Business challenge
The old multi-step reporting process was time consuming and manual to a large extent.
Transformation
The existing processes were replaced by the Certent Disclosure Management solution, which decreases the number of steps in the process and increases automation.
Results
The new system is managed by NoHo itself, making the reporting process faster and more reliable, with less steps. The good-looking, clear and easy-to-read report is generated without any need for special layout design.
We got a reporting process that is faster and more reliable, with less steps. We can make the changes quickly ourselves without having to remember all the places where a specific item of information appears in the report. I can be confident that the figures are updated throughout the report.
Solution to Streamline Reporting
When Koikkalainen joined NoHo, external reporting was handled more traditionally without a dedicated solution. The process involved outsourced group accounting, layout and a translation agency. At times, version management was complicated and time consuming. The idea with the system upgrade was to put in place a smoother reporting process that would improve the accuracy of the numerical data. Another objective was to automate repetitive processes and information.
“I wanted us to have an external reporting solution that is flexible and in our own hands. As I had previous experience of Certent Disclosure Management (CDM), it seemed a good option also for NoHo. I knew that it would greatly streamline our reporting process, be suitable for a company of this size and quick to implement,” says Noora Koikkalainen.
Certent Disclosure Management Implemented Just in a Month
NoHo and Intito launched the project to revamp the reporting process in the autumn of 2022 with the idea of generating the Q3 interim report using the new system. The goal was to replace the previous process with a system that allowed higher automation and the elimination of unnecessary steps.
“We managed to generate the Q3 report on CDM because it was already familiar to Noora, the system administrator. She had a clear vision of what the final report should look like and we fully understood it. Our job was a little different from what is customary in projects where the system is completely new to the client. Our responsibilities included the setting up of tables and visual layout, as well as the automation of operations. We were able to implement the system this fast thanks to clear objectives, division of duties and seamless cooperation,” says Senior Consultant Catarina Asplund of Intito.
“I had had contacts with Intito’s consultants previously in connection with another similar project. We worked together very well on this project too. On a technical software upgrade like this, with many people involved, it was a plus to have a Finnish counterpart. My questions were answered quickly, especially in urgent situations,” Noora Koikkalainen says and adds: “I wanted to get the new solution up and running in good to time for the much larger project that was the annual report and financial statements 2022.”
NoHo Got a Smooth and Automated Reporting Process
With Certent Disclosure Management, NoHo’s reporting process went through a major makeover. As a result, figures are updated automatically no matter where in the report they appear. Aside from process automation, the visual outlook of the report was updated. The good-looking, clear and easy-to-read report is generated based on a pre-defined design, which yet gives plenty of room for creativity. At the same time, the need to translate static or repeating content was diminished.
“Even though the initial set up required a lot of extra work, we got a reporting process that is faster and more reliable in the long run, with less steps. Any last-minute revisions can be quickly updated by ourselves. It is extremely important to be able to rely on the changes being updated throughout the report”, says Noora Koikkalainen.
Next Step: Inclusion of the Annual Report in CDM
As a result of quick deployment for the purpose of the Q3 interim report, the project made it possible to start compiling the annual report in the new solution. Intito was responsible for the technical tagging of the entire annual report based on the previous year’s figures in compliance with the external accounting guidelines.
“After the project, Intito’s consultants also instructed us on tagging items to allow us to make changes and corrections independently in the future. We are looking forward to an easier and more reliable reporting process as we are able to get more out of the solution. Thanks to a streamlined process and automation, we can focus our efforts more efficiently on what matters,” Noora Koikkalainen concludes.
Client company in brief:
NoHo Partners Plc is a Finnish restaurant group operating some 250 restaurants, bars, pubs, nightclubs and entertainment centres in Finland, Denmark and Norway. It was established in 1996. The name derives from the words ‘Nordic Hospitality Partners’, which communicate the key goals, opportunities and strengths of the Group. The Group’s well-known restaurant concepts include Elite, Savoy, Teatteri, Sea Horse, Stefan’s Steakhouse, Palace, Löyly, Hanko Aasia, Friends & Brgrs, Campingen and Cock’s & Cows. The company’s vision is to be the leading restaurant company in Northern Europe.
Solution components
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• Certent Disclosure Management
