idu Software: March 2019

Tuesday, 19 March 2019

IDU expands its cloud offering through a partnership with Microsoft Azure



We are thrilled to announce that the award-winning corporate performance management (CPM) solution, idu-Concept, has expanded its cloud offering through a partnership with Microsoft Azure.
IDU has made its flagship idu-Concept suite of products available on both a private and public cloud platform. This will enable companies large and small to cost effectively access the full idu-Concept suite of budgeting, forecasting, reporting and analytics products.
Businesses can choose to use the IDU private cloud platform through our partner CipherWave, or through a cloud provider of their choice, or through the IDU Software-as-a-service (SaaS) solution harnessing the power and scalability of the Microsoft Azure® Cloud Platform. Microsoft launched its local Azure services in early March 2019, located in its data centres in Johannesburg and Cape Town. This is good news for our South African customers, both in terms of scale, availability, as well as data resilience and compliance with regulations such as the Protection of Personal Information Act (POPIA) in terms of storing personal identification information locally.
IDU Cloud offers world class CPM capabilities without large capital expenditure outlays. Instead of buying costly servers, a cloud platform offers access to state-of-the-art infrastructure, security, reliability, scalability and performance.
Businesses can get up and running quickly with the IDU Cloud (SaaS) offering. 
The solution is constantly updated to the newest release, which ensures our cloud customers will always work with the latest functionality, without having to worry about software installation and upgrades.
Decision makers can have instant access through the cloud to critical business insights securely, anywhere and anytime, through a computer or any internet-enabled mobile devise.
Click here to find out more




Thursday, 7 March 2019

SA accountancy tech leaders team up to ease budgeting and compliance



IDU, the corporate performance management (CPM) software company that transforms the budgeting, forecasting and reporting process for medium and large businesses, has partnered with Draftworx, which provides tools to automate and remove the complexity of International Financial Reporting Standard (IFRS) financial statements, to close the loop for clients every month.

The commonalities and synergies between the two companies are remarkable. IDU offers an easy-to-use, yet enterprise-grade budgeting tool that Gartner has named as one of the top financial planning applications for the last two years and G2 Crowd has ranked in the top three global solutions for 2019. Draftworx is the first browser-based IFRS financial reporting tool in the world. Both are successful South African-founded accountancy technology companies and are owner-founder managed, with highly skilled financial teams. Both companies set out to simplify and streamline onerous yet essential accountancy tasks, freeing up accountants and auditors to do more interesting, strategically valuable work for their clients and companies.

IDU has integrated Draftworx service into its idu-Concept platform, so that at the press of a button, clients can automatically generate up to 80% of the data they need for their IFRS and eXtensible Business Reporting Language (XBRL) reports, ready for importing into Draftworx. This will expose IDU’s corporate client base, typically mid to enterprise companies across all industry sectors, to Draftworx’s capabilities. Conversely, Draftworx will introduce IDU’s expertise and services to both corporate and practice clients.

“We’ve always been single-minded about doing one thing very well: making the budgeting, forecasting and reporting process less onerous, faster, more collaborative and more accurate,” said Kevin Phillips, IDU co-founder and CEO. “So in response to customer requirements, especially in light of the updated rulings around XBRL submission to the Companies and Intellectual Property Commission (CIPC) in South Africa, and anticipating increased regulatory demand into the future, it makes perfect sense to partner with Draftworx, a trusted provider that we work with very well, for a comprehensive service for our respective clients.”

As well as XBRL submissions, Draftworx also supports accountants with meeting increasing IFRS requirements. It has created specific templates for various unique requirements in several countries, and is rolling out additional templates to meet demand. In addition, Draftworx is developing a US GAAP template, which dovetails perfectly with IDU’s recent announcement of its expansion into the Americas market.

“IDU takes care of the monthly budgets, forecasts and reporting, managing information from exco down and through the organisation; while we look after the annual financial side and help our customers meet their respective statutory obligations, managing information from exco up and outside the organisation,” said Earl Steyn, Draftworx founder and director. “This integration and partnership means that all of a company’s reporting is taken care of, in a smarter way.”

The partnership was announced at the 10th Annual IDU User Conference, held in Cape Town, South Africa at the end of February 2019. Financial managers, accountants and administrators, plus IT managers from a range of industries and countries came together to discuss how responsive and collaborative budgeting, and real-time access to the numbers can help companies adapt quickly to constant and rapid change. 

About IDU

IDU, idusoft.com, makes budgeting, forecasting, performance management and reporting tools to simplify financial management. Our flagship product, idu-Concept, provides easy, effective budgeting and financial reporting for medium-sized to large businesses. It is the most widely deployed dedicated budgeting system in South Africa with an ever increasing global footprint. idu-Concept integrates easily with ERP software, but unlike more cumbersome offerings, idu-Concept can be implemented quickly, requires little or no ongoing consulting fees and reduces budgeting cycles from months to weeks. idu-Concept, available on premise, as a hosted solution or in the cloud, addresses this establishing a platform of ownership and empowerment that inevitably leads to radical improvement in the effective management control of every business. IDU is a Microsoft Gold Certified Partner.

About Draftworx

Draftworx™, www.draftworx.com, is a fully integrated, compliant, automated drafting and working paper suite designed to alleviate problems identified in current drafting, working paper and audit software. It’s the result of collaboration with some of the world’s greatest accounting & auditing minds. The solution includes financial statements, XBRL reporting, working papers, audit methodologies, collaboration tools and digital signatures in an affordable desktop, cloud and hybrid variant.

Friday, 1 March 2019

South African financial services software company IDU expands to the Americas


IDU, the corporate performance management (CPM) software company that transforms the budgeting, forecasting and reporting process for medium and large businesses, today announced its expansion to the Americas region with the launch of IDU Americas.

Companies in North, Central and South America can now say good-bye to complicated, error-prone spreadsheets and instead finalise their budgets in a fraction of the time, working collaboratively and constructively with non-financial managers. Inefficient budgeting, forecasting and reporting can have a large impact on a company’s bottom line, and IDU helps companies increase transparency between departments, reduces the admin load on the finance department, speeds up budgeting to days, not weeks, and reduces errors.

IDU Americas is headed up by Scott Jennings, managing director, a business intelligence and CPM veteran with extensive industry experience and relationships. Based in Austin, Texas, a local team will support American customers in their own time zones.

Founded in Cape Town, IDU now has distribution hubs in Johannesburg, Durban, London, Dubai and Auckland. IDU is currently used by 35,000 people, at 300 customers in 33 countries around the world. It’s oldest customers have been with it since inception in 2001. Research house, Gartner has named IDU one of the top financial planning applications for the last two years, and review platform G2 Crowd listed the company as a high performer for 2019, based on customer feedback and reviews. Specifically customers value IDU’s rapid implementation process, its user-friendly nature, and the high levels of customer support.

“IDU has nailed the combination of being both easy-to-use and enterprise-grade, which is not a simple thing to do,” said Jennings. “This, plus proven technology that is built on a platform that appeals to the SMB through to enterprise market, including Microsoft SQL Server, Microsoft Azure, Power BI, Excel, Power Pivot and so on, is a winning formula. Then, add that the company is owner-founder managed, with a highly-skilled financial services orientated team, and the package is something I know that fills a gap in the growing American mid-market and solves a real, specific problem for companies.”

“Although our software is available, and used, via the cloud anywhere around the globe, as accountants we’ve always taken a very cautious approach to physical expansion, never underestimating the complexities of arriving in a new territory. With Scott at the helm, however, we have the perfect local partner who knows the market, understands what we do and will help grow our business,” said Kevin Phillips, IDU co-founder and CEO.

The news was announced at the 10th Annual IDU User Conference, held in Cape Town, South Africa at the end of February 2019. Financial managers, accountants and administrators, plus IT managers from a range of industries and countries came together to discuss how responsive and collaborative budgeting, and real-time access to the numbers can help companies adapt quickly to constant and rapid change.