Fin-Terpuu group streamlines group accounting, forecasting, and reporting with Finadeck

Fin-Terpuu Group is a partner for forest industry logistics needs in factory environments, on water, roads, terminals, and ports. The group has grown from a small family business to a trusted partner in the forest industry. Through three generations, Fin-Terpuu Group has inherited expertise, knowledge, and the will to develop, improve, and grow.

The group's operations cover solutions related to both land and water transport, which sets its own requirements for group accounting, budgeting, and especially cash flow planning that takes into account seasonal variations.

Fin-Terpuu Group employs approximately 350 people in Finland, and the group's turnover in 2024 was over 40 million euros.

Standardizing and streamlining group accounting, reporting, budgeting, and forecasting processes

Previously, group accounting and the preparation of consolidated financial statements were time-consuming and required a lot of manual work, especially in combining data from separate entities. Budgets and forecasts were made based on separate Excel files, which made the process cumbersome and inconsistent. Balance sheet budgeting and balance sheet forecasts were difficult to implement, and cash flow planning was inadequate. Manually prepared cash flow forecasts were labor-intensive in managing the group's liquidity and reporting to third parties.

The parent company, as well as offices and vessels, also had a need to monitor fixed assets and loan management more systematically. There were insufficient tools for managing investments, depreciation, and financial items, which made it difficult to assess profitability and the overall picture, as well as planning.

Automation of consolidation and reporting saves time

When the group wanted to standardize group accounting, improve the preparation of consolidated financial statements, and develop more accurate cash flow forecasts, the choice was Finadeck. The modern reporting software and group accounting software provides tools for both the group and individual companies.

Finadeck largely automates consolidation and consolidated financial statements by automatically eliminating internal transactions between separate entities from the group, leaving only the necessary elimination entries, such as acquisition cost calculations, goodwill depreciation, and depreciation difference eliminations to be recorded in the elimination company, as well as writing notes to the consolidated financial statements as manual work.

During implementation, Finadeck built reports for Fin-Terpuu Group to monitor the group and separate entities included in the group, as well as a consolidated sheet report for centralized monitoring of separate entities, from which the profitability and key balance sheet indicators of all companies included in the group are easily viewable at a glance.

The needs of separate entities were also taken into account. The profitability and costs of offices and vessels are trackable from one view.

Unified income and balance sheet forecast model brings accuracy to cash flow planning

The unified platform enables combining separate entities' budgets and forecasts into a group-level view. Cash flow planning and cash flow forecasts are updated in real-time and support decision-making. In addition, the system provides tools for balance sheet budgeting and preparing balance sheet forecasts, which provides a better basis for future planning.

Fixed asset management and loan management were centralized, and budgeting and forecasting are carried out consistently according to the entire group's line. Cash flow forecasts are conveniently available at both company and group levels.

Smooth implementation through training

During the implementation of Finadeck, Fin-Terpuu Group received comprehensive onboarding training, which allowed the software to quickly become part of daily work. The training helped the group's and separate entities' financial management key personnel to adopt Finadeck's use practically, from group accounting and balance sheet budgeting to cash flow forecasts.

Common operating models were adopted early on, which made budgeting, forecasting, and reporting consistent throughout the group. Thanks to the training, Fin-Terpuu Group was able to utilize the system's full potential from day one.

More time for data-driven management

Following the implementation of Finadeck, the group quickly gained visible benefits. The generation of office reports was automated, which produced significant time savings. The financial statement process was accelerated and the number of errors decreased when the preparation of consolidated financial statements and group accounting are handled automatically. Budgeting and forecasts are now consistent and more accurate, and they support strategic planning and investment preparation.

Cash flow management was significantly strengthened: cash flow forecasts are realistic and up-to-date, which reduces liquidity risks and provides assurance for daily operations. Fixed asset management and loan management better support decision-making when investments, depreciation, and the totality of loans are transparently visible.

The management of Fin-Terpuu Group has become more transparent. The parent company's management sees the whole picture, but individual companies and offices also receive the information they need to develop their own operations.

Finadeck has proven to be a reliable and flexible partner for Fin-Terpuu, a software for budgeting and forecasting that grows with the group and supports both group-level and individual companies' needs.

Summary

Following the implementation of the Finadeck solution, Fin-Terpuu Group quickly achieved visible benefits: