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International financial reporting and analysis made easy with Twinfield

Twinfield Case Study money image

There are an estimated two billion people in the world who have a job but no bank account. In a country like Egypt, for example, only 3% of adults get their salary paid into a bank. That’s where dopay helps.

They provide a cloud-based payroll service that allows employers to calculate salaries and pay employees electronically. Unbanked employees receive their salary in a dopay account, which comes with a debit card.

The Challenge

Based in the financial heart of London, dopay has grown rapidly and now has operations in the Netherlands, Ghana and Egypt. Like any fast-moving, entrepreneurial organisation, dopay needs to be able to take decisions based on up-to-date financial information. It needs financial information presented in a consolidated form to show the group accounts as if it were a single entity. Financial information from each subsidiary must therefore be converted into a single reporting currency but each subsidiary has its own local accounting methods and checks so updates and corrections can be time consuming, especially across multiple time zones.

The Solution

Goodman Jones is a London-based accountancy practice with extensive experience of working with international groups, large owner-managed businesses and small, growing organisations. Applying their deep knowledge and experience of the Twinfield Online Accounting system, Goodman Jones were able to help dopay prepare monthly group financial information efficiently, easily and cost effectively.

Khaled Abou-Zied, Group Finance Director of dopay says “The results are excellent. We finally have a much better understanding of our business. We can analyse our figures and can quickly identify the areas of growth. We can look at group accounts but also have the ability to immediately drill down to a specific invoice in Ghana if we need to.”

You can watch our video case study here.