Bristol Bay Native Corporation
Budgeting, Consolidation and reporting
“By far, this was one of the most complex and ambitious projects ever tackled by BBNC. An unexpected benefit of the project was that it brought together people across all lines of business -- many of whom had never met or talked before -- as the team worked together to discuss how to streamline processes.”
Greg French, Director of Financial Reporting, Bristol Bay Native Corporation
Download the complete case study
the challenge
Headquartered in Anchorage, Alaska, Bristol Bay Native Corporation (BBNC) is a highly diversified company with five lines of business: industrial services, government services, petroleum distribution, tourism, and construction.
The major challenge for BBNC’s finance team was consolidating data from 80-plus entities in a timely and accurate way for organization-wide budgeting and reporting. The Excel-based process used by the company consumed 50+ hours each month. The spreadsheets submitted were inconsistent among entities and difficult to maintain and manage for revisions. Finding a more efficient way to address this challenge was critical since BBNC is rapidly growing, with an average of 12 new business acquisitions, investments, and/or wholly owned subsidiaries each year.
Benefits
The mapping of five decentralized ERP and accounting systems to a centralized chart of accounts
Monthly closing cycles have been reduced from six days to two days
Financial information is derived from a single source of truth for corporatewide consistency
Non-controlling interest and equity method consolidations and calculations automated and reported accurately on a monthly basis
Increased collaboration among decentralized businesses
Business acquisitions and investments are easy to add and maintain
the solution
The CCH Tagetik solution has greatly reduced manual work, significantly saved time, and increased reporting accuracy and usefulness. The company’s five decentralized ERP and accounting systems have been mapped to a centralized chart of accounts. Monthly ETLs are run in a matter of minutes to accurately populate financial statements. Intercompany transactions are now easy to manage; differences are easy to identify and resolve.
Business changes can now be efficiently reflected and supported. Acquisitions and investments are simple to add and maintain, and reports are dynamically updated with additions and modifications. Monthly closing cycles have been reduced from six days to two days. Non-controlling interest and equity method consolidations and calculations are now automated and reported accurately on a monthly basis.
The initiative has also brought together decentralized IT departments across BBNC and broken down line-of-business siloes. According to French, while finance departments are still decentralized, there is now a more centralized spirit as professionals see the value of collaboration and a single source of truth for corporate finance.
Yes, I’d like to know more about Tagetik
For more information, please complete the below form and a member of our team will reach out to you shortly!