Released on = December 8, 2006, 6:31 am

Press Release Author = CODA

Industry = Small Business

Press Release Summary = . Engineering systems specialist live on CODA's new
financial consolidation system
. Less reliance on spreadsheets means less time and effort spent on monthly reports


Press Release Body = CODA Group, the finance software specialist, today announced
that global specialist in engineering and computer aided design systems, AVEVA, has
implemented its OCRA software to improve Group reporting.
AVEVA wanted to enhance Group financial visibility and improve management
information. The company has experienced significant benefits from the new OCRA
solution over spreadsheets including a reduction in the time and effort that it
takes to produce its monthly reports.
"This has freed up more time for monitoring and reviewing financial information even
as the business is experiencing considerable growth," said Karl Grenz, Group
Financial Controller at AVEVA. "We now benefit from a more efficient inter-company
reconciliation process and an audit trail running throughout the consolidation
process. The budgeting process is also much improved as OCRA enables us to take and
hold information from Microsoft Excel which can then be accessed easily for
reporting against actuals. The solution helps us define an accurate single view of
our global finances. "
Information from AVEVA's Microsoft Navision finance system is uploaded automatically
into OCRA for consolidation and reporting. This means information only has to be
input into the system by users once and reports can be produced centrally in
alignment with corporate governance requirements including International Financial
Reporting Standards (IFRS).
AVEVA expects to benefit from further efficiencies in the monthly reporting process
following the deployment of OCRA, which currently involves input from 30 users
around the world. HQ finance staff will spend much less time processing data and
more time monitoring, reviewing and challenging input from the subsidiaries, so the
whole process is smoother and less prone to inaccuracies.
AVEVA runs OCRA to consolidate results from its global operations at its
headquarters in Cambridge. AVEVA Group plc employs more than 500 staff worldwide and
currently has operating subsidiaries in England, Australia, China, France, Germany,
Hong Kong, India, Italy, Japan, Malaysia, Norway, Singapore, Sweden, South Korea and
the USA. OCRA runs on a Microsoft Windows server based system with a Microsoft SQL
Server database.
ABOUT CODA
CODA creates, markets and implements a complete range of software systems designed
specifically to meet the needs of Financial Directors and Finance Departments. These
include financial management systems, analysis applications, and business process
management and control software to implement compliance solutions. Its service
oriented architecture also makes CODA software easy for clients and other vendors to
integrate with their business applications.
CODA was founded in 1979, has around 550 employees working from 13 global locations,
and is listed on AIM in London under the ticker "CODA". CODA software is designed
for multi-currency, multi-language, multi-country, multi-company and multi-site
operations, and is used by around 2,600 medium and large organizations in over 100
countries in a variety of markets and within both public and commercial sectors.


Web Site = http://www.coda.com

Contact Details = Emma Hoyle||Beckwith Head Road-Cardale Park ||Harrogate , HG3
1RY||$$country||||44-01423-537-977||Emma.hoyle@coda.com||http://www.coda.com