Fin-Terpuu Group is a partner for the forest industry's logistics needs in factory environments, on waterways, roads, terminals and ports. The group has grown from a small family business to a trusted partner for the forest industry. Through three generations, the Fin-Terpuu Group has passed on its know-how, expertise and will to develop, improve and grow.

The group's activities cover both land and waterborne transport solutions, which places its own demands on group accounting, budgeting and, in particular, seasonal cash flow planning.

Fin-Terpuu Group employs a total of about 350 people in Finland and its turnover in 2024 was over EUR 40 million.

To harmonise and streamline the processes of group accounting, reporting, budgeting and forecasting.

In the past, group accounting and the preparation of consolidated financial statements were time-consuming and required a lot of manual work, especially when combining the data of special purpose entities. Budgets and forecasts were prepared on the basis of separate Excel files, which made the process cumbersome and inconsistent. Balance sheet budgeting and forecasts were difficult to implement and cash flow planning was incomplete. The manual cash flow projections were burdensome for the group in managing liquidity and reporting to third parties.

There was also a need for more systematic monitoring of fixed assets and loan management at the parent company, branches and vessels. The lack of adequate tools to manage investments, depreciation and financial items made it difficult to assess profitability and the overall picture and to plan.

Automating consolidation and reporting saves time

When the group wanted to harmonise group accounting, improve the efficiency of the preparation of consolidated financial statements and develop a more accurate cash flow forecast, Finadeck was chosen. The modern reporting and group accounting software provides tools to meet the needs of both the group and individual companies.

Finadeck automates to a large extent the consolidation and the consolidated financial statements by automatically eliminating the transactions between the special purpose entities from the group, leaving only the manual work of recording the necessary elimination entries, such as cost calculations, goodwill amortisation and depreciation elimination vouchers in the elimination company and writing the notes to the consolidated financial statements.

In Finadeck, Fin-Terpuu was built for the group, including reports for monitoring the group and the special purpose vehicles within the group, as well as a group dashboard report for central monitoring of special purpose vehicles, where the profitability and key balance sheet ratios of all group companies can be easily viewed at a glance.

The needs of special purpose vehicles were also taken into account. The profitability and costs of the sites and vessels can be monitored from a single view.

"With Finadeck, we can produce up-to-date reports for the management and the Board of Directors of the Group and its subsidiaries without manual work", summarises Janne Kyröläinen, CFO of Fin-Terpuu Group.

A single profit and balance sheet forecasting model brings accuracy to cash flow planning

The single platform allows the budgets and forecasts of the separate companies to be consolidated into a group-wide view. Cash flow planning and cash flow forecasts are updated in real time to support decision-making. The system also provides tools for balance sheet budgeting and balance sheet forecasting, providing a better basis for future planning.

Fixed asset management and loan management were centralised, and budgeting and forecasting are carried out consistently across the Group. Cash flow forecasts are readily available at both company and group level.

Smooth implementation through training

When Finadeck was implemented, the Fin-Terpuu Group received comprehensive implementation training, which allowed the software to be quickly integrated into daily work. The training helped the core financial management staff of the Group and its subsidiaries to adopt Finadeck in a practical way - from group accounting and balance sheet budgeting to cash flow forecasting.

Common operating models were introduced from the start, making budgeting, forecasting and reporting consistent across the Group. Thanks to the training, the Fin-Terpuu Group was able to exploit the full potential of the system from day one.

More time for knowledge management

With the introduction of Finadeck, the Group quickly gained visible benefits. The generation of branch reports was automated, resulting in significant time savings. The financial reporting process was speeded up and the number of errors reduced, as the preparation of the consolidated financial statements and the consolidated accounts are now automated. Budgeting and forecasts are now consistent and more accurate, supporting strategic planning and investment preparation.

Cash flow management was significantly strengthened: cash flow projections are realistic and up-to-date, reducing liquidity risks and providing certainty for day-to-day operations. Fixed asset management and loan management better support decision making by providing a transparent view of investments, depreciation and the overall loan portfolio.

Fin-Terpuu Group's management has become more transparent. The management of the parent company can see the big picture, but also the individual companies and branches have the information they need to develop their own operations.

Finadeck has proven to be a reliable and flexible partner for Fin-Terpuu - a software for budgeting and forecasting that grows with the group and supports the needs of both the group and individual companies.

 "With Finadeck, the software for group accounting and reporting, budgeting and forecasting, and cash flow forecasting are combined into a clear package - we now have a system that supports the needs of the Fin-Terpuu Group, both the parent company and the subsidiaries." Janne Kyröläinen, CFO of Fin-Terpuu Group, sums up.

From left to right, Merja Juntunen, Accountant and Janne Kyröläinen, CFO of Fin-Terpuu Oy, Toni Miettinen, Sales Director and Saku Pöllänen, CEO of Finadeck Oy.

Summary