Ochiba Business Solutions are delighted to announce a business partnership agreement with FastClose, a provider of multi-dimensional reporting and enquiry tools for accounts departments – to provide its software for SAP Business One users.
Ochiba and FastClose, have signed a business partnership agreement to market and support FastClose’s Accounting Intelligence software for SAP Business One. FastClose’s software for finance departments enables super-quick month end closing and report building, consolidation by account code segments or across multiple databases, and drill down from P&L’s and Balance Sheets to live transactions in real time.
David Worsman, Managing Director of Ochiba, explained the partnership: “FastClose was introduced to us by SAP, and we were really impressed with its functionality. We could immediately see the benefits to our customers. There are many reporting tools on the market, but FastClose is different; it’s a real-time multi-dimensional tool that comes preconfigured against Business One and takes just 15 minutes to install.
“There are standard templates that enable customers to build powerful reports right out-of-the-box that are drillable to the detailed transactions, all in real time. By the end of day one, you can build a management reporting pack with full auditability. The ROI is exceptional.”
Dave advisors, “Software adoption is the hardest thing to achieve these days as people don’t have time to learn new software. That’s why Excel, with all its faults, is everywhere in the accounts department.
“But FastClose – despite its remarkable capabilities – is so easy to use. One of its many features is the hierarchy engine where you can build nodes of accounts and calculations down the page – mirroring your P&L and Balance Sheet. Then there is a calculation engine that enables you to do calculations across columns for adding periods into quarters, comparing budgets to actual, and calculating variances.
“We have found that P&L and Balance Sheets can be built in minutes and then pivoted by any of the dimensions in the chart of accounts with a simple click. Something that you only find in complex business intelligence tools that take months to implement.”
Nick Gomersall, CEO of FastClose, explained further: “FastClose has already been a big hit with Epicor ERP customers, and we were looking for an SAP Business One partner to help with the connection to the database. FastClose completely changes the way accounts departments close their month- and year-ends.
“We have designed our software so that it can run over any ERP database but we needed help with SAP’s database structure as we wanted to remove the complexity where customers have to work out which tables and columns they want, and the key tables that we need to join on. Ochiba has helped us do exactly that, so now all a company’s accounts team needs to do, is open a template and get at the data – any way they want – from drop down filters. All the complexity is hidden from the end user.
“SAP has a good account code structure with six flex fields and ten segments. FastClose can consolidate on one, two, or as many of these dimensions as a customer wants.”
Dave picked up further on FastClose’s strengths: “One of the great things about FastClose is that it can connect to multi-SAP databases. As SAP is a single company system, FastClose enables you to pull in data from multi companies; you can then pivot them across to get a TB by company next to each other. With the hierarchy and calculation engine, you can consolidate multi companies and do the currency translations if required, which is hard to do today in SAP.
“FastClose only runs over the GL currently, but it won’t be long before they add more modules mirroring what they have done over Epicor. Soon, customers will be able to drill from GL to the sub-ledgers for detailed explanations of high-level balances and variances.”
Nick added, finally, how excited he was about the future of FastClose and SAP. “We see a big market for FastClose over SAP and it’s great that we have the backing of SAP. They have a great partner program and are always looking for third-party companies that enhance the value to their customer base.”
Ochiba Business Solutions – an SAP Gold Partner – create innovative, industry-specific solutions for their customers with the world’s leading ERP solution, SAP Business One.
FastClose Ltd is a specialist reporting company offering a tool that links directly to the SAP database and which gives unprecedented access to data. Designed to be super easy-to-use, accounts departments will be using the product in just a few hours for month- and year-end close, reconciliation, and flash reporting, leading to a rapid ROI. FastClose bridges the gap between complex and costly BI tools and uncontrolled spreadsheets.
A 60-day free trial of the software is available, and installation typically takes less than 15 minutes.
To view an online demo, click on www.Demo.FastClose.uk