About the Client
Established in 2008, EOS Matrix Croatia has grown to become Croatia’s leading accounts receivable management company. EOS Matrix Croatia is part of the global EOS Group, with headquarters in Hamburg, Germany. With a presence marked by more than 20 subsidiaries worldwide, EOS Matrix Croatia specializes in financial services, focusing on debt collection, the purchasing of receivables, and crafting tailored receivables management solutions for various industries.
EOS Matrix Croatia developed from a simple portfolio of services for one business segment and single business entity to a wide range of services in two business segments currently reporting for 5 financial entities.
Financial planning challenges at EOS Matrix Croatia
Even before EOS Matrix Croatia started using Farseer for planning and reporting operations, the Controlling Team at EOS Matrix Croatia was proactive and eager to automate their work whenever possible. Controlling Team performed reporting, and planning operations in Excel, using highly advanced Excel functionalities and Power Query where needed. However, at one point in time, it became clear that only with dedicated planning and budgeting tool, the accuracy and timeliness of controlling operations could be maintained even in situations of increasing complexity of operations. The increased complexity derived from the business development contributed to the decision to search for a financial planning tool.
The team focused on several key areas:
- Reducing manual checks in planning and reporting: The finance team relied heavily on multiple manual checks in processes for consolidation of fragmented Excel sheets, making it labor-intensive and prone to errors.
- Simplifying planning inputs and meeting tight deadlines: Each department maintained its own planning input datasets in Excel, which led to time-consuming data consolidation and the need for accurate and timely data within fixed deadlines.
- Streamlining report preparation and accelerating ad hoc requests: As the number of financial entities increased, it became crucial to reduce the time spent on standalone and summarized report preparation, while also speeding up data presentations for ad hoc requests
The Controlling Team found the first half of each month particularly demanding and challenging. During this period, they prepared reports to inform management and headquarters, a process filled with manual checks and strict deadlines. The rolling forecast for the actual financial year, also presented monthly, added to the workload. When the project started, the Controlling department managed reports for 3 financial entities.
Streamlined financial planning with Farseer
To keep up with growing demands in reporting and planning, EOS Matrix Croatia started the purchasing process for software that could ensure the company’s dedication to digitalization as well as high standards within controlling processes. The primary goal was a tool that would offer a simple, automated approach to financial reporting and planning, providing both flexibility and speed. Secondary goals included optimizing demanding controlling calculations like cost allocations and integrating P&L with other financial reports on one platform. Farseer’s offer met all these requirements.
Farseer aimed to develop a centralized platform that not only unified reporting and planning data entry and access but also enhanced transparency of controlling data across the organization. Additionally, it automated report production to cut down on manual labor and minimize potential errors.
As EOS Matrix Croatia’s business models continuously evolve, it was vital for the Controlling Team to have software flexible enough to manage their data and models independently. This allows a high level of independence for quick system modifications without relying on the vendor for simple changes.
Implementation journey
The journey to implement Farseer at EOS Matrix Croatia spanned several phases:
- Requirement Analysis and Customization: Farseer was customized to meet the specific needs of EOS Matrix Croatia’s operations, ensuring seamless integration with existing systems and processes. Despite the industry’s complexity, the Controlling Team’s structured Excel files and clear procedures simplified and accelerated this phase and implementation.
- Testing and production: Before the production phase intensive tests were performed by both Farseer’s and EOS’ Controlling Teams.
- Regular progress checkup and continuous feedback: Frequent reviews and feedback sessions between the EOS Matrix Croatia and the Farseer team refined the system and adapted functionalities as needed. A great deal of know-how transfer in both directions marked this phase.
During the implementation, the Farseer team developed automated systems for importing actual accounting data and for departmental planning spreadsheets. This enabled the EOS Matrix Croatia Controlling Team to centralize and consolidate all necessary data in Farseer easily. The Controlling Team gained immediate access to input data upon import, enhancing verification and accuracy. Additionally, Farseer facilitated quicker and more tailored analysis through reports that adjusted views based on user needs.
The EOS Matrix Croatia expert team knew exactly what their goal was so they were able to set clear requests for development.
Regarding the implementation, Sonja Grgić Barbir, Head of Financial Controlling said:
“We really enjoyed working with the Farseer team; they were reliable, supportive, and helpful throughout the entire process. With Farseer, we found more than just a vendor—we gained a true partner. This partnership is built on mutual understanding and a two-way exchange of ideas and expertise.”
The Results
Immediately after implementation, monthly reporting and planning cycles in EOS Matrix Croatia became more efficient even though the number of financial entities that were managed in controlling processes increased – Farseer users in EOS Matrix Croatia could now get all reporting and planning data in one place and could create their own reports.
Once created in Farseer, reports are refreshed in a matter of seconds, after new uploads or input changes. Those processes are estimated to consume 50% less time than before.
Reducing manual work brought another advantage for users at EOS Matrix Croatia, as it significantly lowered the risk of data inaccuracies and intransparency. This shift allowed users to dedicate more time to analysis and operations related to strategic planning. Users no longer had to manually connect and transform dozens of sheets, which freed up time and eliminated the risk of calculation mistakes and errors. Farseer’s automated checks added another layer to data integrity checks and information reliability.
The Farseer project’s highlight is its automated P&L reports, essential for reporting and planning. These reports, derived from a versatile model, offer comprehensive data views and detail levels, for different users and user groups. The controlling team can access full data scope for standalone or summarized financial entities, with deep-dive capabilities. Contributors and final users have customized access to reports, ensuring information availability anywhere, anytime.
Farseer now serves as the main source of controlling data, replacing the extensive Excel-based system that was used before.
Automated P&L reporting
Which eliminated risk of errors and mistakes in calculations.
Reduced planning cycle steps by 50%,
Enhancing operational efficiency.
Real time data access and faster, automated analyses,
With improved data quality and accuracy.
Great response from users
The transformation facilitated by Farseer was highly praised by the team of 30 users at EOS Matrix Croatia.
Here is what Sonja Grgić Barbir, Head of Financial Controlling said after they started using Farseer:
“Farseer has significantly enhanced the speed of our processes, as well as the quality, level of detail, and reliability of the information we prepare and analyze, bringing notable improvements to our controlling operations.”
“Farseer has made our planning process so much easier,” says Neven Bahtijarević, Senior Controller at EOS Matrix Croatia. “It’s automation frees us from the grind of manual tasks, letting us focus on deeper, more impactful analyses. It’s a game changer for us.”
Future plans
After a strong start, the EOS Matrix Croatia controlling team is ready for the next steps with Farseer’s platform. The focus will be on faster and more automated cost allocations and automated plan balance sheet reports. The goal is to deliver clear, accessible financial insights and timely, precise information to management.
EOS Matrix Croatia is committed to enhancing its controlling operations to support timely, informed business decisions based on reliable, high-quality financial data.
