When STADIO Holdings split from Curro and listed separately on the JSE in 2017, it became the parent to a strong portfolio of institutions, including The South African School of Motion Picture Medium and Live Performance (AFDA), Milpark Education, Southern Business School, LISOF, Embury and Prestige Academy, with operations that stretch into Namibia. But while some of the Private Higher Education Institutions (PHEI’s) were well established, the group itself was brand new, and building integrated systems became a priority. This included everything from student information and management systems (SIMS) to financial reporting.
The problem: Excel on the brink
In its early days, Stadio relied on Excel for financial reporting. But as the Group grew, so did the spreadsheets – and the complexity of the consolidation environment.
“We were running massive Excel files of around 60MB to 70MB each, and they would crash,” says Athena Adams CA(SA), Head of Group Financial Reporting. “It was completely inefficient and incredibly frustrating.”
One platform, multiple wins
STADIO explored various options before choosing Finnivo® – a decision made easier by Adams’ previous positive experience with the platform. What sold it was the ability to bring both statutory and management reporting into one clean, automated system.
Today, she says, automation handles tasks that used to take days. Everyone’s working off the same numbers and reporting timelines have been cut in half.
“We’re not copy-pasting anymore. We’re not checking links. We trust the numbers,” says Adams.
How they did it
Implementation started in April 2024 with custom templates built for both statutory and management accounts. By June, templates were finalised and the team began the complex job of pulling in historical data – a tough task given the complexity of legacy Excel files.
By September, the system was loaded with historicals and forecast capturing began. During the budgeting cycle, mirror templates were created to bring in the budget too, and from October to December, Excel and Finnivo® were run in parallel to compare results. Any discrepancies identified during the parallel run were found to originate from manual processes in Excel, highlighting Finnivo®’s consistency and reliability in financial reporting.
From survival mode to strategy
With the grunt work handled, the finance team now has space to shift gears. They’re focusing on forecasting, scenario planning and responding faster to regulatory shifts – work that actually moves the needle.
“Finnivo® has freed us up to think strategically and analyse data through a different lens,” Adams says. “We’re able to deliver reports faster with more confidence – and that makes a real difference at board level.”
What’s next
Next up for Stadio is a unified budget template that works across institutions, each with their own quirks and budgeting rhythms. The team will also likely explore integration between Finnivo® and their custom ERP system in the future, to speed up data imports and reduce manual input even further.
The result?
A team that’s no longer bogged down in complex spreadsheets and manual checks – but instead equipped with the tools to lead with insight.