How to avoid the dot-com money drain - 02/2001

World of Training cuts costs and increases efficiency by automating finances.

The UKs largest training procurement portal estimates a near six-figure cost saving this year, as a direct result of streamlining its accounting processes.

World of Training (WoT) has selected Exchequer's Enterprise accountancy software to sit behind its online transaction engine and automatically process all financial data generated by the site. The portal links training companies to customers online and anticipates savings of over 70,000 in the coming year, thanks to the high levels of integration and automation delivered by the product.
Enterprise was selected after evaluation of competitor products showed it to be the only software capable of delivering WoT's objectives in a web-based environment. The solution will allow the company to extend its range of services to include the automated raising of invoices, credit-card authorisation and payment, and self-billing facilities for its clients.

Online businesses are often criticised for wasting money, but we've always taken a more traditional approach to finances by refusing to overstretch the business, said Mike Nicholls, finance director at WoT. We now have a turnover of over 4million and this was far too much for one person to handle alone. We needed a completely automated solution which wouldn't require extra pairs of hands to cleanse and re-key data - an unnecessary cost we wanted to avoid. We therefore looked at packages from both Navision and Pegasus, but they were unable to come close to our needs.

The Exchequer solution not only allows us to feed crucial data directly into the accounting system, but also allows us to offer some real value-added services to our client base. The system is, therefore, just as likely to make us money as save it, continued Nicholls.

www.lewisvpr.com/Clients/Exchequer.html