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Company Background
This Company is a large financial services institution that manages and sells a broad range of domestic and international mutual funds.
Objectives
The legislation governing the Mutual Fund industry in South Africa requires that a standard set of reports be produced on a monthly basis (statutory reports). The business also required a set of additional financial reports for decision making purposes (MIS reports). The existing system used by the Finance Department was unwieldy and manual, and required an entire team to obtain and manipulate the relevant data into the required monthly reports.The statutory reports, which consisted of the income statement,
balance sheet and the relating notes, was created from data sourced from
the company General Ledger system and the corporate intranet.
The data that contributed to the MIS reports, for example profitability of
a Mutual Fund by client by sales channel, was sourced from the main operational
system hosted on the mainframe.
Resolutions
The Company chose Financial Management software for the standard reporting tool to produce both the statutory and MIS reports. Our South African office was chosen to do the design and implementation.The project raised a number of challenges before being completed. Amongst these, the most important were the data integrity issues uncovered, which when resolved through process changes resulted in significant savings in time and money.
Benefits
CFO Vision now provides the client with the financial information it needs to operate effectively and the statutory reports are produced in minutes rather than weeks.
