Equity Trust selects CODA's consolidation software for group reporting   19th November 2007 CODA Group, the finance software specialist, says that trust and fiduciary services company, Equity Trust, has selected its consolidation software to replace an existing cumbersome system for financial consolidation and reporting. CODA2control Consolidation will be integrated with existing finance and ERP systems to generate Group-wide financial intelligence, ending a reliance on spreadsheets and manual processes. Equity Trust was established in 1970 as an affiliate of a Dutch law firm and has pioneered the role of the modern trust company in the Netherlands . Since then it has grown quickly, organically and through acquisition, to become a global independent trust provider. It operates in a select number of key jurisdictions in Europe, the UK & Channel Islands, Asia-Pacific and the Caribbean and Americas . The growth and expansion of its business has left Equity Trust with an increasingly complex Group accounting structure which was reliant on an inadequate software tool and spreadsheets for consolidated management and statutory reporting. The organisation required a repository that would sit centrally within the organisation and collect data from each separate operation enabling them to produce automatic and accurate Group financial reports from head office. CODA2control Consolidation will be integrated with existing finance and ERP systems to generate Group-wide financial intelligence, ending a reliance on spreadsheets and manual processes which lengthens reporting times and opens reports up to critical errors. “CODA's consolidation tool will provide us with a much more robust reporting platform than we have had before,” said Stephen Price, Group Financial Controller at Equity Trust. “We'll have immediate access to financial performance information from each part of the business on demand, and we'll be confident that the numbers are correct. This will give management quicker access to the information and will allow us to respond to issues quickly and efficiently. I believe we will cut the time spent on inter-company reconciliation and reporting significantly and we'll have an all important audit trail running throughout the business.” CODA says that CODA2control Consolidation was chosen because it offers value for money over rival systems.
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