Gedeon Richter sought a supplier with experience in working in the Nordic region.
Gedeon Richter is Hungary's largest pharmaceutical company. Since the company started its Nordic operations in 2012, it has chosen to outsource the finance function and payroll to Azets.
Better control and expert assistance
Gedeon Richter was looking for a smart and flexible solution for managing the company's finances, payroll, and reporting in the Nordic region. Handling the daily payroll and accounting work locally while managing Nordic coordination would have required a significant effort, recruitment of personnel, and investments in IT solutions.
Joseph Anzalone, CFO at Gedeon Richter
Additionally, adaptations to the parent company's accounting standards needed to be made. Choosing an outsourcing partner with experience in the Nordic region was, therefore, a natural choice for Joseph Anzalone, CFO at Gedeon Richter.
The reason we chose Azets to collaborate with was the opportunity to get the support we need and the confidence that everything is handled correctly in all countries, says Joseph Anzalone.
We receive expert assistance from Azets' local consultants in each Nordic country. The solution also means that we don't have to recruit more employees for the finance department, and the field sales team saves time on reporting, allowing them to focus on sales.
Differences in the various countries
There are countless small differences between the Nordic countries, especially regarding rules around salaries and fees. That's why I need direct contact with Azets' experts in each country, says Joseph Anzalone. A particular challenge has been "translating" financial reporting and statements (monthly, quarterly, and annually) to comply with the publicly traded Hungarian parent company's accounting standards.
Azets has created templates for the automatic conversion of data from the Swedish accounting system to Excel files with the correct format and layout. The information can then be easily forwarded to the central finance department in Hungary.
This is a good example of not only collaborating on day-to-day operations but also working on joint projects where I benefit greatly from Azets' expertise in payroll and finance, says Joseph Anzalone.
"I like that Azets' systems are so flexible. Recently, I closed the books online from Florida. For us, it's also crucial that there is always someone on-site providing service, even during vacation periods."
Smooth accounting and approval processes
Since the Nordic finance function consists solely of CFO Joseph Anzalone, smooth and efficient processes are essential. Supplier invoices, for example, are scanned by Azets, digitally approved by Joseph, and then paid out in each respective country.
Daily tasks are handled with predefined workflows for activities like accounting, payroll specifications, and reports in the cloud-based customer portal Azets Cozone. Field employees also use the portal to report time, travel, and expenses from their own computers and mobile devices.
The accessible and user-friendly solution makes accounting and reporting work smoothly, even for those who are not accountants, Joseph explains.
I like that Azets' systems are so flexible. Recently, I closed the books online from Florida. For us, it's also crucial that there is always someone on-site providing service, even during vacation periods.
Next on the agenda in our collaboration is the implementation of procedures to handle another country, Iceland.
About Gedeon Richter
Gedeon Richter is Hungary's largest pharmaceutical company.
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