FOND OF Pockets the Payment Export
Conversation with the FOND OF Finance Team
What a story! On a party potential founders had a conversation with a physiotherapist. The content? Today’s children carrying too much load around with them and the satchels do not distribute this load ergonomically. Sounds funny, but it’s like this: out of this discussion in 2010, the development of that young company “ergobag” started with the idea to produce ergonomically designed school backpacks for children
Initially, the company specialized in one product, the
ergobag. Very soon – contacts were made, infrastructure was built up and further ideas were designed – they analysed, that the market could be enriched with further lifestyle products. A constant passion and consciousness for backpacks has been the base for the development and the desire to work as sustainably as possible grew. This resulted in the new company name FOND OF BAGS. Later then, in order to show, that employees, regardless of their tasks, stand up for the company and bring in new ideas, the current company name FOND OF was chosen. Just to show that everybody is enthusiastic and passionate about the products.
Today, around 260 employees work for seven brands in 35 countries. The brands are Affenzahn (kindergarten), ergobag (primary school), Satch (secondary school), Aevor (streetwear), pinpong (fashion) and Salzen (business). The newly discovered clothing segment is Funktion Schnitt (T-shirts, longsleeves). The products are characterized in particular by high quality and sustainable production. In addition to the special demands on design and functionality, the company also attaches great importance to responsible production. FOND OF increasingly sees itself as a platform of cooperation. For FOND OF, developing and implementing marketable ideas, together with many national and international partners, plays an important role.
One of these partners is gbedv with its product OPplus. Already in 2013, the rapid growth of FOND OF led to the necessity to optimize the processes in their financial department.
The volume of incoming and outgoing payments alone, via a large number of national and international banks, could no longer be handled with the existing tools. They needed a system to automatize manual processes and minimize the error rate. They found OPplus. FOND OF works with the following modules: Basic, Payment Export, Foreign Payments, Associations, G/L Open Entries and Balance and VAT.
FOND OF imports the bank statement files via a web service into the extended cash receipt journal by using the Basic module. With definitions of suitable accounting rules and BC code accounting rules, they managed to reach a reconciliation quote of nearly 90%. An optimisation, which led to a huge saving of time. The use of OPplus allows the finance team to focus on additional topics, such as the strategic direction of the company.
The module G/L Open Entries gives a better overview on the clearing accounts and makes them more transparent. By clearing out the G/L accounts, they are able to provide information on account balances at short notice. Regarding purchasing associations, FOND OF uses our especially developed tool, giving an easy going solution to build up and handle associations. Base on the fact that the FOND OF GmbH accounts large parts of their business activities (up to 60%) with purchasing associations, our module is used intensively in order to minimise time and expenditure.
The module Balance and VAT streamlines the account schemes and the balance sheets; the profit and loss account is presented more clearly. Especially the adjusted totals and balance lists ensure convenient evaluations. Compared to standard NAV, our OPplus lists are “more informative and clear”.
We are pretty sure, that the successful way of FOND OF will go further. A company that attracted attention not only through first-class products, but also through sustainability and fair working conditions. The latest project, The Ship, also bears witness to this. A modern, extremely digital office building with an area of approx. 13,700 sqm, spread over seven floors. No question: an impressive company!
The team of gbedv GmbH & Co. KG wishes FOND OF GmbH all the best. We are pleased to be a part of this success story and wish to continue on this challenging path with this remarkable company and to support it with our solutions.
Company Fond of GmbH
Contact: FOND OF Finance Team
OPplus since 2013
Modules in use
G/L Open Entries
Foreign Payments Balance and VAT
gbedv GmbH & Co. KG
49 (0)4791/96 525-218