Chugg Entertainment gets VIP accounting system
A premium system for a star company
One of the biggest names in the business, it’s no surprise that Chugg works with some of the biggest acts, including Dolly Parton, Coldplay, Radiohead, Elton John, Robbie Williams and Bob Dylan, to name just a few. Last year, Chugg Entertainment took out the sixteenth spot in the world for Billboard’s end-of-year top-selling promoter list and sold over half a million tickets from 267 shows.
While its existing system had been working well, with so many individual events each year, Chugg’s accounting team needed something more flexible and efficient than that.
No mobility, no oversight
Chugg needed project accounting for its tours, while also reducing manual entry.
The new system also needed to be cloud-hosted, says Chugg’s Head of Finance Deborah Bensen. With multiple tours happening concurrently in cities all over Australia, New Zealand and Asia, much of Chugg’s accounts team is mobile.
Hosted in the cloud, MYOB Advanced would give Chugg the flexibility it needed, allowing the team to access the system from where ever the tours took them.
"Without the cloud, we were in danger of losing the knowledge and experience of our team members, just because they weren’t in the office."
One system, multiple events
With each of the tours linked into one system, and Advanced’s real-time reporting functionality, Chugg now has the oversight it needs, while all-but eliminating manual data entry.
Deborah explains: “Being cloud-based means that our tour accountants can do their work while they’re on the road, and I can see, real time, how we’re tracking.”
Additional functionality allowed data to be fed to Excel, which facilitates Chugg’s reporting to external parties. Automated Inter Company Journals also reduced data entry and simplified intercompany loan account reconciliations.
Customisable reporting was a welcome addition too, with reports that Deborah says: “matched what we were used to working with.”
"Being cloud-based means that our tour accountants can do their work while they’re on the road, and I can see, real time, how we’re tracking."
Transparency, simplicity, efficiency
The shift to MYOB Advanced – and especially the consolidated entity reporting function – has saved the team a lot of time and lets them drill down into the data.
With clever use of the existing functionality, the Chugg team can report on tours recorded at a project level, and individual show dates at task level.
“I now have confidence in our intercompany balances,” says Deborah.
The cloud-hosting is a key benefit to the team.
“Having the system online means we don’t lose the knowledge and experience of tour accounting just because it’s not based in our office,” Deborah explains.
"I now have confidence in our intercompany balances."
- Unsupported system put company at risk of significant downtime
- No integration required hours of manual data manipulation
- Limited reporting left no room for customisation
- Data was always outdated and potentially incorrect
- Cloud-hosting offered a scalable, supported solution
- Significant time savings with full integration
- Easily customisable reports deliver timely data, more oversight and better decision making
- Project tracking module easily handles development complexity