Cyberhawk enhances reporting abilities with Sage Intacct.
A Customer Success Story
Founded in 2008, Cyberhawk is the world leader in asset data management combining drones and software to help businesses in the oil, gas & petrochemical, power generation, and power grid sectors to create situational awareness from visual data, managed through their cloud-based software, iHawk.
Cyberhawk digitalises their clients’ industrial assets and streamlines their facility’s data in a fast, safe and reliable way. The company employs drones to conduct visual and thermal inspections, and surveys of high, live and difficult to reach structures giving organisations the ability to make better evidence-based decisions.
Recognised as the gold-standard for data collection, data inspection, and data management, Cyberhawk is leading the energy sector in making the most of visual data to support decision-making.
Prior to contacting Solutions, Cyberhawk had been using Sage 50 as their core financial system in the UK and Quickbooks in the US. Whilst this had been effective at a local level, they now required a single centralised multi-entity and multi-currency solution to manage their businesses in the UK, the US and Qatar. The software also needed to be a truly scalable platform that was able to accommodate their plans to expand globally. It was necessary for their new system to provide real-time visibility into the company status and operations, along with the flexibility that only a best of breed true cloud solution could provide.
Cyberhawk were looking for the ability to report business metrics to stakeholders in a comprehensive way that employees could both understand and take ownership of. In the past, the company were using disparate financial management systems, with different currencies for each organisation which meant they were heavily reliant on the use of Excel and spreadsheets to collate all of their data. This resulted in their Financial Controller spending an average of five days each month on consolidations. Not only did this cost the organisation both time and money, but it was also unsustainable given the expected growth of the company. A key driving factor for a new system therefore, was the need to reduce the dependency on carrying out manual processes to create reports.
Cyberhawk also had the need for greater control and streamlined operations when it came to their Purchase Approval process. They also wanted to automate their quote-to-cash cycle as far as possible by eliminating imports/exports and manual handling.
In addition, Cyberhawk wanted to improve the visibility they had over their operations, specifically for expenses. The company already had several processes in place for this, however in order to gain full visibility, these all had to be consolidated from various emails and folders. Cyberhawk needed a system that could centralise all these processes and provide a full audit trail with the information they needed in one place.
Finally, the company wished to maintain their current usage of Salesforce CRM as part of a holistic business management system that could combine best of breed components. The solution needed to seamlessly integrate with Salesforce in order to prevent repetitive manual data input and to enable the enhancement of their project management process.
Cyberhawk’s Finance Business Partner, Natalia Anderson, carried out some extensive research and found that Sage Intacct immediately stood out as a great option for the company. Natalia then reached out to Sage directly who recommended Solutions for Accounting as an implementation provider. Following this, a consultation exercise was carried out with Solutions’ Sage Intacct Consultant, Tim Venables, who felt certain that Sage Intacct was the right system to match Cyberhawk’s needs and was one that would support them in their plans for future growth.
Solutions Director, Gareth Bezant said,
“From the outset it was clear Cyberhawk’s key requirements meant Sage Intacct was a perfect fit. From granular reporting via dimensions, through to automatically accounting for inter-entity transactions and automated consolidation of entities with different base currencies Sage Intacct ticked all the boxes. Almost from the day Cyberhawk went live they have capitalised on the systems scalability adding additional functionality and integrations with other systems. They are not stopping here either with even more planned for the system in line with their very exciting growth plans for the next few years, and beyond!”Gareth Bezant, Solutions Director
As stated above, one of the key issues that Cyberhawk were looking to solve was the need to easily report business metrics to everyone in the company. With Sage Intacct’s powerful and intuitive report writing tools to simplify performance tracking, the company would have the ability to immediately identify key metrics and KPI’s. This would not only provide operational reporting outputs, but it would also deliver real-time updates to support strategic decision making. Along with intuitive reports, Sage Intacct provides a collaborative environment for the whole team as an additional secure social layer is added into the financial management platform. Cyberhawk teams could share insights easily, allowing them to resolve any issues together despite being globally distributed.
With such a strong reliance being placed on the use of spreadsheets and the Financial Controller carrying out manual work, information was often not delivered in a manner as timely as the business would have liked with consolidations, for example, taking an average of five days a month. Sage Intacct’s multi-ledger system would automate data entry tasks and make them simple. This would significantly reduce financial reporting errors that are often caused by the manual inputting of data, thus lifting a substantial amount of pressure on the finance team.
Through seamless integration with Cyberhawk’s CRM system – Salesforce, Intacct would help the business save a huge amount of time on repetitive manual data input and physically pulling information together from different sources. This promises to increase productivity and decrease the risk of human error resulting from manual intervention.
It was also important for Cyberhawk to improve the visibility they had over their operations, specifically for expenses. Although the company already had processes in place for this, it was taking a significant amount of time to pull all of this information together. With Sage Intacct, the company could track reports, both financial and on operational data, giving them the opportunity to focus on other key activities. With out-the-box financial reports, metrics and ratios, users would be able to create dashboards based on their individual business needs, giving them full visibility over their business operations. What’s more, Sage’s reporting tools would also help boost productivity and eradicate the need to carry out time-consuming tasks such as manually collating data in Excel.
Following a successful migration to Sage Intacct, Cyberhawk have been able to embrace the extensive functions and features of a more capable system. With the new software in place, the company have been able to produce a large number of reports easily and quicky, and in a number of different formats. Thanks to this, Cyberhawk have already completed their “fastest ever month-end close” which they are hoping to reduce even further going forward.
Furthermore, the amount of labour time placed on the Financial Controller during Consolidations has been reduced significantly as there is no longer a need for spreadsheets due to all reports being accessible in real-time using dashboards and dimensions that have been specifically set up for the company’s reporting focuses.
When discussing how Sage Intacct has benefited Cyberhawk and its processes, Natalia Anderson, Finance Business Partner said:
“The performance of the system is impressive. It can produce immediate reporting outputs based on real-time data, and in a number of different formats. Furthermore, inputting information is easy, efficient and simple. On top of this, it has been a huge benefit for us to have all the companies in one finance system. Before, we were using different local systems for each operating company and they were in different currencies, whereas now we’re able to see everything all together in one place, and we can maintain a global view of our business.”Natalia Anderson, Finance Business Partner
Since implementation, Sage Intacct has also helped Cyberhawk make their purchase approval process more automated, streamlining POP and giving them greater control over their operations. On top of this, as part of their phase two plan, the company are looking forward to the fact that by offering seamless integration with Salesforce, Sage Intacct will allow them to speed up the processes of inputting data by eliminating the need for double entry.
Thanks to Sage Intacct’s powerful reporting tools, Cyberhawk’s employees and stakeholders facilitating strategy decisions are now able to easily access real-time reports each month at the click of a button, without the company having to create them from scratch.
If you are interested in finding out more about Sage Intacct and would like to speak to our experts, please call 0115 840 5075 or email email@example.com.