The Client: C-Smart
C-Smart is a software-as-a-service (SaaS) company specializing in real-time gas measurement monitoring, analytics, and diagnostics. With a focus on optimizing profitability for their clients, C-Smart leverages augmented intelligence to address the challenges associated with gas measurement uncertainty.
C-Smart enables their clients to gain valuable insights and make data-driven decisions in real-time. By actively monitoring meters and analyzing data, they reduce the uncertainty in gas measurements, thereby empowering their clients to maximize profitability.
C-Smart emerged as an independent entity after being rolled out by a private equity firm the previous year. The company’s commitment to continuous improvement is evident in its relentless pursuit of excellence. They continually refine their algorithms and augment their intelligence capabilities to adapt to evolving industry needs, ensuring that their clients stay ahead of the curve.
The Challenge: Slow Data Reporting and Productivity Impediments
As a stand-alone company, one of the main challenges C-Smart faced was transitioning from a large accounting system with extensive reporting capabilities and dedicated IT support to a smaller finance team. Their previous system provided the necessary support for reporting, budgeting, and forecasting, but it required a large team to maintain. With limited resources, the company needed to find a solution with the same level of sophistication in reporting that didn’t require additional staff.
The company also recognized the limitations of relying on manual processes and spreadsheets to handle its financial data. Manually downloading reports into Excel proved to be cumbersome and time-consuming, with each one taking approximately 40 minutes to download and requiring the client to establish a VPN connection; upload the report into a database; and select the necessary data before retrieving it. This didn’t account for any additional comments, formatting requirements, or potential errors that needed to be addressed.
The need to repeatedly run reports and endure extensive waiting periods impeded C-Smart’s productivity and ability to swiftly respond to emerging issues or make timely decisions based on accurate data. As a technically advanced organization, C-Smart needed a more robust software solution that could streamline its operations and keep its data updated efficiently. It became crucial for them to find a software tool that could handle complex financial tasks and offer the required sophistication, while eliminating the need for extensive manual efforts and spreadsheet management.
The Solution: Jirav
Jirav offers a comprehensive solution to address the accounting, budgeting, forecasting, and reporting needs of C-Smart. By integrating seamlessly with their accounting system, Jirav simplifies C-Smart’s process of importing actual accounting data every month. Budgeting was made easier with Jirav, allowing C-Smart to create budgets by account and key performance indicators (KPIs). Jirav facilitated the upload of actual data for each KPI, honing the budgeting and forecasting processes. This functionality enabled C-Smart to make informed financial decisions based on solid data.
Jirav's forecasting capabilities revolutionized C-Smart's approach to financial projections. By automating the process, Jirav extends beyond the income statement projections, incorporating automatic rules for cash and linking to the balance sheet. This holistic approach allows the company to forecast balance sheets and cash flow with precision, unlocking insights that were previously inaccessible.
Jirav's reporting features provide an extensive set of tools to compare budget vs. actuals, actuals vs. forecasts, and forecast variations. This functionality allows the C-Smart finance team to confidently present financial insights to the board of directors. With visually appealing features customized to create dashboards for specific users, like the board, employees, or the finance team, C-Smart utilizes Jirav to effectively communicate financial projections internally.
Jirav provides ongoing support through monthly meetings to ensure any questions or concerns are addressed promptly and facilitate smooth navigation through the system; Jirav helps the C-Smart team understand the audit tools and enhance their proficiency using the software.
The Results: Optimizing Productivity, Financial Visibility, and Decision-Making
Jirav's automated linking enables C-Smart to carry out swift data uploads and downloads. Uploading reports takes barely 30 seconds, and the download process is rapid; the software seamlessly connects with the C-Smart accounting system within minutes, facilitating direct and effortless data imports on a monthly basis.
As a startup, C-Smart emphasized the importance of cash management for its financial processes. Jirav's integration with the cash balance provided invaluable visibility into C-Smart's cash flow. Jirav supports the analysis of the sales funnel by linking CRM data, allowing for predictive KPIs and establishing the connection between the sales funnel and revenue growth. This functionality eliminated the need for manual effort to compare actuals to budgets or forecasts.
