Elenia: Streamlined Financial Reporting and Planning

As Finland’s second-largest electricity network company, Elenia supports more than 432,000 customers and over a million more through its partner network. Its services span everything from network construction and metering to customer service and fiber optic infrastructure. But as operations scaled and diversified, Elenia’s finance team faced a familiar challenge: disconnected systems, siloed data, and time-consuming manual processes made it difficult to produce accurate, timely financial reports and forecasts. To meet growing regulatory demands and internal expectations, Elenia needed a way to streamline financial planning and consolidate reporting across its complex business units—without sacrificing accuracy or compliance. With sustainability as a core value and data transparency a top priority, Elenia turned to technology to modernize its approach and empower the finance function with greater visibility, agility, and control.

Established in 2012, Elenia initially relied on cumbersome Excel sheets for group reporting, budgeting, and forecasting, and consolidation was outsourced to a third-party provider. "When I joined Elenia in 2013, we aimed to bring financial reporting in-house," explains Taru Suutari, Elenia's Finance Manager. "We needed a system for IFRS reporting, including income statements, balance sheets, and cash flow statements. Additionally, we sought to streamline budgeting and forecasting while reducing our reliance on Excel."

"Finding a system that excelled in both financial consolidation and financial planning proved challenging," says Suutari. "While our group structure is relatively simple, features like pre-built templates and cash flow statement automation were crucial. Clausion emerged as the most suitable option. The system offers extensive pre-built functionality while allowing for customization when necessary."

Elenia leverages Clausion from insightsoftware for direct budgeting by business and team leaders, who possess the most accurate vision for future performance. Regular economic monitoring allows for forecast updates three times a year. With Clausion, Elenia successfully brought financial consolidation and IFRS accounting in-house.

Elenia's transition to Clausion has eliminated the burden of manual spreadsheets. "Early on, we saw significant time savings in budgeting and forecasting," says Suutari. "For instance, a management report that previously took hours in Excel can now be generated in under two minutes. Budgeting is also vastly improved thanks to Clausion. Following initial deployment, we further enhanced the system by creating data import templates, facilitating data storage. Clausion's Dynamic Reporting add-on is already useful for ad-hoc reporting, and we plan to invest more in this area once our new ERP project is completed."

Elenia utilizes Clausion to generate group-level results, balance sheets, and cash flow statements from budgets and forecasts. "Clausion is ideal for group reporting," says Suutari. "It offers all the necessary functionalities for IFRS reporting, with pre-built templates for income statements, balance sheets, and cash flow statements. Once formulas are established, reports are generated with the click of a button."

Elenia is committed to continuous improvement within its financial operations. Currently, they are implementing ESEF reporting, which will be mandatory for Elenia's financial statements. "At Elenia, we are system-oriented and value self-sufficiency," concludes Suutari. "Our collaboration with insightsoftware has been excellent. We particularly appreciate that insightsoftware’s consultants share our financial expertise."

Elenia relies on Clausion to power smarter financial planning and faster, more confident decision-making. Clausion delivers the accuracy, speed, and flexibility Elenia needs to stay ahead—eliminating manual work, enhancing collaboration, and ensuring group-level reporting is always reliable and on time. For Elenia, Clausion delivers:

1. Fast, accurate group reporting that supports confident, data-driven decisions.

2. Significant time savings by eliminating manual data collection.

3. Stronger collaboration across finance and business teams.

Elenia’s partnership with Clausion highlights the power of modern financial solutions to transform how utility companies operate. By replacing manual processes with automation and insight-driven tools, Elenia not only boosts operational efficiency but also strengthens its ability to respond quickly in a fast-moving energy landscape. With Clausion, finance becomes a strategic driver—empowering teams with the clarity and agility needed to support long-term growth. Learn more about how to automate your financial consolidation & simplify your business processes with Clausion. Ask for a free demo.