Rentokil Initial is a global company headquartered in Crawley, UK, specialising in pest control, hygiene, wellbeing and property care services for residential and commercial clients. Founded in 1925, Rentokil offers comprehensive solutions for managing pests, improving hygiene, and maintaining property health across various industries worldwide. Their services help protect people and property from environmental risks.
Rentokil faced the significant challenge of converting their financial reporting database from GBP to USD. With approximately 67,000 employees operating in 93 countries, the complexity and impact of this project were substantial.
Challenges
Before embarking on the project, several challenges needed to be addressed:
- Producing group accounts in a different currency, in addition to the current presentation currency, without increasing the workload of those involved in the monthly reporting.
- Avoiding delays in the reporting process and ensuring minimum disruption to the business.
- Providing audit evidence of accuracy.
Decision to Engage with HAYNE Solutions
Rentokil Initial chose HAYNE Solutions based on our extensive experience with IBM Controller and our long-standing support. Over the years, we have developed a proven track record of delivering complex reporting solutions, which positioned us as the ideal partner for this project.
HAYNE began by implementing two methods of conversion: a triangulation method as a proof of concept and a more detailed conversion to a USD database, both of which were tested and verified by the project team at Rentokil.
Success Criteria
The success of this project was determined through a comprehensive series of test scripts, executed by various stakeholders at Rentokil. All test scripts passed successfully, demonstrating the effectiveness of our solution in meeting Rentokil’s requirements.
Quantifiable Benefits
By implementing HAYNE Solutions’ approach, Rentokil Initial is now able to produce consolidated results in two different currencies simultaneously without altering their existing reporting processes.
By automating much of the conversion and reporting process, Rentokil experienced time savings and reduced manual intervention, which was critical given the high volume of reporting units involved.
The extensive testing and the custom Excel reports provided by the HAYNE team have also enabled seamless compliance with auditing requirements.
Project Management and Communication
HAYNE Solutions took a proactive and flexible approach to managing the project, adapting to last-minute changes in requirements as the project evolved. For example, when the timeline extended and Rentokil needed additional compliance checks, HAYNE Solutions adjusted the project plan and replicated configuration changes across multiple database copies.
This level of project management ensured that the go-live process was smooth, despite the complexities involved.
Ongoing Relationship
This project further strengthened the trust Rentokil Initial has in HAYNE Solutions. Our continued commitment to delivering excellence, even in challenging scenarios, has reinforced our long-term partnership, ensuring Rentokil continues to rely on our expertise for their financial reporting needs.
As highlighted by Diego Beuille, Group Reporting Manager at Rentokil,
“This project has undoubtedly reassured our confidence in HAYNE Solutions’ ability to support us. Their commitment to excellence and customer satisfaction has strengthened our ongoing relationship.”
HAYNE consistently went above and beyond to meet our needs, providing support outside working hours and during weekends on numerous occasions. Their dedication and responsiveness were instrumental in the project’s success. It was brilliant working with them.”
Conclusion
The success of this project highlights HAYNE Solutions’ ability to deliver complex financial reporting solutions with precision and efficiency, while maintaining flexibility to adapt to the client’s evolving needs. Our partnership with Rentokil Initial has been further strengthened through this project, demonstrating our unwavering commitment to excellence and customer satisfaction.
Diego finally comments,
“Having a partner like HAYNE Solutions, with the required technical capability and the right attitude, is crucial. We have been choosing HAYNE Solutions every year for over 12 years, and this project has further solidified our trust in their expertise and support.”
By enabling Rentokil Initial to report in multiple currencies without increasing workload or compromising accuracy, we have helped improve their overall financial reporting processes further highlighting the value of the project.
As Rentokil continues to expand globally, HAYNE Solutions remains a trusted partner, ensuring that their consolidation system is equipped to meet the demands of an evolving business environment.
Get in touch
If your business is managing complex financial reporting, consolidation, or currency conversion, HAYNE Solutions can help. With our expertise in delivering tailored financial solutions, we ensure your reporting processes are efficient, accurate, and compliant.
Get in touch today to discuss how we can support your business and provide scalable solutions for your evolving financial needs. HAYNE Solutions—your trusted partner in financial transformation.