Instore goes live with integrated accounting, asset management and invoice process automation solution
CODA Group, the finance software specialist, Real Asset Management (RAM), a leading provider of fixed asset solutions, and specialist in document management and financial process automation, Image Integrators, have today announced that Instore plc has gone live with an integrated finance solution. The new solution encompasses accounting processes, asset management and supplier invoice automation and is designed to improve efficiencies across Instore’s UK store estate. Instore operates a countrywide network of over 300 retail outlets, under both the Following a systems evaluation, Instore realised that it required a more automated approach to support its financial operations, rather than relying on manual processes and spreadsheets. CODA and RAM’s integration capabilities provided the combined solution it needed to interface with existing warehouse and merchandising systems, together with the Procura solution from Image Integrators to automate its invoice processing. “CODA’s Financials has strong analysis capability built into the software and a neat add-on reporting tool that is simple to use, so we can improve statutory and store reporting,” said Andrew Wright, financial accountant at Instore. “CODA and its partners offer a strong combined solution for retailers including software to automate invoice matching and purchasing processes. This integrates with our other business software for asset management and document management, giving us the systems structure we need to support our growth.” Asset4000 from Real Asset Management’s Series4000 suite of software products will provide instore with a comprehensive and centralised fixed asset register on which to store and manage data relating to its extensive portfolio of fixed assets. Integrated with CODA’s software, this affords a single point of data capture and reconciliation whilst providing retail specific fixed asset functionality. Procura from Image Integrators is installed at Instore’s Huddersfield headquarters where invoices are scanned in, converted into electronic images and archived for secure storage, thereby taking paper out of this part of the business. Procura is tightly-coupled with CODA, which enables finance users to access invoice images held within Procura from familiar CODA screens. Management information then provides an auditable snapshot of where each invoice is in its processing cycle. “CODA, RAM and Image Integrators each worked hard to understand our individual business issues,” continued Mr. Wright. “We feel we have implemented the most effective low-risk solution by using specialist retail software, together with experienced retail systems consultants. We believe we now have the integrated financial engine to support effective decision-making and profitability tracking for years to come.” |
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