The Problem
Celigo faced a significant challenge when preparing for their second consecutive audit within the same year. With their Accounting Manager on maternity leave, the company was left without dedicated in-house resources during this critical financial reporting period. The finance team needed to maintain audit efficiency and accuracy despite being short-staffed, creating potential risks for:
- Delayed financial statement preparation
- Extended audit timelines and higher costs
- Strain on the remaining team members
Celigo needed a solution that would provide immediate expertise while ensuring a smooth audit process without compromising quality or overburdening their team.
Thomas Neel, Celigo's Controller, took a proactive approach to solving the problem. "We didn't just want a temporary fix for our immediate staffing gap," explains Thomas. "I was looking for a solution that would fundamentally uplevel and future-proof our financial reporting processes and create long-term resilience."
The solution
Celigo partnered with Inscope to address their resource gap and streamline their audit process.
The Inscope platform provided the automation and efficiency they needed:
- Specialized Expertise On-Demand: Inscope immediately filled the resource gap left by the Accounting Manager's absence, providing specialized financial reporting expertise.
- Automated Financial Statement Generation: Leveraging Inscope's platform, Celigo automated the creation of GAAP-ready financial statements directly from their ERP data, eliminating manual compilation and reducing risk of errors.
- Real-Time Data Synchronization: Any accounting adjustments made during the audit were automatically reflected across all financial documents, maintaining consistency and accuracy throughout the process.
Outcome
Using Inscope, Celigo successfully navigated their second consecutive audit with remarkable results:
- Accelerated Audit Timeline: Despite being short-staffed, the audit was completed faster and more smoothly than anticipated, reducing disruption to business operations.
- Enhanced Accuracy: The automated linking and syncing capabilities eliminated manual errors, resulting in higher quality financial statements that required fewer audit adjustments.
- Expertise Continuity: Inscope provided seamless expertise continuity during the Accounting Manager's absence, ensuring no critical gaps in financial reporting knowledge.
- Team Efficiency: The remaining finance team members were able to focus on strategic priorities rather than getting overwhelmed by audit preparations, maintaining productivity across the department.
- Cost Savings: By avoiding the need to hire expensive consultants, Celigo achieved significant cost savings while maintaining audit quality.
Looking Ahead
By implementing Inscope as part of their financial reporting toolkit, Celigo has established a more resilient process that can withstand staffing changes and maintain consistency. The company now has a scalable solution that reduces dependency on individual team members while ensuring compliance and efficiency. This partnership demonstrates how modern financial reporting technology can transform potential challenges into opportunities for process improvement.