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12/06/2003
Nitec Solutions win over UK accounting community
Nitec Solutions’ Financial Director, Peter McMahon’s powers of persuasion recently netted the Lisburn company a £10,000 accounting software prize as part of a UK-wide poll of accounting professionals.
At the start of March, multi-award winning financial software developer Exchequer Software teamed up with AccountingWEB.co.uk, the UK's premiere accounting community to give away £10,000 of accounting software in the ‘Exchequer Enterprise Challenge’.
The aim of the competition was to show how effective Exchequer's Enterprise application can be in helping entrepreneurial businesses expand their capabilities and to give community members an insight into best practice processes in accounting and financial control.
In the first stage of the competition, entrants from across the UK were asked to argue their case for winning through the submission of a brief business case supporting their arguments. This stage of the competition saw more than a hundred entrants present submissions.
These first round submissions were trimmed down to a shortlist of ten companies who were then asked to strengthen their case with a more comprehensive submission of evidence by going through a typical cost-benefit justification exercise.
The judges then produced a final shortlist of just three finalists were asked to submit one final proposal justifying the "investment" and identifying where they expected the software to make a difference to their organisation. The judges were looking for companies that had a strong entrepreneurial vision allied to a realistic appraisal of what Exchequer Enterprise software could achieve.
At this point in the competition, the judges stepped aside and the final decision was made by accountingweb.co.uk members through a public vote.
Nitec Solution's proposal was backed by 42% of voters and this saw them win the overall competition and bag the £10,000 prize of Exchequer accounting software and services.
Peter McMahon, who masterminded Nitec Solutions’ submission said: "Nitec has maintained a continuous investment in the IT infrastructure to maintain a high level of efficiency throughout a period of rapid growth." But he characterised his existing accounts system as the company's "ball and chain".
Mr McMahon said that Nitec were delighted to win against a high standard of competing submissions: "The addition of the Exchequer accounts will complete the set of tools that are critical to working smarter and will give us management accounts that are meaningful, accurate and timely”.
He estimates the associated cost savings to be worth £6,000 a year. In all, he predicts a payback on the installation within six months.
AccountingWEB.co.uk members will now have the opportunity to follow the project implementation in detail as Nitec Solutions is shares their experience of implementing the system.
(SP)
At the start of March, multi-award winning financial software developer Exchequer Software teamed up with AccountingWEB.co.uk, the UK's premiere accounting community to give away £10,000 of accounting software in the ‘Exchequer Enterprise Challenge’.
The aim of the competition was to show how effective Exchequer's Enterprise application can be in helping entrepreneurial businesses expand their capabilities and to give community members an insight into best practice processes in accounting and financial control.
In the first stage of the competition, entrants from across the UK were asked to argue their case for winning through the submission of a brief business case supporting their arguments. This stage of the competition saw more than a hundred entrants present submissions.
These first round submissions were trimmed down to a shortlist of ten companies who were then asked to strengthen their case with a more comprehensive submission of evidence by going through a typical cost-benefit justification exercise.
The judges then produced a final shortlist of just three finalists were asked to submit one final proposal justifying the "investment" and identifying where they expected the software to make a difference to their organisation. The judges were looking for companies that had a strong entrepreneurial vision allied to a realistic appraisal of what Exchequer Enterprise software could achieve.
At this point in the competition, the judges stepped aside and the final decision was made by accountingweb.co.uk members through a public vote.
Nitec Solution's proposal was backed by 42% of voters and this saw them win the overall competition and bag the £10,000 prize of Exchequer accounting software and services.
Peter McMahon, who masterminded Nitec Solutions’ submission said: "Nitec has maintained a continuous investment in the IT infrastructure to maintain a high level of efficiency throughout a period of rapid growth." But he characterised his existing accounts system as the company's "ball and chain".
Mr McMahon said that Nitec were delighted to win against a high standard of competing submissions: "The addition of the Exchequer accounts will complete the set of tools that are critical to working smarter and will give us management accounts that are meaningful, accurate and timely”.
He estimates the associated cost savings to be worth £6,000 a year. In all, he predicts a payback on the installation within six months.
AccountingWEB.co.uk members will now have the opportunity to follow the project implementation in detail as Nitec Solutions is shares their experience of implementing the system.
(SP)
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