, and several other companies. With a turnover of approximately 18 billion a year, the building products giant relies on a flexible and comprehensive month-end closing solution that can handle a large number of transactions and accommodate the future growth of Mestergruppen.
Time-consuming month-end close before Adra
Before the implementation of Adra, Mestergruppen mainly used manual processes to carry out their month-end close. Linda Vibekk, Accounting Manager at Mestergruppen, says that the group’s finance and accounting department was always under time pressure to complete their month-end close.
The manual period closing process of Mestergruppen was very time-consuming, poorly structured, and made up of individual checklists that made it challenging to have control through the month-end close. These challenges led them to seek help from Adra. The organization needed a cost effective solution that freed up time in the finance and accounting department.
After some training with the Adra team, it did not take more than a couple of months before Mestergruppen familiarized themselves with the modules and saw a return on investment. Today, Mestergruppen uses Adra Accounts for transaction reconciliation, Adra Balancer for balance sheet reconciliation, and Adra Task Manager for task management and control.
Future-oriented opportunities with the Adra Suite
After the transactions are reconciled, they are transferred to the balance sheet. Previously, Mestergruppen spent a lot of time uploading the documentation in various portals for the different subsidiaries. The process was unclear and made it difficult to find important documentation. After the implementation of Adra Balancer, Mestergruppen now has a clear portal where the company easily gets an overview of the month-end progress.
Mestergruppen also uses Adra Task Manager for task management and an overview of progress in the month-end close.All major, repetitive, or fixed tasks have their own task in Task Manager. By replacing manual to-do lists with task management in Adra Task Manager, Mestergruppen has had an easier time meeting deadlines, gaining better visibility, and reducing the department’s vulnerability.
Adra’s solutions have freed up a lot of time and created more control for Mestergruppen. With the help of a clear dashboard, better visibility, and the ability to track activity, the finance and accounting department can complete the month-end close with better quality and on time. Vibekk also expresses that it is important to modernize their processes and technology to retain the right people in their company.
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