BDO Supports Digital Partners to Implement AccountsIQ in Just Four Weeks
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 its accounting platform. As a result of a thorough and expertly-led discovery workshop to define needs, AccountsIQ was selected and implemented by BDO smoothly and quickly.
Thanks to the preparation and groundwork, and the flexibility of the software, the implementation of AccountsIQ in our business took just four weeks.” Anoop Rehal
Finding the right finance system for a modern workplace
Specialists in implementing cloud accounting solutions, BDO’s Business Services & Outsourcing team led the project which scoped the requirements of the new Digital Partners business entity. As a modern workplace, it was clear from the start the aim not only included finding a scalable platform which could produce great reporting 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 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 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.”
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The benefits of a process-led decision on software
Rather than choose the system which they assumed might suit the new venture best, then try to make it fit, BDO worked closely with Digital Partners to focus first on defining business processes, then choosing the most appropriate system, and 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.”
Why Digital Partners chose AccountsIQ
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
Less complex than the likes of NetSuite or Oracle yet more sophisticated than Xero, 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.
For me, AccountsIQ implemented by 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. AccountsIQ will support us easily today and through our future periods of growth.”