A large, well-known, and highly respected family office and investment firm that manages over 270 individuals’ trusts and foundations was in dire need of upgrading their current software. They were operating on an older, crude DOS-based system that required a great deal of effort because of manual entries into spreadsheets necessary for their reporting. This company was also utilizing FoxPro as a database management system. They realized they needed to upgrade their primary portfolio package for essential transactional processes as well as to simplify all their financial reporting.

The company chose Advent, a leading portfolio software package platform designed specifically for wealth management. Advent software is used for front-end data management and does not offer or have an ERP module. They required a robust ERP accounting platform for the back end that would connect with their data management. They chose The TM Group because of our experience with other family offices and selected Microsoft Dynamics GP as their financial package. The company required GP’s financial module for all their accounts receivable and payables, check processing and general ledger. As part of the project, we were going to implement Microsoft Dynamics GP and Advent as an integrated solution.

The Advent portfolio management database feeds data and information back into Microsoft Dynamics GP for reporting and spreadsheet analysis. The power of Advent portfolio management solution integrated with Microsoft Dynamics GP’s Management Reporter and has streamlined their reporting process! They can also use Microsoft’s Sequel Server Reporting Service (SSRS) and GP’s Management Reporter for the savviest data and reports. This integrated solution also provides electronic communication capabilities to the banks and for all their trading partners (such as Merrill Lynch) for secure wire transfers and deposits.

Another challenge was that this client has over 270 companies listed as separate databases, and each of these is treated as a single company. We needed to successfully migrate all this data into Microsoft Dynamics GP and consolidate it into one database to streamline transaction entry and reporting. So we implemented Binary Stream’s multi-entity management solution. Binary Stream simplified multi-entity transactions and significantly improved their financial reporting time and quality per entity.