2021 - EFP Case Studies - GUNVOR rb

2021 - EFP Case Studies - GUNVOR rb

Epicor Financial Planner | Case Study | GUNVOR

Case Study | GUNVOR The Road to a more Structured Budgeting Process

“It’s easy and logical to use. It’s a tool for everyday working for someone who is an accountant” - Margus Lutsoja, Group Chief Accountant for Tarcona of Gunvor Group

Company Profile The Gunvor Group was founded in 2000 as a merchant of crude oil and oil products. While Gunvor remains a physical trader at heart, they have strategically invested in upstream, midstream and downstream assets to create a platform for international expansion. Today Gunvor serves an important role in helping to smooth worldwide energy markets. The Gunvor Group has a total industrial asset of US $2 billion, and works with more than 75 global financial institutions, balanced across Asia-Pacific, the Americas, the Middle East and Europe. The Gunvor Group has evolved strategically to become one of the world’s leading independent commodities trading houses. The Challenge Growing in double figures every year means higher needs for better and more productive solutions. The Gunvor Group is no strange to similar situations. According to Margus Lutsoja, Group Chief Accountant at Gunvor Group “We needed to speed the reports used in the closing of our General Ledger (GL). To refresh the main reports took minutes just to pivot even when already exported to Excel. The reporting was reflecting more than 50 companies and GL was very complicated.” Being able to report income statements by every single financial dimension in their chart of accounts structure was a must for the Gunvor Group. >Page 1

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