About Denovo Hellas
Denovo Hellas is a tailor-made software development company, a subsidiary of the Austrian company Denovo. Overall, the business primarily focuses on digital transformation for companies and also specializes in creating MVPs for startup companies, following agile methodologies.
The Austrian company Denovo employs 20 individuals, while its Greek branch has approximately five specialized professionals. The core services they offer include consulting, development, UX prototyping, and DevOps.
Why did they decide to use a time-tracking and financial management tool?
Invoicing and submission to myDATA
The parent company in Austria has been using its own invoicing tool for years, which couldn’t meet the needs of Denovo Hellas due to Greek regulations and different procedures followed in Austria.
After researching for a comprehensive invoicing software that would allow them to issue and send documents to myDATA, Ms. Vorylla, Managing Director of Denovo Hellas, settled on the Elorus platform.
The need for an invoicing tool was imperative for the company. However, they chose Elorus as they found it fully suited to their requirements, not only in invoicing but also in the overall financial management of the company and monitoring the productivity of their team.
Monitoring working hours and team productivity
Like in all software development companies, in the case of Denovo Hellas, recording and analyzing working hours is crucial. Despite being a small team, they wanted to know how much time it takes to complete each project and task.
This way, they can organise their work with greater precision and simultaneously identify areas for improvement, making them more effective in their work processes.
As the Managing Director of the company, Ms. Vorylla needed an online tool that would enable her to record expenses and effectively manage the finances of Denovo’s Greek division. She wanted real-time monitoring and understanding of the company’s financial obligations to third parties, as well as the financial requirements from its clients.
Utilizing an online financial management platform was imperative for the accurate archiving of financial documents, including invoices and expenses, and for facilitating seamless communication of the Greek branch’s financial performance with the parent company in Austria.
The solution using the Elorus platform
Electronic invoicing for projects, comprehensive expense management, and integration with myDATA
With Elorus, the company has the capability to easily invoice its clients for the projects it undertakes, automatically updating the myDATA platform.
Furthermore, it can record and categorize all expenses incurred by Denovo Hellas, ranging from salaries, taxes, office rent, and accounting fees to travel costs, subscriptions for other software used each month, advertising expenses, and many more.
Subsequently, Ms. Vorylla, through the detailed reports provided by Elorus, can constantly monitor how much money the business is spending by expense category and by cost center. This enables her to adjust expenses to stay within budget by year-end and plan the budget for the next year more effectively.
Effortless recording and analysis of working hours
With Elorus, the employees of Denovo Hellas have the capability to effortlessly track their working hours in every possible manner, whether it’s for a specific project or internal business processes.
All team members have access to Elorus and can record their time either in real-time through the application and browser extensions or later using timesheets.
By recording their time, each employee specifies the particular project and task they are working on. All this information is collected within the system, preparing corresponding reports for further analysis.
Lastly, Ms. Vorylla can generate customized reports regarding how time is allocated across various projects and the overall team effort using the application’s filters. She can meticulously track billable and non-billable hours for each project, its costs and expenses, the total invoiced amount for each project, the amount of time each team member has worked on specific projects and tasks, as well as other details related to project implementation.
Effective Financial Management
Through Elorus, Ms. Vorylla can easily monitor the financial obligations and receivables of the company at a glance through the application’s general overview, as well as in detail through Elorus reports. She can create documents, track the company’s liquidity, record and analyze expenses, and stay updated on customer balances and outstanding invoices, among other functionalities.
In short, Elorus provides managers and business owners with a comprehensive view of their finances in a simple and effective manner, without the need for complex tools or constant communication with their accountants.
What did they achieve by using Elorus?
Over the past two years, the Denovo Hellas team has been consistently using Elorus, recording thousands of work hours and logging hundreds of business expenses. Simultaneously, they have continued to invoice clients seamlessly while transmitting the necessary documents to myDATA.
Ms. Vorylla, through Elorus, has successfully managed the company’s finances within the user-friendly application environment, as she mentioned in our interview. By utilizing the available Elorus reports, she can tailor information to meet her specific needs, enabling her to make the right decisions to achieve the company’s goals.
Furthermore, through daily time tracking, she can identify new areas for improvement to enhance her team’s productivity.
For example, by using Elorus Time Tracking, they noticed that some projects they undertook required more time than expected for completion. After an internal investigation, they found that by incorporating extra meetings during the feature implementation process for their clients, they could discuss and clarify details, thereby preventing potential errors and project delays.