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Integration and oversight for Royce Cross Group
Royce Cross Group (RCG) is made up of three complementary companies, importing and supplying electric motors, gearboxes, electrical accessories and power transmission products, which were running on three disparate systems. This led to a lack of oversight and days of manual work each month. MYOB Advanced delivers on the needs of these separate entities, with the top-down oversight RCG requires.
Fast-growing family-owned business
What began as a family-owned business importing electric motors, is now a multipronged organisation offering an extensive range of electrical and engineering products, shipping Australia wide.
As William McFarlane of RCG explains, because they were three individual companies, they had three systems and three different ways of doing things.
“We do a lot of inter-company purchasing and we needed to decrease time spent on purchase orders. We needed a program that could incorporate all three companies.” he says.
The company began looking for alternatives.
Disparate companies creating errors and manual work
An individual AccountRight Premier account for each of the companies offered a short-term solution. While they were happy with the software, they still sorely needed a single, overarching single system.
“Quite honestly, I used to spend half my day doing inter-company stuff.” says William.
A lot of that time was taken up with managing data that had been entered three different ways, to get consolidated reporting across the group.
“I could easily take up half a day on data.” says William.
Inventory management was often inaccurate, with staff working around the complicated system by selling items as ‘misc’ rather than creating purchase orders.
"Quite honestly, I used to spend half my day doing inter-company stuff. I could easily take up half a day on data. "
Three entities, one business system
MYOB Advanced, says William, was one of the few systems that could manage multiple entities.
“We have the same physical location, but three companies still have their own accounts payable, receivable, expenses and customers, and we needed a programme that could keep each unit independent, and easily manage inter-company transactions,” explains William
As the company evolved, the separate entities began to sell each other’s products – growing the group’s sales and offering a more seamless experience to clients. That made business sense but managing it in the back end had always been a headache, which MYOB Advanced could solve, saving time and money.
The RCG financial reporting was also a critical element, which he says would be made much easier by Advanced.
“We can run financial reports out of all three companies and do a comparative profit-loss sheet, stake-holdings across the group – it gives us the big-picture view.” he elaborates.
William says their MYOB Business partner was “fantastic,” especially when it came to migrating the 55,000 items over to the new system.
"We can run financial reports out of all three companies and do a comparative profit-loss sheet, stake-holdings across the group – it gives us the big-picture view."
Keeping track automatically
Now, with the three entities operating under one system, “longwinded” processes are completed automatically.
Rather than spending half-days generating reports, they happen almost at the touch of a button. “It’s so much quicker: reports link back to the transaction history by customer. You can export things to Excel to manipulate them if you need to and reimport the data easily – all good things.”
“We can see, in one screen, returns, credits, sales, invoices – it makes it so much easier to keep track of purchase history.” he adds.
William says he loves that the system can handle multiple currencies, email sales orders and purchase orders from within Advanced.
He has customised the programme to accommodate multiple branches, which lets him simplify transactions. “You’re able to look at an individual document to see which branch you’re working in. It’s made it so much easier for the accounts team and saved a lot of time.
That is echoed by his team, who all say they’re “extremely happy with the way the system works.”
“We’re extremely pleased with the program. We’re able to work as one team with one set of principles. It’s very good to be able to do our own customisations.”
"We’re extremely pleased with the program. We’re able to work as one team with one set of principles."
Before
- Lack of easy oversight over three entities
- Consolidated reporting extremely time consuming
- Error-filled inventory information
- No easy way to manage inter-company transactions
After
- All entities managed individually, but in one system
- Simple reporting saves hours each week
- Products easy to track, reducing inventory errors
- Intercompany transactions managed automatically.
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