Virtus Industries

Following recent acquisitions, Virtus Industries sought an advisory business partner to help unify business-critical data. The Nashville-based manufacturer of high-precision metal components found in everyday HVAC-R products worldwide selected eCapital Advisors to implement a quick and efficient solution to benefit Virtus Precision Tube and its newest companies.

Hurdles to Virtus Continued Success

Virtus struggled to track and gain a real-time view into transactions, specifically those between its locations in the U.S., Mexico, and Canada. Siloed data across multiple systems and processes could not provide accurate data. The setup limited the firm from producing budgets on time and generating reliable financial forecasts, resulting in:

  • 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

OneStream: A Smooth Fit for Virtus

The team at eCapital immediately identified OneStream as the right tool, most notably because the consolidation tool can incorporate data from disparate ERP systems. With OneStream, Virtus would be able to unite several ERPs, saving time and potential errors associated with changing multiple ERPs across various geographical locations.

The First Phase: Transforming Virtus’ Chart of Accounts

For three months, eCapital worked side-by-side with Virtus to restructure its chart of accounts, which was initially set up for the International Financial Reporting Standard (IFRS). The chart no longer aligned with the formatting and reporting options Virtus required. eCapital transformed the chart of accounts to meet the industry standard for Virtus’ business sector and shifted toward a system governed by GAAP (generally accepted accounting principles). Ultimately, the solution decreased closing times and increased accuracy.

eCapital also conducted training sessions with Virtus end-users, familiarizing them with features that drive OneStream’s inter-company functionality. The firm also walked Virtus users through specific functions to be comfortable with the technology. In this way, eCapital laid the groundwork upon which Virtus could build a more unified system that produced accurate, actionable data and maximize its ROI on OneStream.

Modern Reporting Capabilities for Future Growth

Free from the shackles of 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 now knows how to get ahead of business problems and take control of reporting, analysis, and unification of the companies under their umbrella. Standardized reporting across all businesses allows leaders visibility into inter-company transactions. Moving forward, Virtus plans to progress to cash flow automation and direct connections to simplify and add more detailed data and establish reporting capabilities before implementing forecasting capabilities.

Connect with us today to learn how eCapital’s experts can help you stay ahead of your competition by improving your processes.