Case Study: Umicore achieves faster close, automated intercompany reconciliation and higher-quality reports with Prophix Software

Fast close, automation, and high quality reports for Umicore Group

Umicore Group, a Brussels-based circular materials technology company operating in more than 34 countries with 132 consolidation entities, faced growing complexity from increasing intercompany transactions, multiple accounting systems and differing accounting schemes. Their legacy processes could no longer meet internal and external reporting requirements, so they needed a scalable consolidation and intercompany solution.

By deploying Prophix’s Intercompany Management, Umicore automated reconciliations, linked intercompany data directly to consolidation and enabled 150 local users to produce detailed reports. The implementation reduced manual work, shortened the close by two days, improved group- and entity-level financial quality (including YTD income statement reconciliation and analytical dimensions by business line), and strengthened auditability.

Umicore