BEST has dramatically transformed the way Bacardi performs Month End Reconciliations. Using BEST GL Recons, the new online processing has resulted in…Higher quality of reconciliations produced through increased controls and standardisation throughout the organisation.

Bacardi increases global GL reconciliations by 40% with BEST

Iconic Spirits producer Bacardi implemented BEST’s GL reconciliation solution across 30 countries, enabling a 40% increase in reconciliations completed with the same resources through standardised controls and automation.

Bacardi

As an iconic 160-year spirits producer, Bacardi manages immense transaction volumes requiring reconciliation and validation globally. With mostly manual, decentralised legacy systems, Bacardi sought enhanced controls and efficiency. By implementing BEST’s GL Recon solution across 30 countries in 2021, Bacardi gained quantifiable productivity and risk management advances.

Our approach

Bacardi required a more robust solution to improve on the existing process, improve controls and provide better assurance and confidence across the reconciliation process. They also had some unique requirements that were not part of the BEST Standard solution. Most notable of these enhancements were:

  • Requiring a Recon Status that can be assigned at the time of approval and reported on.
  • Requiring a month-end US Dollar value (Group Currency) calculated and displayed on the online BEST Recon report.

With SAP-integrated tools facilitating over 4,500 reconciliations monthly, BEST eliminates Bacardi’s manual effort through automation. Bacardi can now validate 40% more accounts with the same resources while introducing standardised controls across the global business. 

Results

Implementing BEST at Bacardi across global regions (30 countries and 253 users) has allowed for:

  • The introduction of standardisation across all teams and regions.
  • The implementation of control throughout the process.

There has been a high level of acceptance of the tool, and all users are now utilising BEST to perform month-end reconciliations. Positive feedback has been received regarding:

  • Time-saving is achieved throughout the process.
  • Elimination of manual work.

Our impact in numbers: 

  • 40% increase in Reconciliations completed in less time.
  • 4500 Recons Completed per month. 
  • 100% of the Balance Sheet Account being reconciled per month.

Consolidated visibility assists Bacardi’s central finance team in managing completeness and enforcing SOX imperatives. Access for auditors also enhances external validation. Indirect cost savings result from resource re-allocation.

Barcadi views the BEST implementation as a very successful project that has had a big impact on the FAS team and the entire Bacardi organisation.

For Bacardi, BEST delivered the globally integrated solution essential to transforming decentralised, risky legacy systems into centralised, controlled reconciliation excellence.