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Case Studies: Implementation of Microsoft Dynamics GP in Financial Industry.

 

With Microsoft Dynamics GP and Management Reporter the Financial Company Gains Business Insights in its Operations.

The environment

Company with offices around the world and revenue of over $100 mln was running the business on small accounting package. Even though friendly and easy to use the accounting package was not able to support operations and growing requirements of financial reporting. It was difficult to get information about expenses, impossible to do financial consolidations with multicurrency and the system was vulnerable to users’ errors. Multiple people could not work in the system simultaneously.

To prepare financial reports the information had to be exported to Excel, manipulated, aggregated and compiled into financial statements. That resulted in multiple mistakes and misrepresentation of financial results of operations to the management team.


The Solution

After a few meetings with the management team and careful analysis of bottlenecks and constraints of the business it became apparent that existing accounting software could no longer accommodate requirements of the company.

The recommendation was to replace current accounting solution with Microsoft Dynamics GP and use FRx for financial reporting.


The Execution

To support multiple offices and many locations Microsoft Dynamics GP was installed on the Citrix server. That allowed users from multiple parts of the country to work in the system simultaneously.

The test environment was configured, data conversion tested and users trained.

Independent companies/databases were created for international entities where each entity used its own home currency.

The accounting system was configured with Analytical Accounting feature that allowed capturing of expenses by location, department and employee without expanding the chart of accounts.

The company took advantage of Electronic Banking where electronic payments and bank reconciliation were done automatically without tedious reentry of information from the bank web site into the accounting solution.

Automation was created to import multi-employee, multi-department bills from credit card and cell phone vendors with all necessary distributions into the General Ledger and Analytical Accounting.

FRx was leveraged to consolidate the results from operations from multiple international companies with different currencies.

Additional SSRS reports for expense analysis were designed and scheduled for delivery to specific people on a weekly basis. These reports allowed users to have access to information in their fingertips and enabled faster and more accurate decision making.


The Benefits

All that allowed for shorter closing cycle, less manual data entry and consequently fewer mistakes.

All that allowed for shorter closing cycle, less manual data entry and consequently fewer mistakes.

Errors in financial reporting were eliminated since no human interference was needed to extract and massage the data.

That improved the accuracy of financial reporting, boosted morale of the company and allowed management make faster and well informed decisions.