Tranquility during the Reporting Process at First Wind
The feeling of Excel with the power of Vena Solutions.
First Wind is a supplier of wind energy. Every quarter, the energy utility produces 30 US GAAP standalone financial statements and reports for each of the 16 wind energy projects. To gain more control over the many spreadsheets, the energy provider chose Vena Solutions. Wim Heuvelman, consultant at Swap Support, in conversation with Caroline Rubin, controller at First Wind. What are her experiences with this new solution?
What were the main reasons for First Wind to implement a Performance Management solution?
We wanted to gain more control and confidence in First Wind’s financial statements. Also, we wanted to reduce the stress our accountants experienced from manually reviewing spreadsheets for human errors. The accounting team was always trying to play catch up and had little time to sit and actually review the information. Instead of doing 20% work and 80% review and analysis, it was always 80% work, 20% review; there just wasn’t enough time available.
“We see significant cost and time savings – the accounting team no longer has to check and recheck data accuracy and integrity.”
Vena Solutions is a new player in the market. The new solution combines a Microsoft Excel platform with enterprise-grade features like a centralized database, workflow-engine, audit, security and process management. Existing Excel sheets can be (re)used. Why did you choose this solution?
We wanted to lighten the workload. I knew these issues existed in the accounting department and I was wondering how to organize all the spreadsheets and how to get it to work. We wanted to adopt a solution that was easy to learn, would improve the working conditions of a strained team and, most importantly, leverage the financial and training investments already made in Excel. We also wanted a solution that was easy to use, so the accounting team could independently manage it instead of constantly turning to our small IT department for support. After a conversation with Vena Solutions it was obvious that they could provide the structure we needed.”
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