Stafford Group implements OCRA consolidation engine from CODA   16th April 2007 CODA Group, the finance software specialist, today announced that private Irish owned Stafford Group has implemented its OCRA software to simplify financial consolidation and reporting. Stafford Group is headquartered in Dublin , generates revenues of approximately €500m and employs over 1,100 people. It operates in the sports retail, energy and property sectors and owns a number of companies including Lifestyle Sports, Campus Oil, Stafford Fuels, Aztec Properties and Stafford Shipping. Given the nature of its business and its frequent acquisitions, Stafford Group has an increasingly complex accounting structure which was reliant on an expansive model of spreadsheets for consolidated management and statutory reporting. It required a solution that would help it consolidate the accounts for each separate company and allow it to report directly at a Group level. OCRA will be integrated with existing finance systems and other operational ERP systems to ensure that the required information is collected in one place, ending a reliance on spreadsheets which lengthens reporting times and opens reports up to critical errors. “OCRA will provide us with a much more efficient method of compiling management information,” said Mark Carter, Finance Director at Stafford Group. “We'll have information about how each part of the business is performing and we'll be able to access it quickly on demand. This means we can spend more time analysing the information and making changes to improve performance where necessary. We will benefit from a more efficient inter-company reconciliation and reporting process and the audit trail running throughout the consolidation process will be valuable. Stafford Group is an acquisitive business and OCRA's integration capabilities mean we'll have access to information from a newly acquired finance system quickly to give us an accurate view of Group performance.” Stafford Group expects to see a quick return on investment following the deployment of OCRA. It is quick to implement and easy to use, so minimal training is required. Further efficiencies are expected in the monthly reporting process as HQ finance staff will spend much less time processing data and more time monitoring, reviewing and challenging input from the subsidiaries. Cash flow statements and KPI's will be easier to obtain and the whole consolidation process will be smoother and less prone to inaccuracies. OCRA will be run on a Microsoft Windows server based system with a Microsoft SQL Server database.
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