Fábrica de Velas La Soledad: 40% Faster Month-End Close
A Panamanian manufacturer transformed its financial operations with CifraHQ — quantified gains across efficiency, cost, close speed, and compliance.
The customer
Fábrica de Velas La Soledad, S.A. is a Panamanian manufacturer with multiple operating entities and the need for IFRS-aligned financial reporting alongside DGI fiscal compliance.
The measured results
- 20% operational efficiency improvement
- 15% cost reduction
- 40% faster month-end close
- 99.9% tax compliance rate
CifraHQ capabilities that mattered
- Real-time multi-entity visibility — no more waiting for data consolidation
- IFRS-compliant general ledger with DGI fiscal reporting in parallel
- Automated ITBMS calculation via native FacturaHQ integration
- Multi-currency accounting (USD operational, balboa fiscal)
- Reduced manual reconciliation through built-in integrations
In their words
"cifraHQ transformed our financial operations completely. Real-time visibility across multiple entities and IFRS-compliant reporting gave us..." — Victor de Abreu, CEO. Quote as published on cifrahq.com.
Why the month-end close dropped 40%
In most mid-sized Panamanian operations, month-end close is dominated by three tasks: reconciling inter-company transactions, pulling data from multiple disconnected systems, and preparing both local fiscal and NIIF reports. CifraHQ collapses the first two into real-time data and generates both report families from one source — which is where the 40% time saving comes from.