Streamlining Management Accounts with a flexible allocation model in OneStream
The implementation of a flexible allocation model in OneStream enables Carbery to allocate all direct and indirect costs to the designated business areas.
Carbery Group is recognized as a leading international manufacturer of specialty food ingredients, lavoring systems and as an award-winning cheese producer. The group is owned by four Irish dairy co-operatives, employ more than 700 people, and manufacture from 8 facilities worldwide, including Ireland, UK, Italy USA, Brazil and Thailand. The group realized a turnover of €434 million for 2019.
Summary
Challenges
- Time consuming process to fully generate an allocated P&L.
- The data was hard to track due to a spaghetti of formulas and different formulas used among
different departments. - It was hard to track changes in the final report because it was unclear where the data was coming from.
Solutions
- OneStream XF
- Management Reporting
- Flexible Allocation Model
- 2 Training days
Results
- When the monthly data is loaded, the team can produce allocated costs within minutes.
- There is a direct link between the milk model and the departments P&L. A change of milk transferred out to cheddar directly impacts the milk transferred in from skim in the cheddar department.
"The application really surprised us by being very seamless and powerful. It is amazing how quick it works. It enables us to do a lot of things we couldn’t previously do."
- Keith Jagoe - Commercial Accountant at
Carbery