Trident Maritime Systems is the parent of six divisions specializing in marine outfitting, system integration, and electromechanical solutions and automation: US Joiner, RAACI, IMECO, US Joiner International Canada, Baltec and Callenberg Technology Group.
Business Challenges
- Manual Process for Consolidation and Bank Reporting – Heavy reliance on manual processes within Excel to perform consolidations and bank reporting
- Process Complexity and Validation Issues – Foreign currency translation, intercompany eliminations and cash flow computed in Excel added extreme complexity to the process and caused validation issues
- Time Consuming Monthly Close – Lack of data integration and reporting tools extended the close process
Solution
- Enhanced Capabilities – Supported generation of balance sheet, income statement, cash flow, product P&L and expense analytics
- Increased Visibility – Created process to enable cash flow by entity in local currency on a monthly basis
- Streamlined Close Process – Decreased dependencies on end-users to complete manual steps
- Integrated System – Built system integration to help support accurate and repeatable financial processes with reliable data on the first try
Impact
- In-Depth Reporting – Granularity of monthly details improved, thereby providing the business with the ability to conduct more value-added analysis
- Increased Efficiency – Removed need for extensive manual effort to reconcile and “bridge” external financials and bank report financials
- Seamless Integration Architecture – Leveraged a true integrated approach to deliver the core benefits of a cloud architecture
