Vetropack
Key Takeaways
Integrated communication and dispute resolution module
Full visibility to all intercompany invoices at any time
Reduced workload for treasury team
Vetropack Holding AG is a Switzerland-based holding company engaged in the manufacture of glass packaging for the food and beverage industry. The Group offers such services as the design, production and delivery of tailor-made glass, as well as consulting and support services in the area of packaging analysis, bottling, conditioning, closure technology, decorative refinement and labeling. The Vetropack Group operates seven production sites and 16 melting furnaces with a total aggregate production capacity of more than 4,000 tons per day.
Challenges
The Company operates collection centers at its production site in order for used glass to be brought in for recycling. As of December 31, 2011, the Company operated 11 subsidiaries located in Switzerland, Austria, the Czech Republic, Slovakia, Ukraine, Croatia and Slovenia.
The Vetropack Accounting System SAP is split into different accounting areas and only Corporate Accounting has full access and an overall view. The monthly intercompany payments were prepared by the Accounts Payables in each subsidiary. The total amounts to pay for each counterparty was entered into an excel spreadsheet and sent to the HQ, without any invoice details. It was at the Corporate where the expected accounts receivables have been reconciled with the confirmed payables. It was a cumbersome process to discuss and negotiate with the payers the missing or wrong amounts. All this was mainly done manually and via phone calls. The final agreed amounts were either physically paid or booked into current accounts into SAP TRM system. The paid invoice details had to sent to receivers separately could offer a robust, future-proof solution, and a mutually beneficial partnership.
Solution
GTreasury’s singular platform offered the personalization that TruStage required, allowing them to guide the roadmap and fully tailor the system to their specific needs. They felt GTreasury was the system built, as they put it, “For treasury people by treasury people, not just by software people. People who do the job every day,” making the process feel more natural and intuitive than other solutions they’d tested. GTreasury was able to offer configurable worksheets with tagging to match both current operations and future company growth, assuring TruStage of its comprehensive, in- depth functionality that would allow them to structure to any degree of complexity. In addition to user-configurable workflows, GTreasury also implemented a new payment hub that streamlines TruStage’s payments and allows for more bank connectivity options.
GTreasury was also able to offer peace of mind in its longevity and strong relationship-building, ensuring any added features would be implemented with the utmost care. GTreasury’s implementation and support methodology meant they’d always be accountable for all of TruStage’s support needs. TruStage also chose GTreasury based on their breadth of offerings, where TruStage could see the potential for eventual expansions.
Benefits
Reduced workload in Corporate Accounting
Full visibility to all Intercompany invoices at any time
Automated matching between AR and AP
Integrated communication and dispute module
Increased payment discipline
Common pure browser platform for all subsidiaries
Vetropack
Key Takeaways
Integrated communication and dispute resolution module
Full visibility to all intercompany invoices at any time
Reduced workload for treasury team
Vetropack Holding AG is a Switzerland-based holding company engaged in the manufacture of glass packaging for the food and beverage industry. The Group offers such services as the design, production and delivery of tailor-made glass, as well as consulting and support services in the area of packaging analysis, bottling, conditioning, closure technology, decorative refinement and labeling. The Vetropack Group operates seven production sites and 16 melting furnaces with a total aggregate production capacity of more than 4,000 tons per day.
Challenges
The Company operates collection centers at its production site in order for used glass to be brought in for recycling. As of December 31, 2011, the Company operated 11 subsidiaries located in Switzerland, Austria, the Czech Republic, Slovakia, Ukraine, Croatia and Slovenia.
The Vetropack Accounting System SAP is split into different accounting areas and only Corporate Accounting has full access and an overall view. The monthly intercompany payments were prepared by the Accounts Payables in each subsidiary. The total amounts to pay for each counterparty was entered into an excel spreadsheet and sent to the HQ, without any invoice details. It was at the Corporate where the expected accounts receivables have been reconciled with the confirmed payables. It was a cumbersome process to discuss and negotiate with the payers the missing or wrong amounts. All this was mainly done manually and via phone calls. The final agreed amounts were either physically paid or booked into current accounts into SAP TRM system. The paid invoice details had to sent to receivers separately could offer a robust, future-proof solution, and a mutually beneficial partnership.
Solution
GTreasury’s singular platform offered the personalization that TruStage required, allowing them to guide the roadmap and fully tailor the system to their specific needs. They felt GTreasury was the system built, as they put it, “For treasury people by treasury people, not just by software people. People who do the job every day,” making the process feel more natural and intuitive than other solutions they’d tested. GTreasury was able to offer configurable worksheets with tagging to match both current operations and future company growth, assuring TruStage of its comprehensive, in- depth functionality that would allow them to structure to any degree of complexity. In addition to user-configurable workflows, GTreasury also implemented a new payment hub that streamlines TruStage’s payments and allows for more bank connectivity options.
GTreasury was also able to offer peace of mind in its longevity and strong relationship-building, ensuring any added features would be implemented with the utmost care. GTreasury’s implementation and support methodology meant they’d always be accountable for all of TruStage’s support needs. TruStage also chose GTreasury based on their breadth of offerings, where TruStage could see the potential for eventual expansions.
Benefits
Reduced workload in Corporate Accounting
Full visibility to all Intercompany invoices at any time
Automated matching between AR and AP
Integrated communication and dispute module
Increased payment discipline
Common pure browser platform for all subsidiaries
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