We often talk about how purpose-built accounting software can help revolutionise your month-end reconciliation process – applying technology to such a painstakingly long task just makes good business sense. But you shouldn’t take our word for it: let’s hear from some of our existing customers to see how they have overcome their own accounting challenges with Adra Match.
This month we spoke to Mr. Niels Rotendahl, General Manager of Finance at Dampskibsselskabet NORDEN A/S – one of Denmark’s oldest and best-known shipping companies – to see what he thought of our software and how he thought it had changed their business operations.
How were you managing your financial reconciliation before Adra Match ACCOUNTS?
Well we’ve been using Excel spreadsheets and macros throughout my tenure to manage reconciliation. However, as our business grew so did the number of transactions and accounts, which made our Excel solution less efficient and more time-consuming. Adapting it to our growing needs was becoming a difficult task.
Fortunately, our bank (Danske Bank) suggested we use Adra Match ACCOUNTS to help manage our reconciliation. Since then we have never looked back!
How have you seen Adra Match ACCOUNTS transform your finance department?
We started using Adra Match ACCOUNTS 6 years ago for transaction matching and to automate our balance sheet reconciliation. We quickly found that it allowed us more time to focus on the qualitative functions of the business, as well as providing business intelligence more quickly and efficiently.
It also helped us to standardise our layout, processes and outputs which made it much easier to handover in case of illness or staff changes. What’s more, our audit process became really simple since we had all the information we needed at our fingertips in a standardised format.
We soon discovered we could use ACCOUNTS for things like inter-company reconciliations and other types of reconciliation, e.g. GL to GL. This has helped us make even more productivity gains. In total I would estimate that we have increased our productivity up to 50% on some of the reconciliations, which is pretty amazing really.
What are your favourite things about the software?
I think there are three key things that I like about the software:
- It really streamlines the whole process – providing quick, easy and standardised processes.
- We can centralise the financial management of all our subsidiaries locally and from our base in Singapore – providing quick and easy oversight of our financial figures.
- It is easy and simple for our employees to use, so we don’t need lots of training or documentation to show staff the right method of doing things.
We would like to thank NORDEN and Mr. Niels Rotendahl for taking the time to speak with us and share their experiences of Adra Match ACCOUNTS.
Could you give us a bit of background about NORDEN?
NORDEN was launched over 100 years ago and today our fleet is among the most modern and competitive in the industry. We operate a mix of owned and chartered tonnage – in total 220 dry cargo vessels (excluding single trip chartered vessels) and tanker vessels.
While we are headquartered here in Hellerup, Denmark, we also have a strong international presence with offices in Singapore, Shanghai, Annapolis, Rio de Janeiro, and India.
Our 15-strong accounting team managed revenue of US$2.145 billion a year, and our current EBITDA* expectations for 2014 are up to US$60 million.
* earnings before interest, taxes, depreciation, and amortisation
If you would like to see how our ACCOUNTS software works then make sure you book a free demonstration now.