REC selects Itella Information’s OpusCapita cloud solution to improve cash flow forecasting
The OpusCapita solution was selected by Renewable Energy Corporation ASA (REC), a leading global provider of solar electricity solutions, to improve cash flow forecasting. The OpusCapita solution offers the most modern cash flow forecasting solution for companies – from the cloud.
OpusCapita Liquidity, a global liquidity management solution, has automated the entire forecast process in REC’s treasury function and is improving the quality of the forecasts.
The solution always illustrates the real time situation of the corporate cash flow and provides best practice reports that enable better control of finances within the corporation and its subsidiaries. As a result, the workload of the Group treasury function is being decreased, which means that more time can be spent on systematic financial planning.
With OpusCapita Liquidity, REC can provide forecasts and best practice reports which enable a streamlined process for cash flow forecasting, better control of finances and more systematic planning. The forecasting system provides REC with better control over subsidiaries’ forecasts; the company can ensure that subsidiaries set their forecast in due time and it can also follow-up the quality of the forecasts.
The system has been integrated into REC’s main cash management banks, thus automating the process of updating bank balances, which saves time for the subsidiaries and makes the process more secure. The next step is to integrate the treasury system so that all financial cash flows are automatically entered into the system.
“Uncertainty in the economy and the increasing cost of liquidity are making companies more and more interested in liquidity management. In order to improve control and visibility, companies are looking for modern automated solutions that are easy to implement. This project has clearly shown that OpusCapita Liquidity SaaS solution is an excellent match for these needs. As our first Norwegian SaaS customer with automated DNB connectivity, REC is an important milestone for our company. We are proud to be involved in the development of REC Group’s liquidity management,” says Aki Böök, Business Development Executive for OpusCapita solutions, responsible for business area Norway.
“In these challenging financial times, cash flow forecasting is more important than ever before. By automating the processes we gain resources for more accurate financial planning, follow-up and analysis,” says Trygve Harder Strand, Manager Treasury Controlling & Analysis at REC.
The solution is delivered, hosted and maintained by OpusCapita cloud (Software as a service) solution.
For more information, please contact:
Aki Böök, Business Development Executive, OpusCapita
+ 45 284 38 200, aki.book (at) opuscapita.com
Trygve Harder Strand, Manager Treasury Controlling & Analysis, Renewable Energy Corporation ASA
+47 913 32 833, trygve.strand (at) recgroup.com
OpusCapita has 30 years’ experience in cash management and treasury solutions. This has enabled the development of the world’s most user-friendly financial software and services and has made us a European benchmark in cash flow automation. OpusCapita is owned by Itella Information, whose services cover all aspects of financial management, from purchase order to payment and from sales order to management of incoming cash flows, plus a full range of accounting and payroll services. With benefits of scale, automated processes and best practices, the company manages its customers’ financial processes in an efficient, professional and flexible manner. Itella Information employs around 2,200 people in 10 countries, and its 2011 turnover was around EUR 274 million. www.itella.com/information
REC is a leading global provider of solar electricity solutions. With nearly two decades of expertise, REC offer sustainable, high-performing products, services and investment opportunities for the solar and electronics industries. Together with its partners, REC creates value by providing solutions that better meet the world's growing electricity needs. The company’s 2,400 employees worldwide generated revenues of more than NOK 13 billion in 2011, approximately EUR 1.7 billion or USD 2.4 billion. To see more of what REC can offer, visit www.recgroup.com.