Akribis Systems: From Spreadsheet Struggles to Seamless Consolidation With JustPerform

We caught up with Bong Liek Han, Group Finance Controller at Akribis Systems, to hear how they ditched spreadsheets and transformed their financial consolidation. As a global leader in high-precision direct drive motors, Akribis faced complex data challenges across multiple entities. With JustPerform from insightsoftware, they boosted efficiency, accuracy, and audit readiness. Here’s their story.

Can you give us an introduction to Akribis Systems?

Akribis Systems is a global company at the forefront of delivering high-precision direct drive motors. Our solutions cater to various sectors including semiconductor manufacturing, renewable energy, biomedical research, and additive manufacturing. We have a global presence with offices in Singapore, the United States, Germany, Korea, Thailand, Taiwan, and Japan.

What challenges steered you towards JustPerform?

Before implementing JustPerform our group entities heavily depended on spreadsheets for all our financial consolidation needs. While we were very comfortable with this spreadsheet-based approach, it had its fair share of challenges. The most challenging issue was the collection and standardization of data from different entities. Each entity uses its format to record its financial data. Manually bringing all the data and bringing it to a standard format for financial consolidation took lots of time and effort.

Our group finance team spent considerable man hours adjusting the data to a standard format using spreadsheets. On top of this, we didn’t have control over the financial consolidation process. This made it difficult to keep our data accurate and maintain its integrity. Excel is a great tool, but when the complexity of your requirements increases, it leads to many problems. We were often finding inconsistency in the data. It was like navigating through a maze blindfolded. That’s where we realized the need for a robust consolidation solution and found the perfect fit in JustPerform.

How has JustPerform transformed Akribis’s financial consolidation?

Bringing in JustPerform was a great sigh of relief for us. It addresses all our critical pain points, especially when standardizing our data. All the complex adjustments such as currency conversions and intercompany eliminations, previously done using complex Excel formulae, are now fully automated with the help of JustPerform business rule library. JustPerform also offers seamless integration with our existing transactional system, which further simplifies the process of account harmonization.

Additionally, JustPerform made reporting easy with audit-friendly reporting packs. These not only increase our efficiency but also improve our audit readiness. We are now able to provide complete and accurate data trails in a short period. The ease and comprehensiveness of these reports significantly reduces the time and effort required for reporting. JustPerform Data Flow designer has been a big breakthrough for us.

With its intuitive interface we can now seamlessly perform data wrangling, mapping and standardization. The business rule library is another standout feature of JustPerform. It automated complex adjustments like currency conversions and intercompany eliminations, freeing our time for more critical tasks such as analysis and decision making.

What was the measurable impact of JustPerform?

JustPerform has proven to be a robust consolidation software for us. It enabled us to close our books 60% faster while ensuring the reports are audit-friendly and accurate. The financial consolidation app from JustPerform has equipped our finance teams with built-in consolidation scenarios, input templates, business rules, and reports. This has streamlined our processes leading to quicker and more precise consolidated results.

Why would you recommend JustPerform?

JustPerform has transformed our financial consolidation process. Its ease of use, automation, and robust integration brought greater efficiency to our financial close process. We got our consolidation process up and running in just two months with JustPerform, and the implementation was seamless. If you’re a growing company like us, JustPerform is a go-to platform for your consolidation.

Want to see how it works? Download our EPM Buyer’s Guide to find a human-centric finance solution for your team.