"We are expanding the geography of our operations and the types of commodities we trade involving increasing volumes. FinancialForce Accounting has given us a real-time view of financials and has helped us streamline and create consistent processes to allow us to scale and focus on other important aspects of running the business."
Irina Egorova, Associate Consultant, Bryce Company Holdings
Bryce Company Holding Inc. is a holding company for 15 companies which focus on commodities trading in global markets.
Management reports time consuming to produce and out of date instantly
Separate spreadsheets managed for each company leading to inaccuracy and errors
Profit and loss statements critical in securing bank funding required a lot of manual manipulation to produce and often contained errors
Processes not documented for future analysis
Producing audits for separate companies took up to 3 months
No real-time view of financials and inability to consolidate reports easily
Shareholder/client reports involved pulling together information by different departments leading to errors and inconsistency
Benefits & Results
Can now run reports 2 – 3 times faster
2 – 3 month saving producing annual audit of 15 companies involving simultaneous data migration of all financials
Data now consistent and reliable which has helped elevate credibility with banks
Transparency into financials across the business helped identify an unexpected source of costs in one of the companies
Trade finance dealings with countries such as Geneva involve tight covenants which must be adhered to. FinancialForce Accounting allows Bryce to see exact P and L on any account so they can quickly respond if see any problems e.g. restructure deals, move funds around
Time spent pulling reports previously can be focused elsewhere
Up to 3-4 times less time spent on audit procedures due to standardized presentation of information and holding all the necessary documentation in a single repository
As an open book trading company being able to share financial reports with shareholders/clients is a huge advantage
There’s no denying the world economy has shifted from manufacturing to project-based, people-centric services businesses – becoming the new services economy. It means tremendous opportunity for professional services organizations in 2019, but also a host of new challenges.
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