Toolpack 365 ensures ICEpower financial reporting in 10 minutes
April 11, 2018
ICEpower is a Danish owned company developing small but extremely effective digital amplifiers for the professional audio industry. Its customers are world-renowned brands such as Yamaha, Bang & Olufsen, Pioneer, Alpine and Audi.
The company launched in 1999 as a joint venture with B&O, and until the first of May last year, when ICEpower purchased itself, it was a part of B&O. Now the company had to build its own accounting department!
- Until the separation, B&O had handled all ICEpower finances, but with the release from B&O, ICEpower had to build its own finance function and implement the ERP system. NAV 2016 were chosen for the job, says Per Giese, CFO at ICEpower.
As we wanted to be able to present a quick 'financial news report' with income statement, balance sheet and liquidity, etc. to the management and board, we chose to collaborate with Toolpack 365, who directly integrate the ERP system data into their software, enabling us to craft reports tailored to our target audience.
For reporting forecast
Per Giese says that ICEpower primarily uses Toolpack 365 for two things - all financial reporting and the company's sales forecast.
- As we have become independent, we have had to build up the entire infrastructure. For this we have chosen NAV. NAV is not strong in reporting but based on NAV, Toolpack365 swiftly enables us to create monthly reports for the management and board in any format we want, says Per Giese.
Define your own layout
- The good thing about Toolpack 365 is that we can define the layout that we want. That is, we can generate the current data; year, date, and comparative figures from last year, he says.
- All data is compared correctly, without the user having to wonder if something has changed in any of the formulas. In that way, it is a safe tool, says Per Giese.
Toolpack 365 customised for ICEpower
As a CFO, Per Giese is the one to personally work with Toolpack 365 when a sales forecast is needed. And he had a lot of wishes as to how he would like the program to be put together and targeted to ICEpower.
- I was glad to realise that it is relatively easy for Toolpack Solutions to meet customer requests in relation to changes. We easily got a model that matched the needs we had. And once the model was in place, the system was running and easy to work with.
Strong overview – in 10 minutes
- There are a few other products on the market to offer the same as Toolpack365 does but it's hard to find something that comes close to how easy, safe and fast working in Toolpack is.
- After we've closed the bookkeeping in NAV, we can generate our reports in Toolpack 365 in 10 minutes. It is then set up in the format that we present to the board. We push a button, and instantly get what we will present to those who need to be informed regularly about our finances, sales and operation.
Free choice on level of detail
Toolpack 365 can also be used for cost follow-up to management. The reports are easily understandable and provide the necessary information, and as a user you decide the level of detail yourself.
- Depending on how many details I want to show, I can collapse or fold out the data.
It is certainly something I recommend to others working in Navision and similar accounting programs.
Support with an understanding of business
- Toolpack's service organization is exemplary. It's easy to get in touch with them, and their Business Advisor has a solid understanding of business and finances. I think that's important in order for the solution to meet our requirements. Our Business Advisor has been in the finance positions in himselve and understands our needs and can pass it on to his organisation, concludes Per Giese.