Allen & Overy commissions global accounting system

City giant Allen & Overy has collaborated with Elite Information Systems to develop an accounting system that adapts its functionality to operate in different jurisdictions.

The firm went to Elite asking for a new system that could fulfil specific global requirements.

It has now gone live in five locations after a three-month trial of the resultant Elite Global Realisation (EGR) software.

It is hoping to roll the product out to all of its 25 offices worldwide by the end of the year.

The EGR ledger system can prepare accounts according to the differing fiscal requirements of the country it operates in, considering issues such as language, currency account codes and the local financial year end.

The product complements Elite's new Enterprise practice management system - implemented by Allen & Overy in January - and allows firms to prepare their own management accounts, as well draw up bills to local requirements.

Jeremy Sleap, business integration and systems manager at Allen & Overy, said: 'We approached Elite, whose systems we have used since 1993, saying we needed our general ledger system brought into the 21st century.

We talked through our requirements with them and after tests and ironing out small problems, we now have the EGR.'

Mr Sleap said the system's capability to handle the cut-off point of two financial years - in France, for example, it is 31 December - will come to the aid of the many firms which currently have to run two separate accounting systems.

'It solves a huge raft of technical problems,' he said.

'It will allow us to produce worldwide accounts on a geographical or product line basis which should enable us to go forward using EGR for the foreseeable future.'

One firm that will benefit from Allen & Overy's work is City practice Field Fisher Waterhouse.

The 70-partner firm has recently signed up to implement Elite's practice management system with EGR firm-wide.

Addleshaw Booth & Co has also just bought Elite's practice management system.

Andrew Towler