When NuScale Power realized their future meant getting into the federal market, they knew their existing accounting system (QuickBooks) was extremely problematic when it came to government compliance. In this interview, Controller Julie Adelman explains their top three accounting-system anxieties and how Dynamics SL easily solved them.
Just considering a change to your project accounting and financial management system often results in having fears and anxieties. Will we be able to find and agree on the right solution? Will our implementing partner really listen to our needs? Will we find a good solution out of the box or will we need to do a lot of customizations? Can we continue business as usual, or will we need to make major adaptations? Will we be able to do financial reporting the way we need to without the hassle?
Rebecca Harrington, VP of Finance & Corporate Controller at Hydro Resources, shares how her company overcame their fears through good software and the expertise of their new software partner.
How to Overcome New-Accounting-System Fears
When selecting a new ERP, financial management, and/or project accounting system, software is not the only consideration. It’s also important to choose a proven partner, that can help you through:
1 – Technical Support
Have experienced, and readily available consultants at their Help Desk.
2 – A Deep Consulting Bench
Have the expertise on their staff that can deliver you a successful implementation, custom development and reporting, training in the software, and process improvements that will make you more efficient.
3 – Becoming Part of the Software Community
Hold regular user group meetings, provide webinars on new releases and features, and get you plugged into national conferences.
4 – Commitment to the Product
Have a long-term commitment to the software, establish a long-term relationship with you, and be very involved with product development and the publisher.
To see how Synergy performs as an Accounting Software Partner read:
Payback: 12 months
Ave. Annual Benefit: $163,412
In this case study, Nucleus Research (an independent technology evaluator) tracks the deployment of Intacct for Renal Ventures, a dialysis services company. Nucleus Research found the implementation of Intacct cloud accounting resulted in increased productivity, improved reporting visibility and accuracy, and better positioning for growth. “By using Intacct, Renal Ventures was able to grow significantly without a similar increase in accounting staff,” the report states.
With new streamlined processes, one centralized chart of accounts for all their clinics (rather than needing several databases when they were on QuickBooks), free accessibility regardless of physical location, and other benefits, Renal Ventures realized a superior ROI (154%), paying back their software and services expenditures in one year with an average annual benefit of $163,412! These numbers are a direct result of Intacct enabling them to increase both their executives’ and accounting-team’s productivity and avoiding new hires in finance despite an increase in work.
To learn the details of Renal Venture’s major challenges, strategy, key benefits from Intacct, and how Nucleus Research calculated the ROI, download the full Intacct/Renal Ventures ROI Case Study.
Payback: 8 months
Average Annual Benefit: $47,039
We at Synergy, often speak of the strategic value a company should derive from a new financial management and project accounting system. Beyond tactical value—changes like new functionality and integration—new software should deliver improved productivity, reduced operational costs, a good Return on Investment (ROI), increased customer satisfaction, and capability for growth, among other benefits.
In this case study, Nucleus Research (an independent technology evaluator) tracks Canto’s (a technical professional services firm) deployment of Intacct cloud accounting to replace its existing on-premise ERP solution. The results? Canto realized a superior ROI, payback of their software and services expenditures in only 8 months, and an average annual benefit of $47,039! These numbers are a direct result of Intacct enabling them to reduce IT costs, increase revenue recognition efficiency, increase productivity of employees, and improve data management.
To learn the details of Canto’s major challenges, key benefits from Intacct, and how Nucleus Research calculated the ROI, download the full Intacct/Canto ROI Case Study.
Keep in mind, this still doesn’t quantify the full benefits. As the report states, “Not quantified was the additional benefit Canto received from having better management visibility into current operational data for decision making.”
by Michael Camp
At our latest Dynamics SL user group in Seattle, I sat down with Tisha Cornwall, VP of Finance of Solutions IQ and asked her how Dynamics SL and Synergy has empowered their company.
In short, Solutions IQ needed a new project accounting and financial management system that could integrate their four existing systems into one and give them around the clock real-time visibility into their projects. In this video, Tisha explains how Dynamics SL and Synergy made it happen and how valuable their seven-year partnership with us is.
Synergy Executive Series – Article 4
The objective of an enterprise resource planning (ERP) solution is to unify and standardize business processes. This can be in financial management, project accounting, reporting, revenue recognition, and other accounting, sales, service, and customer management activities. Centralizing information makes it easier to collect, access, and manage data across the enterprise. Moreover, it helps businesses reap critical value from ERP through expanded visibility into data that can be used to better inform their business decisions and operational proficiency. But many businesses don’t realize how ERP is the key to their own business growth and efficiency.
For companies that have not implemented an ERP system, the top two reasons given are the perception that (1) the effort to implement is a daunting task and (2) the cost of the software and services is prohibitive. But for organizations that have implemented a best-in-class system, they realize these perceptions are not warranted. They discover there are several reasons a new ERP system is well worth it:
Any effort expended and cost are usually repaid with measurable and significant efficiency improvements. For example, Dynamics SL can deliver payback in as little as six months, and with Intacct Cloud financials, some organizations achieve payback in less than six months!
Many ERP solutions are scalable, allowing for incremental, phased rollouts.
A Cloud-based or hosted deployment of ERP results in lower total cost of ownership (TCO) and reduces the effort and cost of upgrades. With a Cloud-based system, it can eliminate upgrade costs entirely as they are included in the subscription fee.
With ERP, best-in-class companies are reducing operational costs by 20% and administration expense by 18%.
ERP provides the fiscal and operational system of record upon which you run your business. It serves to standardize, streamline, automate, and add visibility and transparency to your processes. In short, it empowers you to easily manage and make sense of mountains of data. To learn more, download the entire article, ERP: The Key to Growth and Efficiency.