EBS and NAV deliver early Christmas present to Circadian
ASX-listed biotech company Circadian Technologies Limited has slashed days from the time required to prepare its half-yearly financial reports after replacing MYOB with Microsoft Dynamics NAV from Evolution Business Systems (EBS). Until Microsoft Dynamics NAV was deployed last year, taking annual leave over Christmas was unknown to Circadian’s finance staff, who regularly burnt the midnight oil to deliver half-year reports for board signoff by February.
In recent years, Circadian has doubled its expenditure on research and development (R&D) in cancer therapeutics, which involves organisations in Australia, the US and the United Kingdom. As the company grew in complexity, it outgrew MYOB which required it to maintain five separate databases for subsidiary companies, with no functionality to consolidate results automatically for reporting and analysis. Heavy reliance on spreadsheets and manual rekeying of data increased the risk of errors occurring.
After reviewing the market, Circadian Technologies decided to purchase the Microsoft Dynamics NAV enterprise resource planning (ERP) software, supplied and supported by Melbourne-based EBS. The deployment started in August 2010, with the system going live in November.
Circadian Technologies Finance Manager and Company Secretary, Susan Madden, said Microsoft Dynamics NAV had dramatically reduced the amount of time required to prepare the half-year financial reports for 2010.
“EBS has been very helpful, assisting us with the development and understanding of our needs for the system.”
Circadian Technologies Limited is an emerging leader in the field of angiogenesis-based treatments for cancer.
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