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Westcoast + Workiva

Multinational Westcoast Updates Their Financial Reporting and Controls Process With Workiva

Westcoast

Workiva Solutions

  • Internal Controls Management

Having seen quick results using Workiva for financial reporting across several countries, multinational Westcoast decided to formalise their risk and controls process by bringing them onto the same platform. Find out how Workiva is helping them establish a single source of truth as the company continues to expand. 

 

The Results

Multinational Westcoast Group provides both traditional and digital  IT distribution services across the UK and Europe. A recent surge in both size and revenue meant that their financial reporting and controls processes were struggling to keep up. Luckily, Head of Group Finance Martha Anne Perez was already familiar with the Workiva platform from her decade working in external audit—and she felt confident that it was the solution they needed.

Before Workiva, the entire process was more painful, time-consuming and costly. Version control, paper trail and collaboration were major issues in our financial reporting process, and we were relying on a manual risk and controls matrix with no consolidated documentation.

Martha Anne Perez

Head of Group Finance

The team first adopted Workiva to address the version control and collaboration issues that had been causing delays in their multi-entity financial reporting. Following a smooth onboarding process and quick results, they chose to expand to governance, risk and controls (GRC). 

"Using Workiva for our financial reporting, we saved ourselves significant time. Our auditors now have more confidence in our process, which we hope will help us drive down fees going forward. Between the excellent support we received and these quick results, it made sense for us to formalise our risk and controls process by bringing it onto the platform as well." 

Workiva has made us feel like one of their key clients. Using the platform, collaboration has improved immensely: my team can tag each other and respond to comments in real time, the interface is friendly and easy to use, everything is interlinked and our external auditors are happy.

Martha Anne Perez

Head of Group Finance

For Martha and Westcoast, choosing new technology is no small decision. "The cost, time and people involved in the buying process is serious business for us. Before you can convince anyone else, you need to be clear on your own objectives with the platform. I knew we needed a solution that could interlink our information while being intuitive enough for everyone to use. If you're passionate and understand the value your solution will provide, the conversation is much easier to have."

See how the Workiva platform can simplify your audit, risk, and compliance processes. Request a demo today.

 

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