Virtus Industries is a Kentucky-based manufacturer of high-precision metal components found in everyday HVAC-R products worldwide. Following recent acquisitions, the firm sought advice to unify business-critical data. Ultimately, Virtus selected eCapital Advisors to implement the market-leading financial software solution, OneStream.
Hurdles to Continued Success
Virtus struggled to track and gain a real-time view of transactions. For instance, siloed data across multiple systems meant processes could not provide accurate data. As a result, Virtus scrambled to produce on-time budgets. They further lacked the resources to generate reliable financial forecasts.
- Delayed finance month-end reports, sometimes by two weeks
- Time-consuming, convoluted topside entry procedures
- Difficulty communicating results to leaders using Microsoft Excel
- Disparate data from different ERPs of the companies Virtus had acquired
- Separate calendar types made it challenging to consolidate information
eCapital recommended consolidating data from several ERPs across various geographical locations with OneStream. In contrast, other solutions would require Virtus to change ERPs, a costly and time-consuming effort. Instead, eCapital advised implementing OneStream to ensure an accurate and seamless unification of existing ERPs to consolidate financial data.
The First Phase: Transforming the Chart of Accounts
eCapital worked side-by-side with Virtus to implement OneStream and restructure the enterprise’s chart of accounts. Over three months, eCapital transformed the existing International Financial Reporting Standard (IFRS) to Generally Accepted Accounting Principles (GAAP).
eCapital also conducted training sessions with Virtus end-users to familiarize personnel with the features and functions that drive OneStream’s inter-company functionality. In this way, eCapital laid the groundwork for Virtus to further build upon the newly established system for agile responsiveness and actionable data.
Modern Reporting Capabilities for Future Growth
Free from manually inputting and importing data, Virtus is empowered to perform deeper data dives for increased proactive planning with:
- Automated month-end tasks
- Consolidated multiple data sources
- Improved data accuracy
With advanced analytics, Virtus has control of reporting and analysis of all of the companies under its umbrella for complete visibility into inter-company transactions. Moving forward, Virtus has a roadmap to progress to cash flow automation, to direct connections for deep dives, and to leverage the OneStream software for its robust reporting and forecasting.
See the Virtus case study or connect with us today to learn how eCapital can help you stay ahead of your competition by improving corporate processes management.