About Auto Trader
Auto Trader started life as a magazine in 1977 and has since grown to become a fully digital business. They aim to improve the process of buying and selling vehicles in the UK, by continually evolving the ecosystem to provide a better experience for consumers, retailers and manufacturers alike.
The Challenge
Auto Trader faced a number of challenges with their existing consolidation solution:
- Legacy issues with consolidation taking 30+ minutes – this needed to be done twice a month for IFRS & Local GAAP
- A lack of training in how to use the solution correctly meant a requirement to do some of the tasks manually for those who were not technically skilled
- Calculation logics not working correctly due to the requirement for upskilling
- No workflow
- An inappropriately structured entity hierarchy
Auto Trader was at the point where they needed to upgrade their Tagetik software, something they had not done for a number of years for multiple reasons. Auto Trader built a relationship with HAYNE for nearly two years before the time was right to engage as their new partners. They were confident HAYNE had the skills and credibility amongst Auto Trader stakeholders to deliver an upgrade, train users, and provide high quality long term support.
The Fix
HAYNE needed to re-visit Auto Trader’s current setup with Tagetik and give them the confidence that it was the right solution for them. HAYNE was able to show Auto Trader how to use their consolidation solution to its full potential. This showed them the art of the possible!
Auto Trader discussed what was required for their consolidation solution. From this feedback, HAYNE was able to provide a proof of concept. This provided a way of visualising how the system would work.
HAYNE identified the key pain points in Auto Trader’s current consolidation process and demonstrated exactly how to remove them.
John Chan, Finance Systems and Business Insight Manager says:
“HAYNE did a great job in proofing the version of Tagetik we would be using to ensure it did what we required. This is one of the main reasons we pursued a relationship with HAYNE”.
HAYNE was able to provide the support that Auto Trader was looking for and be on hand to fix any issues.
With the development of Auto Trader from a magazine publishing business to a data-centric business, the way they consolidate has also changed. The new entity and accounting structure needed to be reflected. The proof of concept was a great way to do this.
HAYNE had in-depth discussions with Auto Trader about what logic needed to be included and was able to gain a sound understanding of what was needed.
The Project & The Relationship
Auto Trader chose to work with HAYNE due to the level of engagement from the start. Not only that, but the level of knowledge, expertise, and ability to be on hand to answer any questions. Weekly catch ups allowed Auto Trader to voice any questions and potential concerns.
John continues:
“We were looking for more than just the application, and we wanted the support that came with it which HAYNE was able to provide. Having a go-to person for any concerns gave us confidence and reassurance that we had selected the right support partner for us. The partnership with HAYNE allowed us to easily pivot and see what our solution would look like”.
As a long-standing Tagetik partner, HAYNE knew exactly what Auto Trader needed.
HAYNE’s strong relationship has been further cemented with Auto Trader. It was developed due to HAYNE’s ability to solve issues and answer any questions promptly.
John finally adds;
“We felt that HAYNE genuinely knew what we wanted and were able to implement it. The project was more of a team effort as opposed to a supplier/customer relationship. The relationship developed with the team at HAYNE (Nimesh, Dan, Umang, Katy, and Carsten) was the highlight of the project”.
HAYNE.Cloud
Due to the well-established relationship developed, Auto Trader trusted HAYNE to host their solution in HAYNE.Cloud. This fits in with Auto Trader’s wider strategy of moving their applications into a cloud environment. It takes the pressure off as they do not have to depend on internal systems. This reduces both the requirement for resources for maintenance and the need for training to keep up with any updates to the solution. Resources have therefore been freed up to be focussed elsewhere. Auto Trader finds HAYNE.Cloud very straightforward to use.
Outcomes
With the update of the consolidation solution, Auto Trader can interrogate their SQL database directly live which is good for their troubleshooting. This is achieved through the integration with Agresso which is seamless and means data can be loaded instantly.
Auto Trader now have calculation logics setup for their balance sheet accounts which means they can capture movements and derive a cash flow easily.
Time has been significantly saved when consolidating for Auto Trader as the process has been reduced down from 30+ minutes to around 6 minutes. This again means time and resources can be focussed elsewhere.
The use of hierarchies in Tagetik makes their reporting dynamic and easy to maintain.
With the improvement in their solution, Auto Trader can now confidently consolidate their finances knowing that it is fit for purpose and that the challenges they previously faced have all been solved.