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BDO Implements AccountsIQ for Digital Partners in Just Four Weeks
Digital Partners, a new venture created by global reinsurance firm Munich Re, worked with cloud accounting experts at BDO to extensively scope system requirements before choosing its accounting platform. As a result of a thorough and expertly-led discovery workshop to define needs, AccountsIQ was selected and implemented by BDO smoothly and quickly.
www.accountsIQ.com
Case Study
Key Objectives
· Scalable platform· Customised reporting to support business decisions· Create efficiencies· Free up staff time to focus on value-added tasks
Key Benefits
· Multiple ledgers · Integrated OCR technology · Automated Bank Reconcilliation· Advanced Business Intelligence with customisable reporting dashboards
Thanks to the preparation and groundwork, and the flexibility of the software, the implementation of AccountsIQ in our business took just four weeks.
Anoop Rehal, Head of Finance and Data, Digital Partners
Get in touch to discussyour Cloud accounting needs:
UK +44 (0)203 598 7350Ireland & Rest of the World + 353 (1) 707 44 [email protected]
Finding the right finance system for a modern workplace
Specialists in implementing cloud
accounting solutions, BDO’s Business
Services & Outsourcing team led the
project which scoped the requirements of
the new Digital Partners business entity.
As a modern workplace, it was clear from
the start the aim not only included finding
a scalable platform which could produce
great reporting and support business
decisions, but also to find a system which
would be enjoyable to use and free up the
staff’s time to focus on value add tasks.
BDO designed and led a discovery
workshop with the Digital Partners team
to ensure they made the right decision
about the accounting platform from
the business’s earliest days. It included
discussions with senior stakeholders
about the reporting they wanted the
system to produce as well as with the
team using the software daily. Anoop
says, “It was equally important for us to
find a system that appealed to everyday
users whose jobs could be made easier
and more interesting. The automation in
the system, such as Workflow Approval,
makes processes simpler, and integration
with advanced receipt scanning
technology means my team will be able to
spend more time reviewing, checking and
evaluating work than entering data.”
The benefits of a process-led decision on software
Rather than choose the system which
they assumed might suit the new venture
best, then try to make it fit, BDO worked
closely with Digital Partners to focus first
on defining business processes, then
choosing the most appropriate system,
and finally designing and implementing it
for current and future needs.
Anoop explains, “We spent the first
half of the project scoping the business
processes with BDO. When it came to
implementing AccountsIQ, understanding
exactly how the Chart of Accounts should
be configured, which ledgers need to be
set up, and how the information is going to
flow through the system made for a really
smooth and quick implementation.” He
continues, “Having BDO as an external
partner on the project gave us an added
level of independence, challenging what
we thought we required and also helping
us understand what we could do without.”
Why Digital Partners chose AccountsIQ
The ability to create multiple ledgers
and sub-ledgers. This allows Digital
Partners to run a different ledger for each
insurance ‘Partner’ (client) which monitors
money in and out. The venture is also
responsible for credit control; monitoring
income from its Partners and making
relevant payments to the Group. The
concept of separate ledgers also allows
Digital Partners to dedicate a ledger to its
own admin costs.
Integration with advanced scanning
technology and automated bank
reconciliation. An integration with
receipt scanning technology (AutoEntry)
will facilitate staff development and
increase their enjoyment and engagement
in the business by reducing time spent on
repetitive, paper-based tasks. Finance
support staff will now have opportunity to
review, check and challenge information;
a considerable step further than
purely entering data. Automated Bank
Reconciliation in AccountsIQ also saves
time and paperwork.
Advanced Business Intelligence. Less
complex than the likes of NetSuite or
Oracle yet more sophisticated than Xero,
AccountsIQ’s cloud accounting software
offers high growth enterprises such as
Digital Partners significant capability in
terms of Business Intelligence. Reporting
Dashboards are available ‘out of the box’
but can also be customised, and data can
be exported via Excel into other reporting
applications easily, adding value to other
reporting packs.
Designed for the Cloud, AccountsIQ is unique in providing Accounting, Consolidation and Business Intelligence in onepowerful solution. The online accounting platform is deliveredas a fully hosted Software-as-a-Service offering which cuts costs, informs better decision-making and boosts productivity.
For me, AccountsIQ implemented by BDO has been the right choice for what we need now and for the future. Even though we are just starting out, very soon we will be on a par with a mid-sized enterprise on sheer volume of transactions. AccountsIQ will support us easily today and through our future periods of growth.
Anoop Rehal, Head of Finance and Data, Digital Partners
Get in touch to discuss your Cloud accounting needs:
UK +44 (0)203 598 7350Ireland & Rest of the World + 353 (1) 707 44 [email protected]
