Why Fibox needed to modernize reporting

Operating in 12 countries with multiple subsidiaries, Fibox faced significant challenges in financial reporting and consolidation. Monthly reporting and year-end closing were handled as separate manual Excel processes, with different reporting models, schedules, and chart of accounts across subsidiaries. Four separate accounting systems delivered data with varying quality, and foreign subsidiaries operated largely independently. As a result, reporting was slow, inconsistent, and lacked standardized practices, making it difficult to get reliable and timely group-level information.

“We wanted to move away from Excel because it tied up resources and slowed down reporting. Our goal was to have faster processes and consistent information across the group,” says Tiina Kanerva, Group Financial Controller at Fibox.

Transformation with IBM Controller and Planning Analytics

In early 2024, Fibox evaluated different consolidation and reporting systems with the goal of completing the year-end close in a new solution. During the spring, the team mapped and documented all Finnish finance processes, reviewed existing and missing controls to create a control catalogue, and developed a group Accounting Manual to be rolled out across subsidiaries. Fibox also decided to bring in an external consultant to strengthen the project. Before the summer, Fibox signed an agreement with Intito to implement IBM Controller and IBM Planning Analytics, with the official project launch taking place after the holiday season.

A key part of the implementation was creating a group chart of accounts and mapping local accounts, which required close cooperation with subsidiaries. The data flow between ERP systems, Planning Analytics and Controller was established to ensure smooth integration and consistent reporting.

“The new setup forced us to align practices across subsidiaries, which improved accuracy and increased transparency,” says Mikko Mäkinen, Group Controller at Fibox. This gave Fibox a single source of truth for financial data across the entire group.

Cultural impact across subsidiaries

The project also strengthened group-level control and introduced more harmonized processes across the companies. “The subsidiaries took the changes really well. Even when we needed their input for things like mapping local charts of accounts, they were helpful and constructive. There was very little resistance, and overall they have adapted smoothly to a stronger group-level control,” says Tiina Kanerva.

Faster, more reliable reporting with IBM Controller and Planning Analytics

The new solution has significantly reduced manual work, improved data quality, and accelerated reporting cycles. Group consolidation that once required extensive Excel handling can now be managed directly in Controller, with automatic checks and audit trails ensuring reliability. At the same time, Planning Analytics enables scenario planning and forecasting with the same data foundation, giving management a clearer view of the business.

Planning Analytics is now used for sales, cost and P&L budgets, with standardized forecasting across all companies. Fibox also uses it to create more detailed internal view of the same data, including cost centers and specific business areas. Internal and external flows are integrated with matching entries, giving management a more accurate view of performance. By combining the best capabilities of Controller and Planning Analytics, Fibox now has a unified and streamlined way of managing financial processes across the entire Group.

“Having Controller and Planning Analytics working together has been a big improvement . We now have one consistent data flow from actuals to forecasts, which saves time and gives us much more confidence in the numbers,” concludes Mikko Mäkinen.

A foundation for future development

Fibox now has a solid foundation to continue developing its reporting and planning together with Intito. Next steps include further refining local charts of accounts and expanding Planning Analytics to ESG reporting, ensuring the system can support both current needs and future requirements.