Finferries uses Tabella Business Tools for financial planning and internal reporting, as well as for drawing up the consolidated financial statements
Finferries operates ferries on over 40 routes in Finland and the Åland archipelago. Each year, the company's ferries carry over four million vehicles and 10 million passengers. Finferries is a fully state-owned enterprise that employs approximately 330 people.
Invenco (now part of Innofactor) and Finferries started their co-operation in 2015 with a financial planning and reporting deployment project for the parent company Suomen Lauttaliikenne Oy and its subsidiary Suomen Saaristovarustamo Oy.
In the most recent development project, the use of Tabella Business Tools was expanded to include the preparation of the consolidated financial statements. The consolidated financial statements had previously been prepared in Excel, but the customer wanted to automate and expedite the process and gain access to clearer documentation on the financial statements.
Legal consolidation was carried out efficiently without new integration needs. In connection with the project, a new company was created in Tabella. Ansgar Ab is an associated company of Suomen Saaristovarustamo. Ansgar's actual accounting figures are entered in Tabella once a month in standardized CSV format, while data for the other companies is updated automatically on a nightly basis.
Tabella's Group Consolidation add-on can be used to consolidate the figures of all group companies and examine them in the consolidated income statement and consolidated balance sheet on the group consolidation sheet. Internal transactions are automatically eliminated, and manual adjustments in group accounting are made using the voucher entry function. The group also has access to all of the same reporting functions that the users are already accustomed to using in Tabella.
The co-operation went smoothly, and Senior Consultant Anna Lehto, who had the role of project manager, recognizes the customer's active role in the success of the project:
"The project was completed smoothly thanks to regular follow-up meetings with the customer and the customer testing the solution using their financial statement figures."
Finferries was also satisfied with the new solution and its deployment.
"Tabella is a visual and effective reporting solution. The software is actively used by our finance department, for budgeting as well as for monitoring actual figures. Overlapping work stages are eliminated when the consolidated financial statements are prepared using the same reporting software as the internal reports. The deployment project went smoothly. The Tabella consultants had a lot of expertise and they helped us find the right solution for us," says CFO Johanna Eramo from Finferries.
The advantage of this implementation is that the same system can be used to access the group's actual figures, as well as budgets and forecasts. Each function has its own data entry templates that are used in planning. For example, fuels, technical aspects and operations are each budgeted using a dedicated template.
We use a price list for calculating variable costs, which means that the users do their budgeting using nautical miles instead of euros. The dimensions created in the reporting tool and the link to the purchase invoice view enable versatile monitoring and planning. Hourly work data is also monitored in Tabella at a level that is more specific than the accounting level. We now use Tabella for a very wide range of activities.
On June 30, 2022, Innofactor acquired the entire share capital of Invenco Oy, a privately owned company specializing in data solutions. As of July 1, 2022, Invenco Oy's name was changed to Innofactor Invenco Oy. Invenco's employees continue their work with the new company. The roles and duties of Invenco's experts remained unchanged.
Please refer to our stock exchange release for more information on the acquisition.
Stock exchange release: Innofactor acquires Invenco"Tabella is a visual and effective reporting solution. The software is actively used by our finance department, for budgeting as well as for monitoring actual figures."
Johanna Eramo
CFO
Finferries
The following solutions, among others, are part of the overall solution implemented for Finferries:
