OneFortyOne was established in 2012, with the successful tender of the forest estate from the South Australian Government. This includes 80,000 hectares of Radiata Pine Forests which sit on the 141st meridian east line on the border between South Australia and Victoria. In January 2018, OneFortyOne expanded to include the Jubilee Highway Mill in Mount Gambier and in September 2018 acquired Nelson Forests and Kaituna Mill in New Zealand. These acquisitions resulted in multiple ERP systems and the need to consolidate data for financial reporting. OneFortyOne has found a flexible solution to this challenge with the Adaptive Insights Business Planning Cloud.
The use of Adaptive Insights has replaced complicated spreadsheets and manual consolidation processes, enabling faster and more accurate reporting. It has also helped finance establish a central chart of accounts which it can use to compare and measure separate entities. This single source of truth helps OneFortyOne make more informed decisions to sustain its rapid growth.
- OneFortyOne’ rapid growth and expansion led to new requirements for financial reporting and made existing processes unsustainable
- OneFortyOne managed its consolidation manually using different spreadsheets for each of its subsidiaries. Consolidating results was complicated and not always consistent
- Month-end reporting typically involved working a three day process and double- and triple-checking information for accuracy and consistency
- Finance needed an immediate solution for consolidation reporting which could be extended to other processes later on
- The Adaptive Insights Business Planning Cloud replaces legacy processes, with an easy and efficient model for financial reporting that supports OneFortyOne’s growth
- OneFortyOne now has a single source of truth that encompasses key financial data as well as metrics like monthly sales volumes. There’s more uniform reporting across each entity, supporting accurate comparisons and better decisions
- Month-end consolidation reports can now be completed in as little as one day, with the help of multi-currency capabilities and features like OfficeConnect
- Finance now has a solution it can use for consolidated budgeting as well as quarterly and annual reports. The Finance team is also the system owner, which reduces reliance on IT