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.
Columbus Lease 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 Columbus Lease 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.
- 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 Columbus Lease, 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.