Greggs has switched on a centralised finance system that will handle accounting for its 1,400 shops.
The high street bakery is moving from 10 in-house regional finance systems to a Coda Neon platform. The system will be used by 100 finance staff to produce monthly instead of quarterly accounts.
The Neon software will handle Greggs’ finance, purchasing, invoice matching and billing, and is connected to Greggs’ own merchandising and electronic point of sale systems. Greggs said the system will automate more accounting processes and improve its efficiency.
Lee Massingham, finance systems manager at the high street chain, said: “This is a major milestone in our finance modernisation programme and it has enabled us to move from a quarterly reporting cycle to reporting monthly, with the ability to analyse more detailed information from each outlet relating to monthly profitability.”
The move is part of a three year modernisation plan at the company, under which it wants regional sales reporting, as well as detailed profitability reports from each individual store.
Greggs paid £600,000 for the first year of a three year contract with Coda, which began last April.