Company Overview
CC Investment Group (CCIG) is an Australian company providing management and administration services to 25 Cash Convertors nationally. Cash Convertors provides customers with an opportunity to sell their goods or receive a loan against their goods. The company also provides a personal finance service.
The Problem
CCIG has centralised the financial management of 25 Cash Convertor stores at their head office. Store managers had limited visibility around the stores financial position. The end of month financial review process was cumbersome and time consuming.
Consolid8 encouraged CCIG Directors to consider modernising their financial systems by moving to a cloud-based accounting solution. We recommended Xero because it creates efficiencies through transactional memorisation and automation. A cloud-based accounting system like Xero also delivers real time financial information to store managers making them more accountable for their stores performance.
The Solution
Consolid8 undertook a six month review and planning process including assessing work flow, end of month process and educating store managers about the value of real time financial information. Our solution included:
- Developing a change management plan for implementation of the new financial solution
- Delivering educational workshops focused on software training and understanding business finances
- Delivering weekly newsletters to management detailing new processes
- 24/7 helpdesk support
The Results
The process of modernising CCIG’s financial systems and transitioning this large franchise group to Xero enabled Consolid8 to achieve the following:
- 50% improvement in time taken to deliver end of month process
- Increased visibility of financial data at store level, leading to greater accountability of managers
- More financially literate management team with the ability to make financial decisions using real time data
“Moving our franchise group’s financial data to the cloud based accounting system, Xero, has modernised our business.”
