Finance at a faster, more accurate and efficient level
A lovely property near Het Zuid in Antwerp is home to the dynamic company November Five, a digital accelerator specialising in the development of digital applications, strategies and transformations. Over time their success resulted in additional ventures and this is when they decided to opt for BrightAnalytics. “From then on we adopted a proactive instead of a reactive approach”, says CFO Vincent Bruyneel. “This is how we set the course, both for November Five and our other companies.”
It all started on 5 November 2008 with a small app company and four enthusiastic partners. Eleven years later, November Five has developed into an end-to-end supplier of digital solutions. “Over the years our offer has expanded tremendously”, Vincent continues. “We now focus on everything that can accelerate our customers digitally: from product strategy, definition and development to the building of ‘proof of concepts’. This has led to the establishment of a number of additional ventures, three of which are still in our portfolio today.” The company’s turnover has grown accordingly: from an initial €250,000 to a consolidated €8.5 million today.
Simple, intuitive and always accurate
Along the way the need arose to tackle finance and controlling in a more efficient way. Finance Manager Ralph Van Tongelen explains: “Up until that point we were still working in Excel. A good reporting tool would make things easier for us. Based on an assessment by Deloitte we invited two suppliers for a demo, one of which was BrightAnalytics. As it turns out, the first supplier specifically targeted accountancy firms but their demo was very impressive nonetheless. However, when we saw the possibilities BrightAnalytics had to offer we were pleasantly surprised. The setup was so simple and intuitive! We had access to real-time data and consolidated figures, we could make cash forecasts and follow up on our suppliers and customers. The following week we signed the order slip and one week later the system was up and running.”
Multiple entities in a single tool
The fact that the tool gives November Five access to the data of all of its companies is a major asset. Ralph continues: “A complex volume of data from multiple companies is now consolidated in a single tool. Moreover, BrightAnalytics takes into account the individual character of those companies: November Five primarily focuses on services whereas the ventures are more SaaS licence-oriented. And since the tool is directly linked with our accounting package through automatic synchronisation, we can be certain the figures are always accurate. The automatic link with our accountancy package also limits the risk of errors to a minimum. And then there’s the time gained by a much faster reporting process: time we used to spend drawing up reports is now dedicated to analysing the figures in greater detail.”
A proactive instead of a reactive approach
Thanks to a more profound insight into its financial performance November Five works faster, more accurately and more efficiently. “Nowadays we implement a proactive instead of a reactive approach. Today November Five is managed more on the basis of budgets, forecasts and scenarios. What’s more, everyone gets both operational and financial KPIs and targets. For instance, Finance not only sets the financial but also the strategic course for November Five and the other ventures”, says Vincent. “In addition, the managers of those companies have direct access to the system. This means they can check the current state of affairs at any given time and consult reports in real time. As a result, they are more directly involved in the operational and financial aspects of our organisation. BrightAnalytics makes financial figures transparent for people who do not have a background in finance. And this constitutes a major added value.”
In closing, Vincent points out that the use of the reporting tool also boosts the confidence of the company’s banking and investment relations. “Ratios such as solvability, cash burn and deviations from leading indicators are now monitored much more closely. This and the fact that a bank or investor is given a clear insight at an earlier stage gives them the confidence that, as a group, we are very much on top of things”, Vincent concludes.
5 advantages of BrightAnalytics according to November Five:
- Simple and intuitive concept
- Access to a complex volume of data from different companies
- Figures always accurate thanks to a direct link with accounting package
- Faster reporting process
- Financial figures made transparent for those without a background in finance
- Inspires confidence from banking relations
No time to lose?
Register for a personal demo to discover if we are the solution for your company.