TECO Maritime Group performs installation of environmental technology for ships and rigs. There are 20 companies in the Group that have offices from Houston in the west to Singapore in the east. TECO is growing and has a strong focus on having full insight and control of the Group’s finances.
We sat down with CFO Christian Fr. Thyholdt to discuss how Xledger transformed TECO.
Xledger: Why switch to a cloud-based financial system?
Christian Thyholdt: We had an economy system that was getting old. It would require a major upgrade if we were to use this further and we decided to move to a cloud-based system. We had three requirements for a new system; it should be in the cloud, have automated processes and corporate structure. Not many systems cover this as well as Xledger.
X: What benefits had TECO seen so far?
CT: So far, we have saved a full-time job by having automated accounting tasks such as document accounting and banking related tasks. We have not reduced the number of employees, but we will, given more time to work on project follow-up and other important tasks.
The corporate structure of Xledger is very important for us who are in control of the finances of many companies. The group layout makes it easy to keep track of [TECO], and consolidated reports are quickly available.
Now we have all the information gathered in one place. The numbers are just a few clicks away, and we can keep up to date. We no longer fetch reports, but see everything in our own views in the system. This is very positive for the leaders of each company. Previously, the finance function was more centralized. Now everyone has access to the numbers immediately – while the Group management monitors the situation for the entire company. We have less reporting, less uncertainty and lower risk of errors in the accounts.
X: How are you handling growth with the new system?
CT: It’s easy to grow with Xledger. We have connected to several companies after we started using the system. The corporate account plan is at the top level, and we can easily connect to several companies that inherit the layout from the top.
As Xledger is a standard system, it is we who adapt to the system and not the other way around. It works really well. The system is built on a holistic approach. All processes are configured and we can easily use them.
X: Thank you for talking with us.
CT: It’s my pleasure.