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"With FinancialForce Accounting our processes have become streamlined giving us full visibility into the business."

Melissa Griffin, Global Head of IT, Apex Fund Services

Apex Fund Services provide fund administration services to the traditional fund, hedge fund and private equity industries. With specialist local knowledge, delivered by their offices in all of the world's major financial centers, they give their clients fast and accurate levels of service enabling them to execute their own growth strategies.

Products in Use: FinancialForce Accounting;FinancialForce Billing

Company size: Medium

Previous system: Sage; QuickBooks

Location: Global

Industry: Business Services

Business Issues

  • 31 offices globally using local accounting software with no group reporting
  • No efficiency gains from standardization of processes and templates across locations
  • Converting multiple currencies into US dollars for reporting purposes was a manual and complex process
  • Unable to report on real-time performance of global business
  • Quarter end reporting involved manipulation of data into spreadsheets which were then submitted by each office independently
  • No visibility into status on invoices
  • Billing clients in a timely and consistent manner problematic due to manual nature of process
  • Lack of best practice sharing across global offices

Personnel in our offices across the globe are able to view account information and track activity on accounts. As soon as an opportunity is won for example, our Accountants know to start billing, a process which was often missed or delayed with our previous system.

Melissa Griffin, Global Head of IT

Benefits & Results

  • Centralized reporting with standardized processes and real-time view into global company performance
  • Ability to bill in multi-currencies and report back in dollars
  • Ease of reporting has saved half a day closing the books at month end
  • Debtors ledger significantly improved with visibility into outstanding invoices
  • Streamlined processes as a result of shared visibility. Accountant in each office can now see when an opportunity is won leading to the creation of an account and funds so that billing can begin. Previously this process could often be missed/ delayed
  • Automated generation of invoices has led to improved accuracy
  • Managing Directors have visibility into accounts so can see attached invoices. Previously they had to go into a separate network drive to view and approve. This has saved around 7 days per year
  • CFO has full visibility into cash balances and debtor ledgers. Deadlines for submitting reports are now enforced and adhered to and data quality has improved
  • Cross-company consistency in processes and templates used
  • Offices brought closer together. A FinancialForce group email address is used to discuss best practices
  • Not having to manually consolidate group reports has saved a day per month

We have saved around 7 days per year on our invoice approval process alone which used to require login to a separate system by our Managing Directors and which can now all be done on Force.com.

Melissa Griffin, Global Head of IT