Wealth Management

Technology: Dynamics 365 Business Central, D365 CRM

Industry: Wealth Management

One of the top Wealth Management Firms Uses Dynamics 365 Business Central to Achieve Cloud ERP Strategy

Client Profile

The client is a leading wealth management firm in the Adelaide area offering investment management, financial planning, tax, trust, estate, and philanthropic solutions to help individuals, families, and non-profits preserve and grow their wealth. They are 20 years old, employee-owned business. They manage more than 2 billion dollars in assets and have 60 employees.

Business Challenge

The client used to use Microsoft Dynamics GP, and overall, it was working fine with them functionally. Every month, to close the books, they used to post journal entries to their general ledger. The monthly journal entries were posted manually and then from GP, a trial balance was run. After that, they used to use FRX reporter for grouping their account by subgroups of financial statements, and various reports were run for analysis of monthly activities. These were compared with previous months and/or years for budget information.

THowever, they were facing an issue that Dynamics GP was not a fit with their overall strategy. For that reason, they transferred their ERP to the cloud and started using Office 365. Then, they felt that their ERP should also be closed-based. Also, the server hosting their Dynamic GP required to be updated, resulting in costly software updation. They decided to evaluate cloud options.

The client’s team started researching software. They considered to transfer the Dynamic GP to an Azure environment. Also, the possibility of using the QuickBooks Enterprise version was considered. The third option they looked into was Microsoft Dynamics 365 Business Central.

It was clear that irrespective of the solution they choose, that had to be in line with their vision of moving to the cloud. It had to be without the need for on-premise software. Also, it had to be compatible with other solutions they were using to run their operations.

Bizmaxus Impact

Working with Bizmaxus was the perfect solution for the client. They were able to use an intuitive and easy cloud-based financial management system which was compatible with the other Microsoft cloud-based products which they were using. The Jet Reports were also configured and implemented by Bizmaxus so that the reporting was correctly formatted without unnecessarily complicated modifications. Also, the organization that had supported on Dynamics GP ensured that they were easy to work with for the staff, and they did not need to bring anyone up to speed on how they operated.

Working with Bizmaxus was very comfortable as the consulting staffs were responsive, professional, and attentive. When the client was asked what they should advise other firms those were considering GP on Azure versus Business Central, she told “Definitely go with Dynamics 365, but make sure you also use Jet Reports.”

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