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Financial Close Transformation story of Sanoma

About this event

Sanoma is a company in transformation, having completed significant acquisitions and divestments in the recent past. As a result of these changes, the finance system landscape within the group also changed, posing new challenges for accounting operations. "We have been acquiring new companies resulting in a more fragmented finance system landscape. Our financial close software was showing limitations in supporting our accounting processes across our countries. And while efforts to harmonize our finance processes and systems continue, most companies within the Sanoma Learning business, in particular, continue to operate on different SAP instances. We needed a solution to control and manage our financial close process effectively," says Ralph Wieskamp, Head of Accounting Services at Sanoma.

After a thorough evaluation process, the Sanoma team implemented Aico’s financial close automation and process management software across the group. The project's scope included the entire suite of applications – account reconciliation, journal entries, closing task management and manual invoicing. “Despite recent and ongoing SAP roll-outs, we still have multiple instances of the ERP in use for different companies. Aico, with its real-time integration to SAP, helps us bridge that gap and ensures we work in a harmonized way across these entities while providing central control and visibility over the closing process. This increased visibility also enables us to identify further improvement potential within the closing process continuously”.

About Sanoma

Sanoma is a stock-listed, growing learning and front running multi-channel media company that aims to lead the industry development. Sanoma operates in eleven European countries and employs close to 5,100 professionals. In 2020, net sales totalled more than 1 billion EUR.

Hosted by

  • Guest speaker
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    Ralph Wieskamp Head of Accounting Services @ Sanoma

    Ralph is an experienced finance professional, having led global finance teams and shared service operations for more than 15 years. Ralph has a proven record in the process and organisational development, focusing on simplification and standardization while always ensuring quality and compliance.

  • Team member
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    Sarah Bellerby Pre Sales Consultant @ Aico Oy

    A qualified Accountant with a passion for implementing intelligent solutions to streamline financial processes, mitigate risk and increase compliance. Having worked in the R2R arena for several years at both Trintech and now Aico, I have valuable experience in Financial Close Automation Solutions.

Aico

Intelligent Financial Close Automation Platform

Aico helps enterprise-level organisations to perform financial close faster with the assurance of high data accuracy. We work closely with our customers to improve their record-to-report process efficiency while at the same time reduce financial system complexity.