Vauraus suomi oyj: Finland's leading business loan crowdfunding service

Vauraus Suomi Oyj is Finland's leading business loan crowdfunding service, founded in 2011, connecting businesses needing flexible financing with investors seeking good returns. Vauraus arranges business loans starting from €100,000, promoting business-driven operations and local economic growth. The Vauraus group includes several companies.

The Vauraus group employs approximately 40 people in Finland and had revenue of approximately €4.1 million in 2022. Vauraus is a crowdfunding service provider and payment institution with licenses granted by the Finnish Financial Supervisory Authority.

The need for group consolidation arose with the establishment of subsidiaries

During 2020–2022, as the number of Vauraus group's operational companies grew to several separate entities, Vauraus developed a need for group accounting. With this need, Vauraus began searching for software that could conveniently handle intercompany elimination, group budgeting, forecasting, and reporting.

Before the group structure was formed, Vauraus prepared budgets, forecasts, and monthly and regulatory reports mainly in Excel, spending about one day per month on management and regulatory report preparation. In addition to time savings, Vauraus sought a solution that would minimize the possibility of manual calculation errors.

"It was nice to see that Finadeck listened to our needs and was willing to demonstrate the software's benefits for consolidation during the trial period"

For Vauraus, Finadeck was not a previously known software, but after the accounting firm Accountor recommended Finadeck to Vauraus, Administrative Director Marjaana Ervasti and Portfolio Manager Ritva Karling decided to explore Finadeck.

"It was nice to see that Finadeck listened to our needs and was willing to demonstrate the software's benefits for consolidation by building us a group environment in Finadeck, along with the KPIs and reports we specified for management reporting, already during the trial period," Ervasti states.

With Finadeck automatically compiling reports from imported data and sending desired reports to selected recipients at specified intervals, it was clear that Finadeck would bring significant time savings to Vauraus.

Activating the trial period and connecting the Procountor integration was easy. Data transfer to Finadeck has been effortless for Vauraus, with the integration automatically updating data to Finadeck every night and manual updates also being possible. During the trial period, Vauraus was also able to verify that Finadeck's user interface was modern and relatively easy to use despite its versatile functionalities.

Automation leaves more time for tasks requiring human work

During implementation, the necessary intercompany elimination rules and management reports were finalized for Vauraus in Finadeck. Some internal transactions were not historically in their own accounts, so an elimination company was established in Finadeck through which these transactions could be eliminated from the group. Additionally, the regulatory minimum capital requirement calculation report was built into Finadeck, and automatic report sending was enabled for management and the board.

Alongside report building, Finadeck created a budgeting and forecast updating guide for Vauraus during onboarding training, based on the needs discussed with Vauraus, which will support future budget preparation and forecast updates.

With the transition to Finadeck, Vauraus now prepares separate company budgets and forecasts in Finadeck and combines the income and balance sheet budgets and forecasts from separate companies into group budgets and forecasts.

"Implementation and customer service receive excellent marks from us"

"Implementation and customer service receive excellent marks from us. Overall, Finadeck excellently covers our group's reporting, budgeting, forecasting, and group accounting needs," Ervasti summarizes.

Finadeck has also addressed needs that emerged along the way and has been able to respond and build solutions within a reasonable timeframe for Vauraus's needs.

Going forward, Vauraus will use Finadeck even more extensively for reporting, budget scenario and forecast creation, and preparation and compilation of consolidated financial statements.