Based in the southwestern portion of Michigan, this company provides reverse mortgage servicing support for senior citizens 62 years of age and older.
For several years, backend workflows and accounting services for the reverse mortgage servicing company were performed through the enterprise resource planning software Sage Intacct. Overall, at least initially, Sage supported most of the computational and organizational accounting processes this client needed, but the amount of time some of these tasks lasted - such as dispersal, collections, payment processing and cataloging - was proving to be a strain on the company, mainly by delaying other important accounting routines. The client was even penalized on multiple occasions for payment and reporting delays.
Frustrated and confused about what to do to speed things up, the business' vice president of financial systems turned to The TM Group to hash out some sort of resolution.
After observing and getting to the bottom of several of the pain points the client was encountering, The TM Group recommended Microsoft Dynamics GP, one of the world's longest-running enterprise resource planning software bundles whose initial release was back in 1993. The TM Group selected Microsoft Dynamics GP for a few reasons, but mainly because the ERP makes streamlining data easier, especially for datasets that come in large quantities. It also features a number of modules that spoke directly to the client's needs, including general ledger, accounts receivable and accounts payable.
After some false starts at the beginning related to compatibility, implementation of the ERP was seamless, as The TM Group substituted Sage for Dynamics GP. This moved backend processing workflows to a dedicated organizational server alongside its LOB application.
Several months removed from the ERP implementation, the difference in processing time and accounting speed is night and day. The reverse mortgage servicing company now easily handles an average of between 30,000 and 40,000 borrower payments per day, which are then redistributed to loan holders. The time saved has not only helped the company reduce operational costs, but it's allowed it to grow, able to take on more clients without compromising speed. Its parent company is also aiming to transition from Sage to Microsoft Dynamics GP.
If you're looking to take your business to the next level by systematizing workflows through ERP solutions, The TM Group can help.