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Implementation of Cloud Based Accounting System

Topic : Implementation of Cloud Based Accounting System
Author : Richard Francis of Francis Vienne Ltd

Issue:

FISCAL Technologies provides world class accounts payable forensic software for corporations and government organisations to cut costs, protect working capital, reduce risk and create best-in-class AP. Francis Vienne provides strategic financial support to high growth businesses. FISCAL has been growing rapidly and went from sales of £0.5m in 2010 to £1.1m in 2011. In 2012 FISCAL reported sales of £1.6m. Due to this rapid expansion, the company had outgrown its accounting system. FISCAL was using Quick Books for four companies (one of which is based in USA) and was using client/server based software which presented challenges such as:

• Needing to do regular backups
• Needing to access via VPN for remote access
• Not being able to enable users with different business needs to get timely information

Resolution:

It became clear that a cloud based solution was the answer, but the difficulty was
in deciding which system would provide a cost effective solution for FISCAL’s
needs and even more importantly, would be able to scale up as FISCAL expands
its operations both in size and across geographies. After extensive analysis,
Francis Vienne recommended Xero to be the best solution. Xero is a cloud based
solution, with rapid product development in place. It also has the potential to
integrate with a number of other related systems (whether it be CRM, Workflow
or Payroll).

Francis Vienne recommended that FISCAL implemented a pilot in order to test
Xero and make sure it had the functionality that we believed that it had. After a
successful pilot on one of the smaller operating companies, the FISCAL Board of
Directors recommended rollout of Xero to all companies in the FISCAL group.

Impact:

FISCAL now has a state-of-the-art accounting system which is fit for purpose and
which can grow as FISCAL grows.

Commenting on the new system David Griffiths, CEO, explained “Before we had
to rely on finding out what happened in our business two weeks after month end.
Now I can look on my mobile phone and straight away see who owes us money
or how we are tracking on our monthly sales. As we expand internationally and
we have more and more employees on the move, such agility will be essential for
the success of the business”

Author and Financeheads Member
Richard Francis      Francis Vienne Ltd
Tel: 07887 568735 e-mail: richard@francisvienne.com


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