Many insurance businesses, government contractors and other organizations with complex reporting needs find their cloud ERP home with SMB Suite because of our flexible integration options and the superior customizaton of Dynamics GP. Here’s an example from
and insurance agency that couldn’t manage itself effectively any longer on Quickbooks.
As an insurance agency, they had unique reporting requirements and had to report on a statutory
basis instead of an accrual basis. With QuickBooks, they had to jump through a lot of manual
hoops to make the reporting fit their needs and even then they felt it couldn’t be 100% trusted.
They knew manual processes increased the risk greatly for entry errors.
They also didn’t have the ability do detailed budgets in QuickBooks because the tracking
capabilities didn’t go deep enough. This meant budget allocations were extremely difficult to
manage because they couldn’t see what department needed funds and/or resources at any given
time, making room for a lot of financial miscommunication throughout their organization. In
QuickBooks, they never really had an audit trail because changes weren’t tracked appropriately.
When someone made an adjustment, there was no tracking of who did it, when they changed it, or even why they made that change. In addition to compliance risk, this escalated confusion across the company.
One of the biggest pains they experienced was in accounts payable. They have many vendors
they work with across multiple states that require unique tax code requirements and more.
QuickBooks didn’t allow them to consolidate vendors, so each time they had to send a check, they had to create a new account. This greatly limited their ability to track payments because they had so many that went out on a regular basis.
These growing pains were essentially time bombs ready to go off if an audit team showed up.
Luckily, our experienced consulting team and Microsoft Dynamics® GP was able to help them out
of this bind with a number of enhanced financial and reporting functionalities:
Unique Reporting: With Management Reporter in Microsoft Dynamics GP, they now have
access to the reporting they need. They can have separate general ledgers that helps create
statutory reports versus the normal accrual reporting. They can also see segmented financial
statements so if they need reports for multiple departments, they can produce a consolidated
statement and drill down into individual departments. It’s set up similar to a reporting tree and
really helps our client gain insight into their business finances to make better decisions as well
as proactively resolve issues before they even start.
Advanced Budgeting: Because of this detailed reporting, they can monitor their current
expenses against their revenue to determine whether they’re going over budget in a
particular department or have an excess of money that can be leveraged elsewhere. These
reporting trees have allowed our client to do proper allocations across departments so
departments are now funded appropriately. Microsoft Dynamics GP also gives them the
flexibility to do multiple budget versions so they’re never really restricted by their accounting
Tracking: Our client now has complete audit control of their General Ledger. In Microsoft
Dynamics GP, they can make an adjusting journal entry and have complete tracking of who
made the change, when it was altered, and the reason behind it. These tighter audit controls
Insurance Agency Switches from QuickBooks to Microsoft Dynamics GP for Stronger included
in Microsoft Dynamics GP make their accounting system more secure so they can be
confident in their records.
Multiple Vendor Locations: Our client can now manage their accounts payable much more
efficiently and their vendors get paid on time. Accounts Payable in Microsoft Dynamics GP
allows them to consolidate their vendors. If one vendor has multiple addresses, they can
create it under the same master account, making reporting much more accurate and easier to
manage. At any given time, they can see where the payment is based on a payment ID. This
efficiency as greatly improved their cash flow as they can now strategically plan and schedule
payments to meet the needs of their vendors as well as their cash flow needs. Being in more control has increased their trust factor greatly in their new accounting solution, and
Microsoft Dynamics GP continues to see them through their unique financial management needs.