Background
NZX-listed Software of Excellence (SOE) has a fast-tracking business in developing software for the international dental market. It is the leading provider of software to dental schools in the United States, and to the dental profession across the globe.
The Challenge
The company has seen rapid growth, with operations springing up in countries around the world. But growth has led to complexity, and the old accounting system was unable to handle the intricacies of multi-branch, multi-currency operations. That’s why they turned to Wedoo.
With five separate companies Software of Excellence needed a system to manage the operation as a global business. The system needed to work within their monthly reporting framework with all management accounts done within five days of the end of the month.
These tight deadlines meant speed and efficiency were important requirements. They also needed to configure the system to handle the local currency and tax issues in each of the different countries even though all the financials for the combined operation is done at their central office in Auckland.
The Solution
Wedoo implemented a software solution over a period of several months from a clean slate - date from the previous system was not imported.
The system went live many years ago now, including General Ledger, Accounts Payable, Accounts Receivable, Order Entry, Quick Cost and Consolidation functions.
The original system had only three companies. Since then, the operation has grown to include five companies. Adding new companies and expanding the system has been simple and straightforward.
“Enabling allows us to become more efficient in areas of the business that are so unpredictable, saving us crucial time and money... When the system was in place, it reduced the job of consolidating financial statements from three days to a single hour. The need for getting financial statements out on time is critical, and we would be unable to meet our deadlines with a more cumbersome system.”
Bryce Donnell - CFO, Software of Excellence
The Results
As a growing software business, the rate of change at Software of Excellence has been extraordinary. Companies have been added, parts of the business have been consolidated, and operations have been transformed. And, throughout this period, the solution that Wedoo implemented has continued to perform and meet growing demands, continuing to provide benefits. Reducing the job of consolidating financial statements from three days to one hour; simplification of adding new companies and expanding the system; and improved speed in producing financial statements.