Octet provides highly specialised financial services to the SME sector, supplying businesses with much-needed working capital facilities.
Octet’s technology platform enables it to originate and manage all its loans, so its clients can make purchases from suppliers anywhere in the world, in multiple currencies. The financial technology it offers its clients helps to set it apart in the highly competitive business finance market.
Massive data overload
“We have a huge amount of data coming through our systems,” explains Octet’s Chief Operating Officer, Michael Rom. “We have millions of data points being produced year on year, and we were facing consolidation challenges due to the complexities of multiple companies operating in our group, across different regions and currencies that we handle.”
Daily reconciliations became a heavy process for external accountants to manage and Octet was unable to get the depth of detailed reporting and analysis that it required.
"The lack of visibility and need to refer to our proprietary management system was a time consuming and difficult process."
- Michael Rom, Chief Operating Officer, Octet
In-house, integrated ERP
Octet’s first step was to bring its financial management in-house. It had been using Microsoft Dynamics NAV for certain ERP functions, but wanted an integrated system that included a full accounting package.
Octet looked closely at SAP B1 and NetSuite, but decided both were too complicated and cumbersome. Further enquiries led them to MYOB Advanced.
"We liked the fact that MYOB Advanced was completely hosted and that it supported our multi-company and multi-currency models."
A live view, in multiple dimensions
With MYOB Advanced Business, Octet now has real-time visibility across the business. Managers who used to wait till month-end for a high-level generic report with no drill-down capability can now run their own reports when they wish. They can click on an individual item and view all the files and attachments.
"MYOB Advanced has helped us to be much more nimble in our approach."
Before MYOB Advanced Business
After MYOB Advanced Business
High growth caused system problems
Lack of live visibility
Slow data processing
No detailed analytics
Total real-time view, company-wide