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Fairfield-Maxwell accelerates consolidation to enable growth

Diversified portfolio company cuts financial consolidation time dramatically while improving auditability and visibility

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  • Solutions

    Finance

  • Industry

    Industrial Manufacturing

  • Platform capability

    Anaplan Applications

Fairfield-Maxwell Ltd. invests in multiple companies with many different enterprise resource planning (ERP) systems. In this environment, routine financial consolidation was a 15+ day challenge lacking auditability or the ability to create journal entries. With the Anaplan Financial Consolidation application, Fairfield-Maxwell has built a better way to consolidate all of its companies. This cut consolidation time by more than 60%, made financial data more visible to leadership, and enabled easy addition of acquisitions.


Before, it was 15-plus days to close our books. Now we’re closing in six days.
Kevin Crosby, Chief Operating Officer, Fairfield-Maxwell Ltd.

60%+

time savings, with a better financial consolidation process

Dashboards

provide leadership with at-a-glance financial data

Simple

addition of acquired companies


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Kevin Crosby, Fairfield-Maxwell: Fairfield-Maxwell Ltd., we operate very similar to a private equity. We’re a company that has a lot of different investments on different ERP systems, so you needed a system that can easily get the files necessary to load into this centralized database, and easily report off of that database with a small team.

We first used Anaplan for our consolidation platform and we expanded it to providing a dashboard for our executive management team.

Some of our challenges with the spreadsheet consolidation process we had previously was a lack of the ability to do a journal entry into the spreadsheet properly and have an audit control system in that consolidation process.

Now we have a much more controlled process. The consolidation goes a lot smoother. Before, it was 15-plus days to close our books. Now we’re closing in six days. It’s basically the heartbeat of our organization. We are able to do much more with less personnel and faster as plug-and-play as we get an acquisition.

My name is Kevin Crosby. I’m the Chief Operating Officer at Fairfield-Maxwell Ltd., and we consolidate with Anaplan.