Kutana Group Case Study
About Kutana Group
Kutana Group is a black women-owned business with an experienced management group with more than 70 years’ combined experience in shaping successful investment companies across South Africa and Africa, delivering real value and measurable growth.
The key focus of the private equity company is on building sustainable growth through responsible investments and commitment to the communities they work with and support.
The business case
Kutana Group was using Microsoft excel for monthly financial consolidations and annual statutory reporting, as well as weekly and monthly treasury cash flow forecasting.
Kutana’s consolidations were run on spreadsheets with input from managers across the group of over 20 legal entities. It had become a very difficult task to keep track of multiple versions, reference errors and get the reporting done on time. It had become very frustrating for the finance team and a solution was required to overcome the challenge.
Selecting Quick Consols
When evaluating financial reporting tools a key requirement for Kutana Group was the automation of the financial reports, group consolidations, easy to setup and ease of use, auto elimination of intercompany accounts, auto calculation of NCI, team collaboration and the ability to prepare statutory financial statements while also retaining historical data. They needed complete visibility into the group’s finances at the click of a button.
Single source of truth
Quick Consols has efficient and effective management, statutory and ad hoc financial reporting tool for finance teams. Quick Consols is capable of resolving complex and advanced financial consolidation and reporting requirements and is easy to use, own and maintain.
User experience and benefits experienced.
We interviewed the Kutana group financial manager Nicole Vermeulen to get her feedback on her experience with Quick Consols.
Question 1:
How much time are you now saving doing the consolidation on the Quick Consols platform and how does that translate into better business decisions by management?
“In terms of time saved it’s difficult to actually quantify to a number. I use Quick Consols for more than just for consolidations.
I use Quick Consols when I need to see any financial information for a specific date or period.
The platform has also eliminated a lot of manual work and with that human error, which can’t be quantified.
Quick Consols is a tool that displays financial data in an understandable and useable manner.
The reports can be used for banks, management reporting and auditors, which saves time.
I would not say it changes decision making beyond the fact that management has quality data in a good format to base decisions on.”
Question 2:
What is the overall quality of the reporting since moving onto the platform?
“The quality has improved dramatically since I started using Quick Consols.
I also like that the team can customize the look of reports to suit individual companies.
It’s standard but still configurable or customizable.”
Question 3:
Which features do you find to be the most useful on the Quick Consols platform?
“The most useful feature is automated journals, however, the most used by our finance team would be reporting.”
Question 4:
What distinguishes QC from other financial reporting products in the market?
“Quick Consols is distinguished by the team.
Dedicated, helpful, available, eager and knowledgeable.
The team is willing to help and make it work for the customer-specific needs.
Technical knowledge from the team is crucial when navigating usual scenarios.
Quick Consols is also simple and idiot-proof. Exceptionally user friendly.”
About Quick Consols
Quick Consols is a Proudly South African financial reporting tool aimed specifically at complex companies and groups that need to prepare monthly and annual consolidated accounts. Our cloud-based software automates complexities around consolidating and reporting for groups with multiple year ends, currencies and ERP systems with a slice and dice approach to reporting. While retaining the structure, control and validation needed in a financial reporting tool, we’ve managed to provide the flexibility required for our software to work in your business, no matter the size or unique reporting requirements. Use our software for your monthly reporting or annually when preparing your annual consolidated financial statements.