PracticeConsultingEnterprise system: Coda

Enterprise system: Coda

CODA has made it two years in a row by scooping the 2002 Accountancy Age Award for Best Enterprise Software Package, with its real-time CODA-Financials, beating off stiff competition from OpenAccounts and Comshare.

Last year CODA also won for CODA Financials – a package that combines the power of the internet, collaborative commerce and business analytics, to provide companies with self-service accounting, e-procurement, e-collaboration and business intelligence across the enterprise.

Following CODA’s successive victories, one judge said: ‘CODA goes from strength to strength’. Another described the package as a ‘real winner’.

The company ascribes the success of its product to its ability to support real-time financial analytics for corporate performance management. In January, CODA added CODA-Planning to its enterprise offering. The new solution closes the gap between financial accounting and procurement and the often-manual planning functions such as budgeting, forecasting and consolidation of figures for departments or subsidiaries.

It also provides non-stop activity reporting and planning rather than basing it on monthly or quarterly figures, as provided by spreadsheets, mirroring the thoughts of Graham Steinsberg, CODA CEO, who says the corporate spreadsheet has become a ‘blunt tool’ in business and claims that what is needed in today’s real time economy is a âreal-time financial analytics approach’.

The integration of CODA-Planning into the CODA suite this year has helped the company extend its client base and seen it sign up leading public and blue chip companies to its finance and analytics engine. These include Burberrys, STA Travel, Debenhams, the Learning and Skills Council and ABN Amro Insurance.

New customers praised CODA financials for improving efficiency and reducing time to calculate annual budgets and help make key decisions. The product was also praised for its design quality, which ensures that it is able to interface with any number of business operating systems across a number of platforms.

A public sector customer said the suite provided the organisation with incisive analysis and forecasts that enabled it to schedule funding. One judge said: ‘CODA’s customer satisfaction is always high.’

All the numbers make healthy reading for CODA: 2,000 major companies worldwide use its products across markets as diverse as retail, banking, finance, logistics and business services.

In 2001 that helped generate £37.9m in revenue, an increase of £7.6m on last year, with operating profit up 42% to £4.8m.

Another feather in its cap is that this year CODA became the first accountancy software developer to launch a distinct consulting practice offering services that help companies improve their analytic processes and ensure their accounting systems comply with international accounting standards which come into force in 2005. And the success of CODA-Financials has been reflected in its standing with its parent company, AIM-listed Science Systems plc, which has changed its name to CODASciSys plc.

Other shortlisted candidates:

  • Comshare for Comshare MPC
  • OpenAccounts for OpenAccounts Financials

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