No matter what happens, I can always count on things getting done.
"Although I am allergic to oily fish, I know an astonishing amount about fish farming and feeding", laughs Timo Kasper, CFO of Alltech Fennoaqua, who has just completed a crash course in fish feed production. The company operates Finland’s only fish feed factory in Raisio, producing feeds suited to northern conditions, with a manufacturing process that prioritizes the wellbeing of both the fish and the environment. "This is real superfood for fish", Kasper sums up.
Another area Kasper knows inside and out is financial management leadership and navigating demanding transitions. He was appointed CFO of the former Raisioaqua in 2023, when the company separated from the Raisio Group and gained three new owners: the Finnish company Finnforel, the U.S.-based Alltech Corporation, and the domestic Heino Group.
Following the change in ownership, the company – renamed Alltech Fennoaqua – disengaged from Raisio Group’s financial management processes and SAP system. Under Kasper’s leadership, the company began building a new financial management function, and it quickly became necessary to acquire both a financial management system and accounting services.
“The transition required swift decisions, and initially we decided to implement Microsoft Dynamics AX – the same solution used by one of our main owners, the international Alltech Corporation”, Kasper explains. A domestic solution partner was brought in to support the implementation and to ensure that the software was configured in accordance with Finnish financial management requirements – from VAT rates to Intrastat regulations.
The necessary expertise in financial systems and processes was found under one roof
Alltech Fennoaqua held discussions with several service providers before ultimately finding the right partner in Efima, which offered both deep knowledge of Microsoft technologies and a domestic financial service center. “What was decisive for us was the ability to get both financial system support and financial management services from the same provider. This helped us avoid communication gaps and ensured smooth cooperation in setting up both the financial solution and daily financial processes”, Kasper explains.
Kasper and his colleague, who acted as project manager, also had positive prior experiences with Efima, which further supported the decision. “We knew Efima would get us to the finish line – that’s really what it came down to”, Kasper summarizes. “In a transition this critical, we also didn’t want to prioritize price over quality. The old saying ‘a poor man can’t afford cheap’ applies to business decisions too.”
The experience and best practices brought in by the partner proved invaluable in a situation where internal resources were limited and the schedule was tight. “Efima has immense expertise across many areas. Your solid professionalism saved us in more ways than one”, Kasper says with appreciation. With Efima’s support, the financial management system was successfully implemented within the target timeline in February 2024, and since then, Efima has been responsible for Alltech Fennoaqua’s financial processes – covering accounts receivable, accounts payable, fixed assets, and general ledger. “Collaboration during the project went exceptionally well, and it was helped by the fact that Efima’s solution consultants and day-to-day financial service providers communicated directly with each other”, Kasper notes. “Our trust in your work was off the charts.”
Flexible service makes everyday life easier for a small team
Alltech Fennoaqua’s administrative operations are run by a close-knit team of 12 people who place their trust in competent partnerships. In the day-to-day work of financial management, the collaboration with Efima has brought both security and peace of mind. “We really value the flexibility of the service. No matter what happens, I can always count on things getting done. That mindset is evident in your work, and I appreciate it immensely, especially since our own resources are limited. Our ownership structure and international operating environment sometimes impose tight deadlines that we have to meet”, Kasper notes. “It’s all about getting the job done – that’s how we see our partnership.”
With Efima’s support, Alltech Fennoaqua’s internal finance team has been able to focus on supporting the business and driving development projects. One such initiative is the enhancement of reporting using Microsoft Power BI – and for that, too, they know help is close at hand. Looking further ahead, a larger-scale financial transformation project is also on the horizon, as Alltech Fennoaqua plans a move to a more modern, cloud-based system environment: Microsoft Dynamics 365 Finance, following in the footsteps of its majority owner, the Alltech Corporation.
“If I’m still in the game by then, you can bet I’ll be knocking on your door again”, Kasper says with a smile.
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