One of the beauties of a GP-based solution is the flexibility that complimentary programs such as FRx provide, making life easier and even starting companies down the road to financial fitness. This was evidenced recently when Micro Force got in touch with a company to which they were recommended that was using GP 10 but needed some advanced-level FRx development.
The company in question is a fairly well-known entertainment group that has 30 separate entities. Their new CFO came on board to discover an accounting department in disarray both from an overall standpoint but also in terms of how they were using their GP 10 solution. Of the 30 entities that make up the enterprise, 6 were working on 52 period reporting cycles while the remaining 24 entities were working on 12 period reporting cycles. On top of that, with the exception of an annual enterprise-wide report (generated 6 to 8 months after year end by the auditors); the accounting department was having difficulties generating monthly reports for each entity for review purposes. In addition there were no consolidating reports being generated. FRx was in place but was not being utilized at a corporation wide level.
Upon reviewing the situation it was determined that with some advanced-level FRx development the overall project goal could be accomplished: the client would be able to generate full monthly financials in a matter of minutes for all entities as well as for the overall enterprise. But first a short term solution had to be set up that would allow the client to generate the all important quarterly and 6-month reports so that the new CFO could begin to properly assess the financial situation. Using FRx in conjunction with Excel the client is able to gather all of the information from all 30 entities, export the data into Excel and then generate the necessary reports. This initial solution enabled timely financials to be supplied to the client’s banks and other creditors and allowed for internal reporting that would provide for fiscal accountability at each entity. Having put in place some short term solutions, the overall goal of generating full monthly financials (both on the enterprise level as well as for each of the 30 entities within the enterprise) was within reach and the final result will reduce a 6 month reporting headache to a monthly process that will take minutes.