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 and implementing its accounting platform.
Digital Partners’ aim not only included finding a scalable cloud accounting platform which could produce great reporting for multiple stakeholders 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’s Business Services & Outsourcing team 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 Rehal, Head of Finance and Data at Digital Partners 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.”
A PROCESS-LED APPROACH TO SELECTION
BDO worked closely with Digital Partners to focus first on defining business processes, selecting the most appropriate system then 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.”
“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.”
As a result of BDO’s involvement in the implementation, Digital Partners were able to translate business requirements into tangible benefit – in this case an optimised cloud accounting solution – in just four weeks.
WHY DIGITAL PARTNERS CHOSE BDO TO TRANSFORM THEIR FINANCE AND ACCOUNTING FUNCTION
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.
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.
Anoop concludes, “For me, AccountsIQ implemented by the team at 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. BDO and AccountsIQ will support us easily today and through our future periods of growth.”
THE BDO DIFFERENCE
Our team of dedicated experts is focused on managing the optimisation or migration to innovative ‘cloud accounting solutions’ with well-developed ecosystems of tools and apps. We help design and implement efficient tools to support productivity, operational performance, business agility and timely management information.
Visit our finance and accounting technology service pages or download our brochure to learn more.
To subscribe to receive further content on the issues impacting finance teams facing transformation and change, click here.
DOWNLOAD OUR BROCHURE
If you would like more information about Rethinking the finance function of the future please visit our hub.
Visit the hub