Codestone

Category: Accounting and Financial Software

Multinational construction software company Nemetschek has hailed the improvements made to the effectiveness of its financial reporting via the implementation of consolidated accounting software.

The Munich-based group's financial director Karl Mueller told the Financial Times that it has won praise from shareholders for the speed and accuracy of its finance data since implementing group-wide financial reporting.

Mr Mueller noted that the previous system was overly complex, which led to wasted resources and time, as well as introducing the risk of errors.

He said that by using its new accounting software, the company is now able to monitor important data as it is generated, before arranging it into easy-to-read graphical displays to make the information as "simple and clear" as possible.

Mr Mueller advised that businesses looking to implement consolidated accounting software should do so gradually, while also ensuring that IT and finance departments work together closely.

Last month, expert Pam Baker told SmallBusinessComputing.com that smaller firms looking to implement accounting software solutions should first think carefully about their business' specific needs.

Posted by Shannon Wells