A leading global metal trading company partnered with HeadChannel to develop a bespoke financial reporting system. This automated and user-friendly platform transformed how they handle Profit and Loss (P&L) reports, improving efficiency, data accuracy, and overall business intelligence.
The Challenge
Our client, Triland, faced challenges in managing and generating accurate Profit and Loss (P&L) reports. Their previous manual reporting system was labour-intensive, prone to human error, and time-consuming, taking hours to complete daily reports. Traders had to manually validate trades, causing delays in report generation and inefficient workflows.
In addition, the company’s need for regular audits, mandated by their membership in the London Metal Exchange, further exacerbated the inefficiencies caused by this manual process. The client needed a solution that would automate the reporting process, integrate data from multiple sources, and allow users to view reports in multiple currencies across different time zones.
Why HeadChannel?
Our client chose HeadChannel for our ability to deliver tailored software solutions that automate complex processes. With extensive experience in financial software development and integrating multiple data sources into a single system, HeadChannel was well-positioned to help Triland modernise its financial reporting processes.
Our Approach
- Workshops and Prototyping
To begin, we conducted workshops with key stakeholders to fully understand their reporting needs and processes. We developed comprehensive prototypes using UXPin, providing the client with a visual representation of the solution and allowing for feedback and adjustments.
- System Integration
The client used CMII as their core system for transaction data, so we developed a web application that integrated seamlessly with CMII, pulling financial data to generate reports. This integration allowed for data to be imported automatically, ensuring that all necessary information was available for accurate reporting.
- Automated Report Generation
The system was designed to automate the daily generation of P&L reports, significantly reducing the time required for manual input. Reports could now be produced within five minutes, and traders could access them instantly to confirm trade accuracy. The system also allowed drill-down functionality, enabling more detailed financial analysis.
- Power BI Integration
To enhance data visualisation, we integrated Microsoft Power BI into the application. This provided users with detailed dashboards and performance monitoring, allowing them to analyse financial data in real-time. After addressing initial performance challenges with Power BI, we switched to an import-based mode, ensuring faster response times and optimising data visualisation.
Testimonial
“HeadChannel’s expertise in automating financial reporting has revolutionised how they manage and analyse P&L reports. The new system not only saves time but ensures accuracy and improves ability to meet global reporting standards. The integration with Power BI gives a powerful tool to visualise and analyse data efficiently, helping make better-informed business decisions.”
Richard Bundock
CTO, HeadChannel
The Outcome
Our bespoke solution transformed the client’s reporting system, delivering several key benefits:
Automated Reporting: The system now generates P&L reports automatically within minutes, reducing the time spent on manual data entry and mitigating human error.
Audit Trail Automation: The system allows for instant and automatic production of audit logs, ensuring compliance with London Metal Exchange standards.
Data Access Across Time Zones: Employees across the globe can access up-to-date reports without delay, improving collaboration and decision-making.
Improved Data Analysis: The integration with Power BI enables users to drill down into financial data and monitor performance in real-time, providing insights that drive strategic business decisions.
About Triland
Triland is a global organisation engaged in the trade of metals across various industries. Their operations span multiple countries, and they are a member of the London Metal Exchange. Their commitment to accuracy and efficiency in financial reporting drives their continued success in the competitive metals trading market.
