Lacoste, a leading international brand under the MF Brands Group, operates in 120 countries and boasts over 1,200 stores, generating a turnover of 2 billion euros. Seeking to enhance their internal accounting control processes, Lacoste partnered with Supervizor to automate accounting controls. Here's how this collaboration is revolutionizing their financial oversight.
Enhancing Accounting Practices with Automation
According to Frédéric Michelin, Lacoste's Vice-President of Global Accounting, the decision to implement Supervizor was driven by a desire to bolster internal accounting control capabilities. "By selecting Supervizor, we strengthened our internal controls, automatically detecting errors and improving our accounting practices," Michelin notes.
Automated controls streamline the complex and time-consuming task of manual checks, enabling Lacoste to analyze all accounting data efficiently. With Supervizor's comprehensive pre-configured controls, Lacoste can now conduct exhaustive reviews of accounting entries, identifying unusual transactions that manual methods could easily miss.
Key Benefits and Improvements
Supervizor's automation has not only improved accounting accuracy but also facilitated the identification of anomalies and their root causes, enabling Lacoste to refine daily business practices. The platform's checks focus on data quality aspects like accounting diagrams and team roles, enhancing fraud prevention and standardizing accounting practices.
The adoption of Supervizor has provided Lacoste with greater visibility into calculations and existing workflows, allowing for the definition of action plans when anomalies are detected.
Implementation Strategy
For implementation, Lacoste chose a strategic blend of continuous and remote auditing, integrating data from SAP into Supervizor. This approach allowed them to monitor significant subsidiaries continuously while auditing others remotely over a multi-year period. Automation of data analysis freed up valuable time for Lacoste's teams to focus on investigating results and implementing corrective actions when needed.
Supervizor's Role in Ongoing Success
Supervizor supports Lacoste by recommending relevant controls tailored to their organizational needs, ensuring optimal use of their extensive catalog of over 350 controls. Lacoste currently manages:
- Continuous control for 3 subsidiaries.
- Remote audits for 5 to 8 foreign subsidiaries annually.
- Oversight of 5 to 8 countries with up to 350 tailored controls available.
With Supervizor's automation capabilities, Lacoste has successfully optimized its internal accounting processes, allowing teams to dedicate more time to detailed analyses and continuous improvement of practices. The swift implementation process, completed in just a few weeks, guarantees support throughout.
Supervizor empowers global organizations like Lacoste to uncover risk and enhance financial confidence, proving indispensable in today's fast-paced business world. Discover how Supervizor finds financial risk at some of the world’s best-known organizations and what it can do for you at www.supervizor.com .