See, Learn how Nutrien automated its accounting reconciliation processes, optimizing financial data management and increasing team efficiency.
Processes managed by Dattos technology
- Post-closing accounting reconciliation
- Balance sheet accounts report (assets, liabilities and equity)
- Account-by-account analysis based on data provided by the platform
- Complete approval flow (preparation, review and approval) of accounting accounts
About Nutrien
A Nutrien is a Canadian fertilizer company based in Saskatoon, Saskatchewan. It is the largest producer of potash and the third largest producer of nitrogen fertilizers in the world. It has more than 2,000 retail points in North America, South America and Australia, with more than 23,500 employees.
Since coming to Brazil in 2018, Nutrien has grown by leaps and bounds. acquisition of new companies. In this scenario, the multinational began to encounter challenges in the financial management of these retail and industrial acquisitions, each with different systems, charts of accounts and accounting routines.
Objective
In this context, Nutrien's main goal was to have more organized processes and greater governance in financial management. Therefore, it was necessary to implement some policies in order to have greater control and mitigate the risks of the variables of having so many companies.
One of the main objectives associated with this was consolidate information from accounting routines and bring uniformity to all the information that is reported. Considering that Nutrien uses a universal consolidation system and adapts it to each company's routine, you can imagine the size of the challenge.
To do this, they understood that they could rely on the Dattos platform, which was already used within the company, to adapt it and be able to meet other fronts and needs.
Challenges
Multiple companies acquired, between retail and industry, and each with different systems, chart of accounts and accounting routines for consolidating information
Creating a culture of "doing" so that the tool is used to its full potential, and not just loaded into the system without a next step
Less than 40% of reconciled accounts, making it impossible to make assertive decisions based on the data and bringing reliability for sending to Nutrien global ensuring governance
Accounts reconciled with Dattos
Solution
With the latent need to improving accounting reconciliation routines In order to have more agile and assertive processes, standardization of information before sending it to global and care with manual entry, Nutrien turned to the Dattos team to provide clearer guidance on possible ways forward.
So an analysis was carried out to understand what needed to be adapted in the tool to make it effective in this new reality. Today, Dattos is used by Nutrien in the post-closing accounting reconciliation and also as a starting point for other processes.
"Today, I finalize the closing and begin the reconciliation cycle, which lasts an average of two weeks. Once this phase is over, my team goes into each company in each group with the information that Dattos has brought, and will understand what is happening in those accounts with the accountants in order to resolve it. Then it goes on to the next cycle (closing) to understand if what needed to be done has been done and how it can be improved for the next cycle," explains Leandro Mariotto, Nutrien's Controllership Coordinator.
Some analyses that used to be carried out at closing are no longer necessary due to the reconciliation process, which already brings the data much more rounded and quickly to closing.
Today, Nutrien uses Dattos for organize the processes and, through Dattos reports, create KPIs, present the figures to the leadershipI'll take the management data and map the risks.
