September 07
Featured in Accounting Web
Exor Corporation describes itself as "the world’s leading supplier of infrastructure asset management" and claims that its software is used to manage over $750 billion of assets in more than 10 countries.
The hub of the company's activity is Bristol, where the bulk of its accounting operations are performed by a four person accounts department. Until recently, it took half the team a full week to mange month end, according to finance director Kay Quance.
Exor had been relying on the same accounting system, TAS Books, since its formation in 1995.
"It was a constant nightmare," Quance says. "The system would regularly fall over, we would lose data, and it was just too slow."
With the staff and the software struggling to cope with the accounting workload, Exor decided to seek out a replacement system and opted for Symmetry, which was developed by a local Bristol company. After using Symmetry for nine months, Exor took on Symmetry's bluQube automated invoicing add-on to manage the sales ledger.
As a software company, Exor’s sales invoices generally fall into two categories: signed software licenses at point of purchase, and ongoing support and maintenance agreements. The bluQube system starts with customer purchase orders being manually entered into the database; in the absence of purchase orders, the licenses themselves can be treated as orders. The associated ongoing fees are also entered at this point as well, together with due dates and contract lengths.
Once on the system these purchase orders become sales orders, so the two are effectively matched from point of entry. Apart from a minority of invoices for good and services outside the software and support package, this is all the manual entry the system requires, according to credit manager Roffey Edwards.
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