Greggs tucks into centralised accounting model

Greggs the bakers has signed a contract for financials software from Coda worth £600,000 in the first year.

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The software will be used by 100 finance staff looking after 1,350 shops and will consolidate 10 regional systems into a central shared-service accounting model.

The system will also allow Greggs to move from a quarterly reporting cycle to a monthly one, and provide more detailed financial information from each store.

Greggs has also purchased a reporting add-on for asset counting, billing, invoice-matching and business intelligence.

In a statement, Greggs finance systems manager Lee Massingham said: "The chosen application will support both our divisional structure and our requirement to provide increasingly timely, accurate information at shop level. The product will interface to our existing manufacturing and Epos applications helping us to further automate our accounting processes."

The news comes as the company announced the appointment of Sainsbury's retail director as its new chief executive, replacing Sir Michael Darrington.