An emerging biotechnology company focused on the development of biologics and pharmaceuticals for the prevention and treatment of serious infectious diseases had been experiencing outstanding growth. As we all know, this is a great problem to have; but because of the company’s quick growth, it was in dire need of a more effective ERP solution. The company had been using QuickBooks Pro and wanted to keep ahead of its growth by investing in a much more robust and full-featured solution. The finance specialist at the company had previous experience with Microsoft Dynamics GP, so she championed a switch to that.
After a review of several accounting applications, Microsoft Dynamics GP was unanimously selected by their selection committee because of the software’s outstanding functionality. The organization quickly adapted to using GP’s General Ledger, Accounts Payables, Purchase Order Processing, and Bank Reconciliation features. The company will next roll out the Fixed Assets and Accounts Receivables features.
One of the main reasons Microsoft Dynamics GP was chosen is that the software can keep the company’s eight databases separate, and it includes an intercompany module for transactions that cross companies. GP also offers multi-company financial reporting and consolidated statements generated with Management Reporter that are necessary in a multi-company environment. The company’s previous ERP system could never have accomplished this.
Employees were also excited about being able to use Analytical Accounting to track activity for all the drugs and manufacturers that they research. Now all the financial activity related to these drugs can be tracked using analytical codes instead of having to build a drug segment into a Chart of Accounts.
Another reason the company chose this solution was because Microsoft Dynamics GP offers tighter controls and caters to the stringent compliance and security issues imposed on the firm as a publicly traded company. The company also deployed one of our trusted ISVs (independent software vendors), Fastpath Assure, with its built-in audit intelligence that enables users to efficiently and effectively analyze their Microsoft Dynamics application for potential segregation of duties conflicts. With Fastpath Assure, users can propose, approve, and implement resolutions and mitigations within the system throughout the audit process.
This smooth and straightforward project – delivered on time and within budget – was a success. The company has assumed much of the responsibility of support and is steadfast and self-sufficient, owing to the accounting manager’s prior experience with Microsoft Dynamics GP.
Originally published on www.erpsoftwareblog.com.