Quixant Bets on FastClose for Management Reporting and Consolidation in SAP B1
UK-based software firm FastClose is delighted to announce that Quixant PLC has become the latest company to deploy its software for SAP Business One management reporting and consolidation
LONDON, Aug. 29, 2020 /PRNewswire-PRWeb/ -- FastClose, a software company specialising in real-time management reporting and consolidation for SAP Business One ERP systems, is pleased to announce that Quixant – a world leader in gaming and sports betting technology – is the newest customer of its market-leading Accounting Intelligence software.
As Will Kennedy, Global Head of Technology Services at Quixant, explained, "We had a reporting issue to solve where we needed to pull together the management pack for all our companies across multiple SAP Business One databases. I researched numerous solutions then came across FastClose. I had a brief conversation with Nick Gomersall, CEO of FastClose, who explained that even though they run over SQL, and were new to the Hana database, they would be willing to work with us to ensure their system worked. So, we gave them a chance.
"The software installed easily, and initially we had some issues with speed which were quickly solved. FastClose also unlocked the system currency, which we needed, and addressed our consolidation issues. It was impressive how they reacted. I find that by giving a small company a chance, you get far better service than from the established players in the market."
Nick Gomersall, CEO of FastClose, talked about the company's work with Quixant, "I was really excited when I spoke to Will. I explained that we work over SQL but relished the chance to run our software over a live Hana environment. Will was willing to give us a chance and understood where we were in relation to Hana. The technical team, especially, were really helpful, and they enabled us to build out some additional features that we did not know existed. For example, in SAP Business One, there is a system currency that – in effect – duplicates the base currencies to do real-time translation. Quixant has nine companies to consolidate, and once we unlocked this, it was massively easier to do their management consolidation. It is a great feature in SAP B1!"
With Quixant at the forefront of global gaming technology, Will offered this view on FastClose's software, "What was impressive is their technology, as it runs in real-time and is connected directly to the live Hana database. There is no staging of data, which is exactly what accountants need at month-end, plus you have the drill capability that enables you to go from a high-level summary figure in the P&L, right down to the transactions, and even out of GL into AP and AR.
"Another top feature is their scheduler, which allows us to produce the management pack; it runs reports automatically, at a certain time, and you can email it out, but also feed it to Power BI. We liked the linkup between FastClose and Power BI, especially in today's climate. Companies should question why they are paying huge amounts of money for analytical tools when Power BI comes with Office 365."
Nick offered more information on FastClose's strategy, "We have a technology which we call virtual OLAP. In effect, it turns a targeted ERP database into an OLAP database in real-time. It's rather special as you get the best of both worlds – relational and OLAP – seamlessly working together in actual time. I think it's a bit special and we like to use the term 'Accounting Intelligence', as we focus on providing the finance department not only with the key management reports they need, but also the audit trail which you need to close out the month-end.
"We are very excited to be working in the SAP space, and SAP have been fantastically welcoming. We are already a business partner with them, and getting tremendous support. SAP is not a closed company to add on products; they want their customers to have access to any solution that will enhance their ERP system, rather than forcing a single solution of their choosing upon them."
Will explained how the rollout with FastClose will expand. "We focused on financials first and have brought an enterprise licence for all the financial modules. We will see how FastClose goes in building out all the other modules in SAP, and we are happy to point them in the right direction."
Then, Nick highlighted the strong relationship between the two companies. "Quixant has really helped us in understanding the database and file structures of Hana. Our software is split into two parts: understanding the underlying target ERP database, and the end-user interface. The key work in connecting to a new database is building all the table joins which end up becoming end-user templates, so accountants do not have to learn these joins or complex SQL statements. We do all the heavy lifting, and all the accountants then have to do is pick a starting template and modify it to meet their needs. It is self-service reporting for accountants; IT do not have to get involved."
Finally, Will offered this important point. "When running an IT department, things are always very busy, and building reports for the accounts team is something we don't want to do. By having a product like FastClose, accountants can do everything themselves and let us get on with focusing on the key business drivers that the company needs to be successful."
FastClose. FastClose Ltd is a specialist reporting company offering a tool that works with SAP Business One to provide Accounting Intelligence, and which gives unprecedented access to data. Designed to be super easy-to-use, accounts departments will be using the product in a few hours leading to a rapid ROI. FastClose bridges the gap between complex and costly BI tools and uncontrolled spreadsheets.
For more information, visit: http://www.FastClose.uk or contact Nick Gomersall on 07515544321 or email [email protected]
To view an online demo, click on http://www.Sap.Fast-Close.uk
Quixant. Quixant PLC is a rapidly-growing, global technology business of two brands. The Quixant brand designs, develops and engineers gaming computers and software solutions for wager-based gaming and sports betting industries. The Densitron brand is a specialist in engineering solutions to optimise Human Machine Interaction (HMI), supporting a range of sectors including Broadcast, Medical, and Industrial applications.
SOURCE FastClose
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