Revolutionise Financial Operations with BEST: Success Stories

In a joint webinar with BEST, we delved into the success stories of organisations like Bacardi, Dis-Chem, and Netcare, highlighting how they revolutionise financial operations with the BEST General Ledger Reconciliations and Clearing Modules. We have witnessed firsthand how BEST has played a pivotal role in transforming organisations by automating their GL Recons and Clearing, directly in SAP.

Bacardi's path to control and efficiency:

Bacardi, a renowned family-owned company with a rich history in spirits production, embarked on a journey to enhance its Balance Sheet Reconciliation process. With concerns about control and completeness in their existing approach, Bacardi turned to the BEST GL Recons Module. The results were transformative:

• Improved Control and Assurance:

BEST GL Recons provided a robust solution, aligning with Bacardi's policies and ensuring control throughout the reconciliation process. The introduction of standardisation across global teams and regions enhanced the overall process.

• Significant Time and Cost Savings:

Bacardi experienced time savings and elimination of manual work, with users reporting positive feedback on the efficiency gains. Implementing BEST in 30 countries with 253 users showcased the scalability and adaptability of the solution.

Dischem's efficiency overhaul:

Dis-Chem recognised the limitations of their manual processes in managing month-end GL recons. The implementation of the BEST GL Recons Module ushered in a new era of automation and control:

• Increased Visibility and Oversight:

Automation of monthly balance sheet recons provided real-time solutions, quick issue identification, and more robust controls. The BEST GL Clearing Module efficiently supported Dis-Chem's growing intercompany clearing requirements.

• Efficiency Achieved:

Over six months, Dis-Chem cleared more than 1 million open items using the BEST GL Clearing Module, fully automating the clearing process.

Netcare's Journey to a Paperless Future:

Netcare, a leading healthcare provider, aimed to address shortcomings in its 15-year-old reconciliation process. The implementation of BEST GL Recons and Clearing Modules brought about remarkable changes:

• Substantial Processing Volumes:

Netcare finalised over 120,960 GL recons and cleared 1,024,198 open items over six months. Monthly averages showcased the scalability and efficiency of the BEST GL Module.

• Automation and Control:

Eliminating manual processes, enhanced control, and automated processes, reduced errors and improved overall efficiency significantly. Netcare's success with BEST GL Modules extended beyond the tangible benefits to positive impacts on staff morale and retention.

The golden thread: BEST GL Recon and Clearing Solutions

While each company's journey was unique, adopting BEST GL Recons and Clearing Modules is the common thread. These solutions have proven to be versatile, scalable, and highly effective across a diverse range of industries. The critical benefits shared by these success stories include:

• Automation Leading to Efficiency:

Automating reconciliation processes has led to substantial time savings and efficiency gains. Manual tasks have been replaced by streamlined, automated solutions, reducing the risk of errors.

• Enhanced Controls and Visibility:

BEST GL Modules introduce robust control, ensuring completeness and accuracy of recons. Real-time visibility and oversight empower organisations to make informed decisions promptly.

• Scalability and Adaptability:

From global spirits production to healthcare and retail, BEST GL Recons and Clearing Modules demonstrate adaptability to diverse business environments. Scalability is evident in the implementation across multiple countries and users, showcasing the solutions' versatility.

A future fueled by BEST:

As organisations continue their quest to revolutionise financial operations, the success stories highlighted in our webinar, stand as testimonials to the transformative power of BEST GL Recons and Clearing Modules. The future of financial operations is undoubtedly fueled by the innovation, efficiency, and control offered by these solutions.

The success of Bacardi, Dis-Chem, and Netcare is just the beginning – what could BEST do for your organisation? Embark on your journey to financial excellence and explore the possibilities that BEST GL Recons and Clearing Modules bring.