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| Dorel Industries Inc. |
Dorel Industries is a publicly traded company in the U.S. and Canada, with its corporate headquarters located in Montreal, Canada employing approximately 5,000 people in fourteen countries. With annual sales approximating US$1.7 billion, Dorel is a global consumer products company engaged in the design, manufacture and marketing of a diverse portfolio of powerful consumer brands such as Cosco, Safety 1st, Schwinn, Mongoose, GT, InSTEP and Roadmaster. Dorel has nine major finance reporting units located in seven countries. Dorel's products include juvenile items such as infant car seats, strollers,
high chairs, cribs, infant health and safety aids and other juvenile accessories.
Home Furnishing products include a wide variety of ready-to-assemble (RTA)
furniture as well as metal folding furniture, futons, step stools, ladders
and other imported furniture items. Finally, Dorel also markets high-quality
bicycles and other recreational products. |
| Reason for PowerPlan Implementation |
| In 1999, Dorel became a PowerPlan customer with a single user license to aid in its consolidation process. At the time, Dorel’s sales were “only” US$600 million and its operations were less complex than today. However, even at that time, the benefits of a system that allowed for the collection of financial information from diverse sources and the effective “warehousing” of data made PowerPlan a logical investment. |
| Previous Operations |
| Prior to PowerPlan, Dorel was using spreadsheets to perform its consolidation process. While this worked at the time, it was not an effective way to collect data and prepare the required information that a publicly traded company would require for its directors and other stakeholders. |
| Post PowerPlan Benefits |
| Since 1999, the Company has made several acquisitions including three of substantial size, one of which is located in France. As Dorel has grown, so have the needs for effective data collection and quality information. During that same period, the PowerPlan product has also grown and has continually evolved to meet the Company’s needs. The ability to have data at the fingertips of as many users as necessary in any location around the world has proved invaluable. |
| Software Access and Organization Penetration |
| Today, with an unlimited user license, PowerPlan is used across the world by over twenty users. Though still used only for reporting, as opposed to as a budgeting tool, PowerPlan is an integral part of the reporting process of Dorel in that it allows its various finance groups the flexibility of accessing information as required and ensuring accurate and timely data flow to the head office. |
| Other Comments |
| As a public company, Dorel is held
to a very high standard of reporting. With recent changes in legislation
and attitude toward the way companies perform their finance function, fully
integrated consolidation software is a must. PowerPlan is sensitive to these
rigorous demands and has evolved to meet them. As of today, Dorel is able
to extract general ledger information from varying software packages such
as JD Edwards, SAP and MAPICS (to name a few), convert the results to U.S.
dollar as required and produce a full consolidated income statement to any
desired level of detail.
With PowerPlan’s efforts, in 2006 it is expected that Dorel will be using a complete consolidation package that includes the ability to produce a U.S. dollar consolidated balance sheet with the automated ability to handle variations in foreign exchange. Additionally, journal entry functionality will allow for the entire consolidation process to be done with one software solution. |
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