Global Trader 247 goes with Access Accounts

First World Trader (Pty) Ltd is the technology R&D centre for the group of companies trading as Global Trader 247.

Global Trader 247 has developed a unique software solution that is capable of delivering an automated real-time spread-trading platform, which is accessed via the Internet, or trades can be placed telephonically. This system, which operates under the Global Trader 247 brand or GT247, competes head to head with forex trading platforms as well as international spread trading platforms and is now running its financial systems using the Access Accounts Dimension product suite.

When it was first formed, the South African division implemented a two-seat accounting solution from Brilliant Accounting. The nominal and purchase ledgers were used extensively, along with the cashbook and asset register. However, the Brilliant package did not provide any multi-currency functionality and there was no easy way of importing transactions generated on other business systems. With the company growing rapidly, these two stumbling blocks led to the search for an alternative solution.

The selection process began with researching the range of solutions that were available in SA and then creating an appropriate shortlist, in which Access Accounts was one of the four contenders. At this stage everyone connected with the accounts was given the opportunity to comment on the available software and make recommendations. The field rapidly narrowed down, with Access winning over one of the other contenders due to its greater potential for integration.

"We never lost sight of two fundamental requirements," explained Andrea Marani, Financial Manger for First World Trader. "As part of an international group of companies, true multi-currency accounting was an absolute must, and secondly, we needed a system that was open to simple, fully automated data imports. This proved to be the crux of the whole evaluation, and although one of the other short-listed companies came close, it had nothing to match the Access `Transaction Broker` import tool."

The final selection team was also impressed with the professionalism and expertise demonstrated by the local Access Specialist Centre, particularly in the field of SQL Server databases, and this confidence proved to be justified as the implementation began. The timescale for transition from Brilliant to Access was just one month, which proved to be more than adequate. By working closely with First World Trader and gaining a good understanding of its business processes, experts at the centre were able to deliver Access on schedule, within budget and with minimal disruption.

"We had no down-time at all," added Marani. "What`s more, the Specialist Centre ran an in-house training programme to make sure our staff were rapidly up to speed. The software proved extremely easy to use, so there were no objections to moving away from Brilliant."

The Dimensions system certainly provided strong functionality for all First World Trader`s core accounting requirements, but Transaction Broker is giving the finance department its biggest boost in releasing staff once engaged in mundane re-keying exercises as well as reducing errors down to nothing.

"You won`t believe how much time we save every month," continued Marani. "A number of complex, labour-intensive tasks have simply disappeared. For instance, multi-currency journal and cash book entries arising from our trading activities are now handled entirely by Transaction Broker.

"These trading activities are certainly complex. As each trade is entered, a journal is created to update margin. When the trade closes, margin portion is allocated to the client and profit/loss movements are calculated. If there are any changes to the trade, margin adjustments need to be made immediately. With an average of 15 000 trades per month, each involving three transactions or more, manual intervention is no longer an option."

In the future, Global Trade hopes to establish a Canadian division for promoting, implementing and supporting its GT247 trading application. It will be looking at the functionality provided by Dimensions.NET to help link together new and existing parts of its organisation.

The Dimensions.NET module enables Dimensions to be operated by staff working remotely, using standard Internet connections. It also provides a secure self-service environment for customers.

Currently, packets of data must be transferred using traditional methods, such as e-mailed spreadsheets. Once again, this is time-consuming and prone to errors. With offices and clients in many different countries, improving connectivity is very important to the company. Key information must be accessible instantly from around the world and .NET is the tool that makes this possible.

"Dimensions has already had a significant impact on our efficiency and productivity," concluded Marani. "Naturally, we are keen to extend its influence and maximise our return on investment. We will therefore be assessing Dimensions.NET in the coming months."

"We are delighted at the success of this project and proud to be associated with First World Trader," commented Paul Marketos, MD of ASYST International SA. "We will continue to work closely with them other the coming months especially as I know that Dimensions.NET will more than satisfy their international requirements."

For further information, please contact Justine Morgan, Marketing Manager, ASYST International SA (Pty) Ltd: telephone (011) 622 0112, fax (011) 622 0124, e-mail jmm@asyst.co.za