A single-family office organization based in Michigan.
The main sources of frustration and inefficiency for this client was financial and operational reporting. The staff had been using a well-known legacy software product for this task. While this setup was serviceable early on, the client then assumed many of the assignments that were originally handled by its parent organization. More data to comb and sift through exacerbated already existing inefficiencies, which ultimately reduced productivity and increased frustration for those engaged in the tiresome tasks.
At a loss for how to fix the issue, the SFO firm reached out to us at The TM Group.
After getting a better sense of the client's goals and observing the stilted nature of the firm's internal processes, we recommended Microsoft Dynamics GP. This enterprise resource planning tool is geared for mid-size businesses and is designed to help users increase overall output thanks to the built-in solutions that enhance visibility into all the aspects of an organization's day-to-day operations.
We also recommended Solver Reporting, Budgeting and Data Warehouse, this add-on data warehouse and reporting solution fully integrates with Dynamics GP and should greatly streamline their reporting. Another add-on solution we suggested was Binary Stream's Multi-Entity Management which streamlines intercompany transactions with their many businesses.
In just about every aspect, the SFO organization experienced measurable results soon after the implementation was completed. With Microsoft Dynamics GP, Solver and Binary Stream in place, the family office's accounting tasks were not only simplified, but the firm was able to take advantage of more detailed and simplified reporting to manage their business. For example, the new ERP solution optimized the single-family office organization's loan management side of its operation as well as better managing travel expenses. These were in addition to the improvements in data collection and report generation that Microsoft Dynamics GP was able to provide.
With any of the Microsoft Dynamics products in place, your business is bound to grow, due to the software helping you improve on what you do and potentially strengthening other aspects of your operations as well.