Find out how The Edge has increased operational and financial efficiencies, as well supercharging their business by implementing Xero with Fresh Accounting.
The Edge and their key selling proposition
The Edge are an Asia focused recruitment firm with 6 offices across Hong Kong, Singapore, Malaysia and India. In addition to a broad geographical coverage they recruit across a range of functions and industries at the mid to senior levels of the market.
Problems and issues faced prior to implementing Xero
Prior to implementing Xero we didn’t have a single overview of the group as a business but only individual country P&L’s and we had issues with the tracking of inter-entity transactions. Using Xero were able to consolidate the country accounts under one external accounting services provider with the support of an India accounting service provider to manage the very specific requirements and intricacies of the India environment.
Wish-list and selection process, why did The Edge opt for a cloud based solution?
Multiple partners wanted to be able to easily see our accounts ‘live’ across the group for each individual country and have a consistent treatment of costs and revenues in each country as opposed to having the each country being treated slightly differently by multiple accounting service companies.
The solution and why Xero was selected
Xero is simple to review and read, integrates well with our bank accounts and helps give us a clear view on our ongoing cash flow position. It also improved our compliance levels by ensuring inter-company transactions were being treated consistently rather than having to consolidate multiple accounting software’s at a group level.
Highlights and accomplishments of working with Fresh Accounting and the results achieved by moving to Xero, Expensify and Spotlight Reporting
The usability of Expensify is very friendly, doing away with individual excel expense sheets and any challenges when having to cross reference between the accounts and expense sheets if ever needed.
We have a much stronger handle and understanding of where our accounts are at on a day to day basis and the Fresh Accounting have been critical in enabling this to happen and standardising the reporting across each country to provide easy to review consolidated accounts in the Spotlight Reports.
There were certainly challenges in getting 5 entities onto Xero, previously each of which had very varying quality of reports and the persistence and patience that Fresh demonstrated was exemplary.
Now we are able to easily review the accounts on a comparable basis between each entity as well as on an historical basis, made only possible by the efforts of the Fresh team and the utilisation of Xero.
The level of accounting treatment, compliance and support we now enjoy means that we should have no issue in being able to list the group on any stock exchange we now choose to!
Guy Erricker, Managing Director