case study

Vena Helps Capstone Infrastructure Cut Month-End Close Times by 50%
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Capstone - HDD

Customer Snapshot: Capstone Infrastructure

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Independent Canadian power producer serving the clean energy sector with 24 facilities across the country
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The company operates primarily in wind energy but also has solar, hydro, biomass and natural gas facilities.
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Integrations: Microsoft Dynamics GP for ERP.
“ Vena has truly transformed our financial reporting capability and significantly reduced our errors and the time it takes to complete our financial close process. By setting up standardized and largely automated templates in Vena, we have cut our monthly close process in half. ”
Devendra Kalwani
Finance Manager, Capstone Infrastructure Corporation
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Before vena

Capstone Before Vena

An efficient and accurate financial close process is a priority for finance teams, especially if they’re reporting on multiple business units each month. But for Devendra Kalwani and his team at Capstone Infrastructure—a clean energy producer with 24 facilities across Canada—reconciling accounts and closing the books was anything but efficient before implementing Vena.

“There were significant version control issues, data integrity problems and a lack of standardization,” says Kalwani, Capstone’s Finance Manager. “We do our reconciliations on an entity-by-entity basis rather than on an account basis. Before Vena, it would take us approximately 10 business days to shut down our close process.”

Kalwani’s biggest roadblock was with reconciliation packages for each of Capstone’s entities. In order to ensure an accurate close process every month and prepare consolidated financial statements for reporting, his team would have to build reconciliation packages manually—even printing them off in some cases—ultimately causing some long days and a lot of unnecessary headaches.

“This would take a lot of time to manually complete, and manual inputs are subject to human error,” says Kalwani. “The month-end process just kept dragging on.”

 
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The Vena Solution

When he implemented Vena in 2015, Kalwani’s primary goals were to improve data accuracy, reduce the time spent on reconciliation packages, standardize month-end reporting protocols and eliminate version control issues. Vena’s ability to integrate seamlessly with all of Capstone’s disparate source systems made it easy for Kalwani to bring the data he needed into a centralized, easy-to-use database.

“Vena fulfilled all our goals that we set at the onset of the project,” he says. “Financial statement templates are ready with the click of a button. All data loads automatically from Vena, and all dates and formats update based on Excel formulas. If you have several subsidiaries in your business, Vena offers a functionality that allows you to toggle between any company financial statements you want to see very easily.”

Kalwani was also impressed by Vena’s advanced drill down and collaborative workflow functions. Now his teammates are empowered with greater visibility into their numbers and an elevated sense of ownership throughout the financial close and reporting processes.

“If there’s an account balance that doesn’t jive with their expectation, they can drill down to see every transaction that builds up to that balance,” he says. “Users are able to catch journal entry errors prior to it coming to the reviewers, which as a reviewer myself has saved me a lot of time.” 

 

Capstone with Vena

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50% reduction in month-end close times, from 10 days to five
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Steady access to reliable, up-to-date financial data causes fewer errors and enables standardized, automated financial statements.
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Expanded use cases beyond the office of finance now include agile operational planning, asset management and more
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Capstone with vena

Key Results

Now that they’re free from tedious manual reconciliations and have all the data they need at their fingertips, Kalwani and his teammates are closing the books 50% faster and producing more accurate financial statements each month. With Vena’s help, the team has realized efficiencies with their audits and quarterly reporting cadence as well.

“Vena has truly transformed our financial reporting capability and significantly reduced our errors and the time it takes to complete our financial close process,” he says. “By setting up standardized and largely automated templates in Vena, we have cut our monthly close process in half.”

But the most important benefit Capstone has seen with Vena has been a more strategic, data-driven role for the finance function overall. Now, instead of spending their time reconciling data manually, Kalwani and his team can focus on driving value for the company through agile finance-led business planning with the operations team and others—while also providing executives with the insight they need to make well-informed financial decisions.

“We spend more time analyzing data, and that’s how I believe our resources should be spent,” he says. “Having the business plan, automatic actual data and then reforecasting capabilities—all in one template with reliable GL data—has significantly expanded our use case. More and more operational data is starting to migrate into Vena. It’s kept me extremely busy this year, but it’s been a good challenge to take on!”

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