Yields great results for MIC.
Mineworkers Investment Company (MIC) is determined to stay focused on what it does best – investing. They sought a way to streamline and optimise the financial side of operations. With that in mind, they set out to find the best finance solution for their business.
MIC is an investment holding company that was established by the Mineworkers Investment Trust (MIT) to provide ongoing funding for the Trust’s social and educational projects. Established in 1995, the Trust has upheld its mission to become a wealth creation vehicle that assists retrenched mining, construction and energy workers whilst providing support to their beneficiaries and communities, for over two decades.
Challenges the Sage Intacct project aimed to resolve
The MIC Finance Department was experiencing several challenges which they wanted to address through the implementation of the new Sage Intacct cloud solution.
- Consolidations across 9 entities required a number of manual interventions.
- Completing an approval process often required many emails and manual sign-offs which happened outside the core system.
- The inter-company transactions and the month-end close process were both taking a significant amount of time for the finance team to complete.
- MIC wanted to gain more time to focus on the performance of its investments.
75% Improvement in the time taken for inter-entity billing
46% reduction in the time needed for month-end reporting
Sage Intacct Key Outcomes at Investment Management Company:
- A cloud financial solution empowers them to work off-site.
- The inter-company billing has been reduced from 3 days to half a day.
- Reduced the month-end close by 2 weeks.
- The business gained time to focus on their core business, investments.
