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CanCan Group: A Disruptive ERP for Fast Growing Small Companies
With each passing day fast-growing small businesses and startups are expanding cross-borders to localize their products and cater to a larger audience. Conducting business in foreign markets, however, requires a firm to acquire or establish local subordinate companies that would help them cater to the local markets. The setting up of many subsidiaries often is taxing for SMBs to manage the cash flows across geographies and currencies. Although SMBs hire local accountants to address the issue, the usage of legacy accounting solutions and manual consolidation of financial statements of the entire group of companies creates knowledge gaps, which leads to business efficiency. Moreover, the entire process is time consuming, hampering business development. Enter CanCan Group, an inventive ERP company disrupting the status quo. Founded by experienced CPA (Certified Public Accountant) and industry veteran, Katherine Lui, CanCan Group brings a practical solution to the business challenges, introducing transparency into the cashflow in a multi-company, multi-currency scenario. “We have reinvented the whole process of closing the group, as a result of which, small companies achieve a consolidated view of the cash flows of the group as a whole,” says Katherine, the CEO of the company.
Providing an affordable and state-of-the-art SaaS-based ERP to manage financial reporting, Hong Kong & Greater Bay Area-based CanCan helps firms manage the cash flow of multiple subordinate companies on a single platform seamlessly. The neoteric functionalities of CanCan ERP make cash flows transparent, enabling CFOs and administrative heads to make informed business decisions.
We have reinvented the whole process of closing the group, as a result of which, small companies achieve a consolidated view of the cash flows of the group as a whole
“Our ERP combines the transactions of every subordinate company of our clients,” says Katherine. The ERP allows accountants to enter daily transaction data in a systematic manner to close finance books on a daily basis as opposed to the conventional monthly basis. The data is fed into the database to generate a consolidated financial statement that helps clients manage finance holistically. With its inbuilt scanning feature, the ERP makes it possible for employees to enter transaction data for reimbursements just by clicking photos of receipts. The system automatically extracts numbers from the photo and generates financial statement and tax reporting data.
CanCan ERP’s interface is adaptive to the designation of the user, be it an accountant, CFO, manager, or C-suite executive. Providing personalized accounts to all users, CanCan not only simplifies the age-old complexities in financial management but also improves the accuracy of cash flow prediction. At the outset of client engagement, CanCan identifies client’s finance management issues and engages its IT team to align their sales revenue information with the ERP by consolidating incoming cash receipts.
From Beijing and Shanghai to Hong Kong and Shenzhen, the company has established a strong foothold within few years of its genesis. In an instance, CanCan helped the company Female Entrepreneurs Worldwide (FEW) to expand into several cities in China and the U.S. Initially the client relied upon a local accountant to manage their finance, but the accountant found it daunting to consolidate the two sets of different accounting policies and financial statements. FEW leveraged CanCan ERP for their financial reporting and within weeks were steered in the right direction for global expansion.
With a keen eye on the future, CanCan is looking forward to becoming a global venture by collaborating with local tax accountants of Hong Kong, China, and U.S. The company will soon introduce new features using which accountants across the globe can communicate better and provide a complete financial solution for international SMBs. Also, the company aims at extending its footprint throughout the Chinese subcontinent and to parts in the U.S. as well.