{"id":17636,"date":"2023-02-22T09:50:23","date_gmt":"2023-02-22T08:50:23","guid":{"rendered":"https:\/\/aaro.com\/references\/im-bank\/"},"modified":"2024-04-19T07:36:49","modified_gmt":"2024-04-19T06:36:49","slug":"im-bank","status":"publish","type":"page","link":"https:\/\/aaro.com\/fi\/asiakkaat\/im-bank\/","title":{"rendered":"I&M Bank adopts AARO & optimizes their reporting process"},"content":{"rendered":"\t\t
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I&M Bank<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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I&M Bank adopts AARO and optimizes their group consolidation and reporting process.\n\n\n<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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I&M Bank is a Kenyan commercial bank, founded in 1974.\u00a0It is based in Nairobi and serves the banking needs of large and small business customers. As of September 2019, the bank had assets valued in excess of US$ 2.52 billion, with shareholders\u2019 equity of approximately US$ 424 million.<\/strong><\/p>

Prior to AARO product introduction and implementation, I&M Bank used Excel to manually perform group consolidation activities.\u00a0In 2017, I&M Bank decided to switch to a new system<\/strong>\u00a0to eliminate the human error risk and automate reporting.<\/p>

Paul Ngunya is the Statutory Reporting and Consolidation Officer at I&M Bank. As an end-to-end user, he prepares financials and generates reports for various global subsidiaries of the company.\u00a0I&M Bank determined that AARO was best for their organization for myriad reasons,<\/strong>\u00a0however Paul Ngunya highlights data tracking and storage as one of the most important features of the AARO product.<\/p>

As a part of the implementation team, Paul Ngunya was involved in collaborating with consultants from the AARO company on the data loading process. He remarked \u201cwhen we had challenges with a joint venture, the AARO support team was extremely helpful.<\/strong> In addition, the AARO consultants were important to automating cash flow for our company\u201d he continues.

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\u201cAARO meets all of our expectations and is able to sustain the needs of our company.\u201d<\/em><\/strong><\/p>

Paul Ngunya, Statutory Reporting and Consolidation Officer, I&M Bank<\/em><\/p><\/blockquote>


<\/strong>Overall, the company has had short term and long term AARO benefits\u00a0after collaborating with AARO consultants. Today, end users at I&M Bank think AARO has made their work easier. They also think AARO is faster because now they can send and retrieve figures easily.<\/p>

Paul Ngunya and his team enjoy AARO\u2019s visualisations that allow them to monitor their balance sheets, P&L, and intercompany workflows<\/strong> so that they can see the specific reports needed for the period. In addition, AARO dashboards make tracking the flow of goodwill calculations are a breeze.

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\u201cThe system is fast \u2013 you input numbers and the resulting figures are calculated immediately.\u201d<\/em><\/strong><\/p>

Paul Ngunya, Statutory Reporting and Consolidation Officer, I&M Bank<\/em><\/p><\/blockquote>


AARO has helped I&M Bank optimize their entire group consolidation workflow.<\/strong>\u00a0For example, when monitoring other subsidiary closings, Paul Ngunya is able to see each company\u2019s progress compared to overall group.<\/p>

Today I&M Bank is leveraging a streamlined group consolidation process that allows them to automate and customize notes on financial statements, maintain and update information in a single AARO database and perform audits more easily and quickly.<\/p>

Paul Ngunya and his global team are so pleased with AARO\u00a0and the support of the AARO team that he could not identify any challenges to I&M Bank business and processes.<\/p>


Challenge<\/strong><\/p>