Covid 19 pandemic last year made a lot of disruptions in the global financial space, Nigeria included. The technique companies report their operations, financial condition, and cash flows during this crisis and after will be a little bit altered or rejigged. Having this in mind, Fintrak Software Limited, an indigenous financial technology (fintech) company is bringing to the knowledge of financial players like banks, insurance, mortgage institutions and other key players in the ecosystem their product known as FINSTAT. An innovative solution designed to ease the burden of financial reporting for the key players in the industry.
The use of technology in the automation of financial reporting eases consolidation and preparation of full set of annual financial statements according to the international financial reporting standards (IFRS). FINSTAT reporting solution is designed to be bespoke and fluid, this means that it is built to the specification of clients that desire a robust financial reporting tool. The solution has been described to meet and exceeds standard IFRS system requirements, as it is in compliance with the recent IFRS 9 s standard
The FinTrak Enterprise Performance Management consolidates finance processes using technology to resolve challenges faced by businesses in relation to Data integrity, delayed reporting, Relationship management, Back Office operations and Support, Cost allocation, External domiciled accounts and Transfer pricing. This solution has made it possible for organizations such as banks, insurance and mortgage houses to successfully reduce risks, increase efficiency, decrease cost of operations and free resources for more value-adding activities by business units. The solution presents the report such as Management Performance Reporting Solution, which is an analytical tool created for organizations’ supervisory, examination, and management purposes in a summarizing format making it easier to understand.
Speaking on the importance of the solution, The Group Managing Director, Bimbo Abioye said “FinTrak Enterprise Performance Management solution is a valuable tool for the business to empower Management with the right information to make critical business decision and inherently deliver business value (Revenue and profitability, customer retention and acquisition, operational efficiency), resource productivity, and IT effectiveness. Profitability based measurement can serve as a more robust and inclusive means to measure the performance by gauging the extent of operational efficiency as well as capturing the nuances of an organization’s diversifying earnings through non-interest income activities and management of their costs. Profitability-oriented performance management is necessary, both to know what a business can do to affect profits and to benchmark the effect of any such moves.”
He added that; The solution monitors the performance of the whole Organization as well as Individuals, Teams, Branches, Business units, and further compares actual with budgets, to evaluate productivity and profitability based on key standard performance metrics. Our solution communicates with your core business application, spools and analyzes all the required data, so you can have a holistic presentation of your business performance in one Executive dashboard. You are empowered with the ability to render full MPR reports on daily basis as the month progresses. The system presents a Multi-dimensional view of performance across Teams, Branch, Products and Individual’s income and Balance sheet statements. and also, all reports respond to changes in reporting lines, both current and past performance.
Having deployed in many countries of Africa such as Gambia, Ghana, Congo etc, the Fintech giant incorporated English and French in the solution making is easily untestable to French and English-speaking countries. Loaded with features such as flexibility, the solution can handle complex transfer pricing based on your organization’s policy. The solution can also be customized to suit your unique business needs and sector. For executive on the go, the software has mobile versions that can be easily deployed in mobile devices. Other features such as Single and Multiple rate pool pricing, Risk based multiple pool pricing, Penal charges based on policy violations, Ability to handle relationship management tree, Cost breakdown showing details and sources of costs at all levels. With these features, the software has the ability to reduce significantly or remove human errors associated with reporting and at a reduced cost for the organizations
“Our software has the ability to empower users to control cost elements without sacrificing revenue. The ability to see how cost elements like depreciation, OPEX, CAPEX, Human Resource impact and can improve revenue potentials. Key users are able to understand what drives cost and value within their business segment. FinTrak Software will set up bespoke reports peculiar to the business to track profitability and performance of their Business Units and Segments. The system can extract codes from transaction description to allocate the expenses, drill down details available on all reporting lines both income and balance sheet items on click and get basis”, Ladi Ipaye, Executive Director, Business Development and Marketing Strategy concluded.
ANTHONY EMEKA NWOSU
The solution monitors the performance of the whole Organization as well as Individuals, Teams, Branches, Business units, and further compares actual with budgets, to evaluate productivity and profitability based on key standard performance metrics. Our solution communicates with your core business application, spools and analyzes all the required data, so you can have a holistic presentation of your business performance in one Executive dashboard. You are empowered with the ability to render full MPR reports on daily basis as the month progresses. The system presents a Multi-dimensional view of performance across Teams, Branch, Products and Individual’s income and Balance sheet statements. and also, all reports respond to changes in reporting lines, both current and past performance.
