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"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.

Products in Use: FinancialForce Accounting

Company size: Small

Previous system: Microsoft Excel

Location: Global

Industry: Energy & Utilities

AppExchange Rating: AppExchange rating 5 stars
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Business Issues

  • Management reports time consuming to produce and out of date instantly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