The CFO Centre Customer Success Story
The CFO Centre consolidates finance and accounting globally
The Client
About
The CFO Centre
Founded in 2001, The CFO Centre provides part-time CFO services, delivering the financial expertise of large corporations to SMEs at a fraction of the cost. Operating globally, The CFO Centre helps businesses improve cashflow, boost productivity, and develop strategies for growth. With a mission to improve the lives of 1 million people, its CFOs build trusted partnerships with leaders to achieve meaningful, lasting results.
Understanding the Problem
The Challenge
With multiple legal entities worldwide, The CFO Centre had outgrown its existing and disparate finance systems. Automation of its key finance functions was crucial to the firm as it required consolidation of its UK and Group accounts. Previously using Sage, it needed to gain financial control over its business entities with integration into a single finance and accounting platform, rather than each entity deploying on-site hardware to do its own disparate book keeping.
Even if it had just been designed for the UK, our billing platform will pay for itself in two years. We are saving several days per month as the FDs and Principals can now handle their own payments and invoices seamlessly on the platform, while we get clear visibility and reporting.
The Solution
Making it Work
The CFO Centre selected SAP Business One as a Service from Codestone because the powerful and scalable solution provides seamless integration for their accounting and finance capability. It enables them to benefit from automated reporting, invoicing, as well as giving them currency and localisation functionality for their offices and staff around the world.
The new billing platform, created by Codestone with Codeless Business Process Automation (BPA), allows the 700+ FDs, CFOs and Principals globally to raise their client invoices and manage their payments, posting automatically in SAP, without the need for further licences. The solution automates the percentage commissions which then get allocated to regional and country directors, removing repetitive manual administration, and controls when payments are made once receipts have been received.
The implementation was provisioned on Codestone’s own cloud platform, which has negated the need for on-site expensive hardware in the other locations. In addition, the automated reporting capability enables The CFO Centre to make accurate revenue forecasts for its country locations, enabling it to be more proactive in its decision-making.
Discover the Benefits
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The CFO Centre has made significant productivity gains by consolidating its financial and accounting processes from its entities onto one single platform
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Accurate revenue forecasting and reporting enables regional directors and head office to make decisions faster and gain visibility at any one moment in time
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FDs, CFOs and Principals globally now have an efficient process for invoicing and managing payments that saves time and effort
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The CFO Centre has full traceability and visibility on one system giving it much more control over the business as it grows
One of our aims was to reduce the number of suppliers we had to minimise risk and effort. Having a good fit with Codestone has helped us achieved this and allowed us to reach out to them for other IT projects such as Microsoft 365.Group Financial Controller, The CFO Centre
