Client case: Glomar Group
How Glomar Saves Time with Better, More Reliable Insights through a Simpler and More Flexible Financial Process
Client Profile
Glomar Group is a shipping company with a fleet of 19 offshore vessels, operating in the maritime sector. Dennis Beintma, CFO of Glomar Group, faced challenges with financial reporting that required manual adjustments and time-consuming processes.
Challenge
For Glomar Group, preparing periodic management reports was a complex and time-intensive task. These reports were created using Speedbooks and Excel, taking an average of 4-5 days to complete. Due to time pressure and the error-prone nature of manual processing, there was a need for an automated solution that could work more efficiently, quickly, and accurately.
Solution with Smartbooks
Smartbooks was implemented as an integrated solution for Glomar Group’s financial reporting. The software provided seamless integration and consolidation of financial data, allowing Dennis and his team to prepare reports more quickly and efficiently. They were now able to complete reporting and consolidation within a few hours—a time saving of nearly five days per month.
Time Savings
The time required for management reporting was reduced from 4-5 days to just two hours. Dennis can now use this extra time for strategic planning, market analysis, and streamlining internal processes, which strengthens Glomar’s long-term resilience.
Improved Insights
With Smartbooks, Glomar now has access to real-time reports at the cost center level, providing a clear overview of individual vessel performance. This enables the management team to make timely decisions, such as addressing profitability issues with specific vessels.
Flexibility and Mobility
Smartbooks allows Dennis to access Glomar’s financial data from anywhere. He can easily log in from remote locations, such as airports, to gain real-time insights and intervene when necessary. This flexibility significantly enhances the team’s agility and response time.
Reliability and User-Friendliness
By choosing Smartbooks over their previous solutions (Speedbooks combined with Excel), Glomar can work more efficiently without the risk of data entry errors, which are often a concern with Excel-based models.
Experience with Smartbooks
Dennis describes the collaboration with Smartbooks as very positive, highlighting the open communication and strong coordination with the Smartbooks team. Together, they ensured that the software was well-implemented and tailored to Glomar’s specific needs, resulting in an efficient, customized solution.
Recommendation
Dennis advises other companies that are still hesitant to give Smartbooks a try. The tool’s flexibility, time-saving capabilities, and accurate reporting features make it a valuable asset for businesses looking to automate and optimize their financial processes.
Conclusion
Smartbooks has helped Glomar Group transform their financial processes from time-consuming, manual tasks to an efficient, automated system. With real-time insights and more time for strategic priorities, Smartbooks provides a solid foundation for Glomar’s continued growth and long-term resilience.
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