NEWS
NEWS
ALNET Technologies closing the books with Sage – faster close, faster insights
Research from Sage has revealed the scale of challenges facing finance leaders, with economic uncertainty, compliance demands, cybersecurity risks and evolving role expectations all adding pressure to the month-end close.
According to Sage Platinum Partner, ALNET Technologies, most finance teams spend the equivalent of nearly three months a year closing the books.“ Sage reports these factors directly impact the time it takes to close the books each month, with most teams spending an estimated nearly three months a year on month-close activities alone,” said Gary Govender, Head of Business Development, ALNET Technologies.
Sage’ s sixth annual Close the Books survey of more than 1,000 finance professionals found the average month-end close takes seven working days. To speed up the process, 33 % of organisations have added headcount, 40 % have adopted new technology and 29 % have automated key accounting processes.
Govender said automation delivers the biggest efficiency gains:“ Finance leaders who embrace automation cut their closing time by 29 %, which translates to two days every month – a staggering 24 days a year.”
Gary Govender, ALNET Technologies
Sage highlighted the Pavillon Treatment Centre in the US as an example, which increased productivity by 45 % and reduced its close by 11 days after migrating to Sage Intacct.
re: cap expands into UK with € 125 million credit facility backed by HSBC Innovation Banking and Avellinia Capital
Berlin-based FinTech, re: cap, has entered the UK market with a € 125 million credit facility for onward lending, supported by HSBC Innovation Banking and Avellinia Capital. The company, which operates the Capital Operating System( Capital OS), enables tech firms to access flexible, non-dilutive funding alongside real-time capital planning tools.
The UK expansion marks a key step in re: cap’ s ambition to become the single system of record for founders and CFOs across Europe. �
The move comes as UK founders and CFOs face mounting pressure to optimise capital efficiency in a market marked by rising interest rates, valuation pressures and investor scrutiny.
“ Over the past four years, our platform has helped hundreds of tech companies in Germany and the Netherlands scale efficiently – with zero defaults and full transparency,” said Paul Becker, CEO and Co-founder of re: cap.“ Now we’ re bringing that same infrastructure to the UK, supported by more capital than ever, provided by our strong existing and new partners.”
Since launching in 2021, re: cap has deployed more than € 100 million in financing, maintaining a record of zero defaults. HSBC Innovation Banking’ s Phill Lovett called the firm’ s credit decisionmaking‘ market leading’, while Avellinia Capital’ s Julian Schickel said re: cap was‘ solving a major headache for tech founders’.
12 www. intelligentfin. tech