March 08, 2022

Nextworld solutions implemented:
  • Financials Suite
  • Projects Suite
  • Nextbot Platform
About Exeter

Exeter is an auto finance company headquartered in Irving, Texas. Since their founding in 2006, Exeter has grown to over $1B in annual revenue. They currently work with more than 11,000 dealers and over 400,000 customers nationwide providing indirect financing for both new and used vehicles. In 2021, Exeter celebrated their 1 millionth customer since their inception and reached a serviced finance portfolio of more than $6 billion.

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Challenges

Exeter was running an unsupported version of Microsoft Great Plains for their Financials. Technical inefficiencies throughout financial processes caused month-end close to take over 5 days. They faced high volumes of manual work related to regularly adding new legal entities to the Chart of Accounts (COA) and reconciling over 90 bank accounts each period close. Additionally, as a consumer lender, Exeter deals with rigorous compliance requirements and needed a system that could support them through today’s and the ever-changing regulatory standards.

Nextworld

Project Initiatives
  • Shorten period close to have better financial data visibility throughout the month
  • Support growth plans requiring the addition of approximately 4 legal entities per year
  • Automate processes where compliance requirements are cumbersome while maintaining IT governance
  • Accurately track the Construction in Progress (CIP) and amortization of various internal systems.
Business Outcomes

Exeter leveraged Nextworld's workflow orchestration and modern integration capabilities to automate all bank reconciliations and the creation of AP invoices from the company's highest volume vendor. The result: Exeter shortened their month-end close process from 5 days to 2 days. A flexible COA structure made the addition of new legal entities more streamlined. The company also leveraged the Nextworld Automated Transaction Engine to help pass their first audit after implementation with zero findings. Finally, Nextworld’s CIP tracking functionality provided increased clarity of CIP spend and resulted in significant bottom-line impact.