Multiple Reporting Standards at Terberg Group
When a subsidiary of Terberg Group merged with the Spanish RosRoca Group, the turnover doubled. This demands major changes in the reporting flows, especially as two different reporting GAAPS are used. The family-owned business also wants to improve the planning process. All these changes can be implemented quickly using OneStream.
A merger between Terberg Environmental and the Spanish RosRoca Group has now made the Terberg Group one of the bigger players in Europe. “The takeover meant we doubled in size,” says Bart de Haas of the Terberg Group. Turnover increased by a factor of roughly two and the international organization has grown to 2500 employees. The number of entities has also doubled, from 25 to 50. The family company is a worldwide supplier of products such as specialized vehicles and lease cars.
- Multiple GAAPS on a single platform
This acquisition is impacting the finance department in several ways. “We saw a broader requirement for information and wanted to professionalize our reporting streams further,” adds
Bart. “On top of that, we’re now reporting according to both Dutch and UK GAAP.” The new Terberg RosRoca Group has its registered office in the United Kingdom. This means that reporting has to follow UK GAAP, while the Terberg Group reports according to Dutch GAAP..
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