How Bacardi Boosted GL Reconciliations by 40% Without Adding Headcount: Key Insights from Our Live Webinar

When a 160-year-old iconic spirits brand needs to transform its global reconciliation process, the stakes are high. 

In our recent webinar, Jeudy Arias Rojas from Bacardi Enterprise Services joined BEST specialists Sue Ochse, Danet Vosloo, and Christopher Brooks to share how Bacardi achieved remarkable results by implementing BEST’s balance sheet reconciliation module across 30 countries.

The Challenge: Manual Processes Across a Global Operation

Before implementing BEST in 2021, Bacardi faced significant reconciliation challenges that many finance teams will recognise:

The Excel nightmare: Bacardi relied entirely on Microsoft Excel templates with over 20 different macros for various account types. “We needed a specific macro to run a cash account reconciliation and another macro for intercompany accounts,” explained Jeudy. The accountants used to spend a lot of time dealing with reconciliations in Excel, which involved running multiple macros.”

Risk-based limitations: Without adequate capacity, Bacardi used a risk-based approach that required one person to spend six hours monthly calculating which accounts needed reconciliation. This manual, error-prone process meant they couldn’t reconcile all accounts consistently.

Storage chaos: Reconciliations were stored in Microsoft SharePoint with separate folders for each country and entity, creating “dozens of folders which were definitely very, very messy.” Accountants often forget to upload reconciliations, leading to time-consuming searches for missing documentation.

The Transformation: 100% Remote Implementation During COVID

Despite the unique challenge of implementing during COVID-19 with BEST based in Johannesburg and Bacardi’s project team in Costa Rica, the implementation proved highly successful. The remote approach worked seamlessly, setting the foundation for Bacardi’s current reconciliation excellence.

Impressive Results: The Numbers Speak for Themselves

The transformation delivered measurable improvements across Bacardi’s global operations:

• 4,500+ monthly reconciliations across 88 companies
• 160+ users spanning more than 20 countries
• 40% increase in reconciliation capacity with the same resources
• 500 accounts automatically reconciled monthly using auto-approval functionality
• 26% of reconciliations are automatically approved based on business rules
• 98.5% green account status target consistently achieved

Real-Time Visibility Through the “Control Tower”

One of BEST’s standout benefits is real-time management reporting. Bacardi implemented a “control tower” approach where dedicated users monitor the monthly reconciliation process. “During the reconciliation window, they can monitor the status of reconciliations and whether they have been approved at level one or level two,” Jeudy noted.

This visibility allows the team to:

• Track completion status across all entities simultaneously
• Send targeted reminders to users approaching deadlines
• Ensure 100% accurate tracking versus the unreliable SharePoint lists of the past

From Risk-Based to Complete Coverage

The most significant operational change was eliminating the risk-based approach entirely. “Once we implemented BEST, we were able to eliminate all those calculations and start reconciling all accounts on a monthly basis with the same resources,” Jeudy explained.

This shift enabled Bacardi to:

• Reconcile 100% of balance sheet accounts monthly
• Eliminate the six-hour monthly calculation process
• Focus accountants on reconciliation content rather than technical issues
• Standardise reconciliation processes globally

The Audit Trail Advantage

Jeudy highlighted the audit trail report as particularly valuable: “On a monthly basis, we need to review the monthly results with our different stakeholders. With the audit trail, I can quickly review who performed the reconciliation, who approved it, and review the comments added during the process.”

This functionality transformed stakeholder reporting:

• Previous process: Hours of preparation for finance director meetings
• Current process: Less than 10 minutes to prepare comprehensive reports
• Auditor benefits: Direct system access eliminates document searches and enables independent review

Standardisation Across 30 Countries

BEST enabled Bacardi to standardise reconciliation processes globally while accommodating unique requirements. The system’s flexibility allowed customisation of the account status reporting (green, yellow, red) that was critical for Bacardi’s monthly reporting to stakeholders.

“The standardisation is critical because we made an important effort to define the best template or format for each reconciliation depending on account type,” Jeudy noted. This standardisation also streamlined user training, with pre-recorded sessions enabling fast, smooth onboarding of new team members.

Preparing for the Future: S/4HANA Migration

Looking ahead, Bacardi is leveraging its BEST expertise for two key initiatives:

1. Final centralisation push: Moving remaining locally-managed accounts to the shared services centre
2. S/4HANA migration preparation: “BEST will help us migrate to S/4HANA, and the balance sheet reconciliation is one process I don’t need to worry about,” Jeudy shared

Key Takeaways for Finance Leaders

Bacardi’s success story offers several important lessons:

Focus on content, not tools: By eliminating Excel macros and technical complexities, accountants can concentrate on reconciliation analysis rather than troubleshooting spreadsheets.

Standardisation enables scale: Consistent templates and processes across countries facilitate training, monitoring, and quality control.

Real-time visibility drives performance: Management reporting capabilities enable proactive monitoring and ensure deadline compliance.

Automation multiplies capacity: Auto-approval functionality and standardised templates free up resources for more complex reconciliations.

Audit readiness built in: Comprehensive audit trails and system access for auditors streamline compliance processes.

The Bottom Line

Bacardi’s transformation demonstrates that significant efficiency gains are possible without adding headcount. By implementing BEST’s balance sheet reconciliation module, they achieved 40% more reconciliations while improving quality, standardisation, and compliance across their global operation.

As one recently rehired accountant told Jeudy, “He was surprised by the change. He remembered spending a lot of hours dealing with tools and templates, and now the reconciliation process is pretty straightforward. He can focus on the content of the reconciliation instead of dealing with technical issues.”

For finance teams managing complex, multi-country operations, Bacardi’s journey from manual Excel processes to automated excellence provides a compelling roadmap for transformation.

Want to learn more about how BEST can transform your reconciliation process? Book a demo.