Additional resources to implement an internal accounting system and IFRS reporting: Case Valoo Oy

Valoo provides fiber optic connections to Finnish households and has experienced rapid growth in recent years. The implementation of Adaptive Planning for internal accounting was an important step toward real-time reporting, data-driven management, and more efficient forecasting and budgeting processes. The system was implemented with a relatively small team. From Valoo, the project team included CFO Vesa Koivula and a Business Controller. From NIS, two finance consultants - Riina Valkama and Henna Kettunen - participated, along with two representatives from the system provider. The system was built in approximately three months as a daily tool for company management. After this, the project moved into its second phase, and the integration between different financial management systems was gradually completed 2023.

“We carried out the first phase of the project on a particularly tight timeline. We needed support from experienced controllers to ensure our financial processes matched the requirements set by these changes - both in terms of capacity and structure. Riina and Henna led the project independently and with strong ownership. Without them, it would not have been possible to complete the integration within this timeframe”, says CFO Vesa Koivula about the collaboration.

Support across the entire finance function

In addition to the system project, NIS finance consultants Riina Valkama and Henna Kettunen also provided close support to the entire finance team. Alongside their day-to-day finance tasks, the project team worked on developing financial management processes and supported forecasting and budgeting cycles. As the company continued to grow rapidly, Valoo’s finance team also received support from NIS in onboarding new employees.

“From the very beginning, we became part of Valoo’s warm work community and finance team. We were invited to the company’s summer party and team lunches. The fast pace of the project enabled us to quickly take ownership of our roles and collaborate seamlessly with the finance team. ‘Well-functioning’ is a word that describes our highly successful and meaningful collaboration”, say Riina and Henna from NIS.

Rapid growth and an international ownership structure increased the need for IFRS expertise

Valoo’s core business has accelerated rapidly over the past year. The company is actively engaged in growth, financing, and acquisitions. For example, new financing models and other changes have created new requirements for IFRS reporting. Valoo did not have in-house resources dedicated to these highly specialized tasks, nor a need to hire a full-time employee for this purpose. Therefore, NIS IFRS consultant Jussi Jurvelin joined the finance team.

“In spring 2023, Valoo had an urgent need to calculate an IFRS purchase price. We resolved the matter quickly, after which we discussed broader collaboration within finance. We continued in the autumn by planning future IFRS development work. We streamlined processes and implemented solutions so that the client would have the right models and tools ready for the next phase of growth”, says Jurvelin from NIS. Koivula from Valoo adds:

“Our collaboration has been efficient and smooth. The work we’ve carried out has been aligned with our company’s lifecycle, and together we’ve created practical, functional solutions—while fully meeting IFRS requirements. Initiating this kind of project early in a company’s growth journey is extremely important for ensuring transparency and fulfilling our obligations.”

Valoo Oy

Valoo is a Finnish fiber optics company founded in 2019, with a mission to make Finland an information society that meets international standards. Over the coming years, Valoo is investing more than EUR 500 million in Finland’s digital infrastructure, bringing fiber connections to over 300,000 Finnish homes and employing nearly 1,000 people across Valoo and its network of contractors throughout the country.

Valoo is owned by the Dutch infrastructure investor DIF Capital Partners, and Tesi (Finlands Industriinvestering AB).