MoneyWorks

Linstol: Flying high with MoneyWorks

After researching all the accounting software options available, international airline passenger products company Linstol decided MoneyWorks was the best option for their complicated transatlantic operation. Linstol’s international Finance Manager Jenny Bremer explains why.

“Quickbooks was our original accounting software system, but our business started to out grow what it could provide for us, especially when it came to multiple currencies due to having offices in the USA and UK. As I was researching what else was out there I kept seeing a lot of positive comments about MoneyWorks, so I downloaded the free trial and fell in love with it right away.”

“We now use it for everything: customer, purchase and sales orders through to invoicing and keeping track all of our financials. More importantly though, MoneyWorks’ flexibility to customise reports has merged our 2 offices, allowing us to operate as an automated global company.”

“Because we were treating the US and UK offices as two separate entities, there was a huge amount of double handling. We had to run two sets of books; the first was the normal financials with the second being an exact duplicate of what went into the financials so we could accurately forecast our cash flow. We had to manually enter all the data individually every time we created an entry, which was hugely inefficient. These problems don’t exist anymore thanks to MoneyWorks. Now it’s all handled in one data file and the company works as a single unit from a financial point of view. So much so that our president, who travels extensively, regularly uses his iPad to keep in touch with business performance no matter where he is in the world.”

“Due to the sheer amount of stock we move it’s not unusual for one invoice to cover 50 to 60 products and take hours to develop. With MoneyWorks that same invoice now takes 30 minutes. Historically we had to look at reports at the end of the year and it required our accountant to compile them for us, but MoneyWorks has the ability to output key reports whenever I need them, which saves a huge amount of time, not to mention money.”

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VinPro, New Zealand

VinPro is a contract winery, wine bottling, warehouse and logistics company based in Central Otago, the premier Pinot Noir wine region of New Zealand. VinPro offers the complete bottling, warehousing and fulfilment services to their clients who are all the wineries that dot the region (and many of whom also use MoneyWorks). VinPro employs up to 50 staff, and has a number of complex requirements, including production scheduling for bottling, stock control, and dispatch logistics. As such, their financial system must allow them to budget and report by cost centre, create significant KPI reports, manage their costs and income to a high level of detail, and provide a seamless interface to other 3rd party products.

As an Accountant and Financial controller of several businesses over many years, Chief Operating Officer Murray Kennedy has had real hands on experience with many different small business accounting software packages and larger financial and ERP systems. He says “When I was employed as the Chief Operating Officer / Financial Controller for VinPro I knew there was only one solution really worth considering when it came time to upgrade our own systems and that was - MoneyWorks Datacentre...MoneyWorks is a solution that has the power and flexibility necessary for the larger business with more complex needs, yet it’s ease of use and pricing structure also makes it very affordable and suitable for the very small businesses."

“The power of the report writer and flexibility of the MoneyWorks chart of accounts, the structure and combination of departments, department groups, account categories, classifications and job costing enables us to capture and create custom reports to analyse and report on the data most important to us considerably easier and more efficiently than I could do with any other SME software package. We now have Financial and KPI reports that provide our managers with the knowledge and information critical to helping them manage their costs all at the push of a button at any time.”

VinPro manage their stock control and logistics requirements with O’Doc, a customised FileMaker Pro Solution which integrates seamlessly with MoneyWorks. By using the FileMaker-managed web front end, VinPro clients can monitor and report on their own stock levels and reprint copies of orders and invoices whenever they want via the internet. The VinPro client can also use their web browser or smart phone to enter their dispatch request as an on-line sales order to instruct VinPro where and how to dispatch their wine anywhere in the world. These orders appear instantly in VinPro's system so the VinPro staff can accurately pick and dispatch the wine complete with a customised packing slip that has each specific client's name as the header on the packing slip. The sales orders are managed in FileMaker, and upon fulfilment are automatically transferred to MoneyWorks, which handles all the accounting functions.

“Did we make the right choice with MoneyWorks? ABSOLUTELY!”

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Accounting is a breeze for Yachting NZ

With complex reporting mandates, numerous business units and a range of financial periods to manage, Yachting New Zealand’s chief financial officer Dianne Logan needs a financial software system that can manage it all.

That’s why Yachting New Zealand use MoneyWorks. With powerful and indepth reporting capabilities, MoneyWorks has the ability to provide insight into key business metrics leading to better business decisions.

“Yachting New Zealand’s brief is driving participation within the sport from a junior level through to high performance sailing i.e. sending our athletes to the Olympic Games. We have a number of business units, each with different P&L’s and financial objectives but MoneyWorks handles all of this seamlessly. Our chart of accounts is pretty complex.”

“We have a lot of different reporting we have to do. For example, High Performance Sport New Zealand is the governing body that deals with high performance across all sports and Yachting New Zealand has to report back to them. They put in a new reporting regime and everything had to go back to them using their template. Initially I thought we would have to export everything back into excel in order to drop into their template. But we worked out that MoneyWorks could do it all. I just go in, tweak a few parameters and MoneyWorks produces the report for me. Board reports that used to take days are now done in hours. I’m still finding out little things that it can do even after all this time. It’s an amazingly powerful tool.”

“All sports are slightly different, but most NSO’s are run like projects – you have to keep close tabs on the finances and be able to report on all facets of the business and that’s where I think MoneyWorks stands out from the rest.”

Terry Nicholas of Nicholas Associates, Yachting New Zealand’s accountant agrees. “We reviewed other accounting software solutions and nothing came close to MoneyWorks for its flexibility and business reporting. Other software have reports and templates that only get you so far, even when you use the add ons they don’t come anywhere near what MoneyWorks has to offer.”

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When it comes to managing their financials, schools can be a mire of complicated reporting, multiple entities and numerous stakeholders. However, Colleen Rusbatch, Chief Financial Officer at St Kevin’s High School in Oamaru knows MoneyWorks has the ability to manage it all.

“I believe schools are quite different from other organisations. For instance, at St Kevins the school and hostel are basically 2 different companies. As such we’re required to run a range of different reports - one set for the finance committee and the other for the board. We’re also required to provide reporting to the Ministry of Education. I need a financial software system that’s powerful and flexible enough to develop and output these reports to whatever reporting regime is required. This is where MoneyWorks makes my life really easy”.

“Within MoneyWorks we were able to easily set up all our reporting requirements without the need for extra plug ins. It’s easily adaptable should more or less detail be required and I can run the school and hostel ledgers at the same time - 2 debtors ledgers and 2 creditors ledgers”.

“It doesn’t matter what we’re doing, I can always find a way to make it happen. You can do anything with MoneyWorks”.

Graham Mills, Chief Executive Officer from Waitaki Boys High agrees: “I’ve seen other systems being used and I believe MoneyWorks is as easy, or easier than anything I’ve seen. I picked it up without any training, its very intuitive”.

“If I’m dealing with the auditors I can easily drill down into the account enquiry to find out what’s happening on every transaction on a particular account or range of accounts. I can send them off as a PDF or spreadsheet, however they’re required. The reporting within MoneyWorks is hugely powerful so I find it extremely useful”.

Local Oamaru Chartered Accountant Adair Craik is a MoneyWorks advocate, and the person responsible for introducing both Graham and Colleen to MoneyWorks. “There really is no other program that can deal with the complicated aspects of schools, especially when it comes to accurate and speedy reporting at multiple levels. Given that both Graham and Colleen swear by it I’d say the proof is in the pudding”.

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