”They (Ordway) really help go the extra mile with quite sophisticated responses and bespoke responses to our needs, which I find really impressive."
James DohertyHead of Finance, Data, and Systems at Group GTI
Group GTI connects students with universities. GTI helps young people discover options and helps employers find the best suitable candidates. As the company’s growth accelerated the finance team was struggling to keep pace. It’s month-end close process to perform revenue accounting was time-consuming and complex. GTI implemented Ordway’s revenue recognition software, which automates the creation of the journal entries and calculations needed for IFRS 15.
In this video interview, GTI’s Head of Finance, Data, and Systems, discusses the challenges his team faced with closing the books. He then explains the benefits obtained by implementing Ordway.
Video Transcript
Ordway’s Hypercare and Support
“One of the great things about working with Ordway is the support team. It really feels like there’s a partnership there and they really help go the extra mile with quite sophisticated responses and bespoke responses to our needs, which I find really impressive.”
Group GTI’s Finance Team
“Hi there, my name’s James Doherty. I work art Group GTI and I’m the head of finance, data, and systems. Our role at GTI is to match the right students with the right employers and help those students be as employable as possible when it comes for the right time for them to look for their graduate roles.”
Complex and Arduous Month End Close
“Prior to working with Ordway, one of the challenges we faced was that our revenue month-end was quite arduous and involved multiple people in the team. The fact that there are different revenue streams, there are different products, and those do you need to be treated differently, and therefore analyzed at month end was a challenge for us.”
Automated Journal Entries for Posting to Xero
“And now that we’ve moved to Ordway, all that is under one hood, all those under one process, one consistent process. That can all be handled and Ordway deals with that great. So one of the nice things about Ordway is it produces the journals for you at month end. So not only does it provide you the analysis and how the revenue recognition should unwind, but it also then provides the journals that you can then post into Xero or into your accounting software.”
Confidence in Revenue Accounting
“We’ve positioned the Ordway purchase as something that we wanted to be neutral in terms of the cost to implement we hoped would be seen as time-saving within the team. And I feel that we’ve met that.
Partnering with Ordway has certainly helped us slicken up our processes. It’s certainly helped us have confidence in the accounting of revenue, and it certainly allowed us to get into the detail faster. I’d definitely recommend Ordway. It’s certainly a pleasure to work with both the people and the product.”
