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Summary:

  • Georgian Leasing Company was the first leasing company in Georgia, which offered clients leasing services as an alternative way of financing
  • Before implementation company management indicated the possible risk that different departments can operate with different information
  • With ColumbusLeasing solution the time of reports preparation reduced by 60 %

About Georgian Leasing Company

Georgian Leasing Company (GLC) was established by JSC “Tbiluniversalbank” in 2001, and was the first leasing company in Georgia, which offered clients leasing services as an alternative way of financing. In 2005 GLC became an affiliate company of JSC ”Bank of Georgia”. GLC offers a wide variety of leasing services at every level of need and sophistication, it aims to introduce and develop customer tailored products and services: Financial Leasing, Auto Leasing. Express Leasing, Restaurant Equipment Leasing, Real Estate Leasing, Sales and Lease Back, Operating Lease etc. Now GLC is one of the biggest and most efficient leasing companies in Georgia, with annual revenue of 3.880K USD and 16 employees. Client orientation, well managed processes, fast operations and flexibility – these are key success factors of GLC, strongly supported by business management solution ColumbusLeasing (formerly AmberLeasing) which company is using since Y2011.

 

Business Challenge

After establishment, the company was continuously growing and faced issues with scattered business information:

  • Centralized customer database did not exist. This made sales decisions harder and slower, because customer historical data were difficult to find and evaluate.
  • Contracts, schedules and amendments had been prepared manually, followed-up via emails; documents versions were not monitored in a correct way.

Company management indicated the possible risk that different departments can operate with different information: sales department with their own versions of contracts and schedules, and financial department with different ones.

Increased amount of contracts required more work forces at financial department and increased the risk of human mistakes.

Therefore, decision was taken: search for relevant ERP solution, which could help to eliminate indicated risks and manage growing business more efficiently.

Solution description

ColumbusLeasing is specialized add-on for leasing companies based on Microsoft Dynamics NAV, created for leasing activities management and integrated with NAV financial accounting. The add-on supports full business cycle: from contract offer to its ending procedures.

In this implementation, standard ColumbusLeasing solution had been adopted to fit special business requirements of Georgian Leasing Company. Scope of the solution covers:

  • Managing contracts of different leasing/financial products based on their specifics: Financial lease, Operating lease, Debts restructuration.
  • Calculation of several types of schedules:
    - Customer schedule – for receivables management;
    - IFRS schedule – for financial accounting and reporting;
    - TAX schedule – for fulfilling local legislation requirements for depreciation calculation of leased assets.Contract guarantees and covenants management.
  • Contract confirmation and signing process and procedures (from quote to pre-contract and contract).
  • Contract document management:
    - Contract documents sets configuration for different kind of leasing products;
    - Contract documents templates configuration on MS Word and Excel;
    - Real contract documents preparation and printing based on templates.Object purchase and delivery process.
  • Contract operation procedure:
    - Regular invoices/receivables creation;
    - Incoming payments handling and application to receivables;
    - Penalties calculation;
    - Contract amendments.
  • Contract ending procedures:
    - Natural expiration;
    - Early buy-out;
    - Asset repossession.
  • Monitoring insurance coverage of leased assets.
  • Reporting tools: portfolio reporting, debt tracking reports.

Project results

  • Overall efficiency increased by 60%.
  • Quick preparation of a proposal to customer contract – it takes approx. 10 min., in comparison with 30 min. before solution implementation.
  • Quick preparation of all contract documents – it takes approx. 20 min., in comparison with 45-60 min. before solution implementation.
  • 3 times more contracts can be managed with same number of financial department employees, as receivables handling is automated and optimized.
  • 60% reduced time of reports preparation.

Nata Melitskauri, CFO feedback

As ERP did not exist, risk was high for the company, both as from the point of view from accounting, as well as from client relationships. After implementation of ColumbusLeasing, the problem was solved.

Improved time management, decreased levels of risk, increased quality of work and results reliability.

Collaboration process with Columbus was very comfortable. The team has provided to us very high quality and professional service.

We recommend Columbus as reliable, competent, responsible partner.

Giorgi Pkhakadze, Leasing Manager feedback

Unified system to manage all clients, schedules, agreements data etc. Single data source/database, where each leasing manager can find all information about each client. User-friendly software to minimize manual errors, unified set of documents at place.

Program is up and working. All documents could be accessed through project cards, very simple and user-friendly program, easy to operate in and easy to learn also.

Collaboration with Columbus was very helpful and mutually productive. With deep understanding of Leasing business, Columbus team realized our demands with high precision and on time.

I would strongly recommend Columbus and its Leasing team as a reliable business partner.

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