December 21, 2010 Ken Jacobsen

Robust Financials for Wealth Management Companies, Microsoft Dynamics GP vs. Sage Timberline

Keeping track of your financial investments is extremely critical, even on a personal level. So when wealth management companies handle large investments for multiple clients, the tracking is even more crucial. You need to track real estate, cash flow, bank reconciliation, fixed assets, allocations, and much more.

Although Timberline is appropriate for some functions, such as construction and project-based items, clients have told us that it does not have strong financials and reporting.  Because Timberline can be cumbersome for handling important financial tasks, our clients who switched from Timberline had to manually manipulate financial data using Microsoft Excel which was extremely time consuming even for simple financial statements and reporting.

The TM Group works with a variety of wealth management companies that have switched from Timberline and other applications that have told us:

  • “We need a better way to handle cash management and bank reconciliation”
  • “We need intercompany capabilities and consolidation reporting”
  • “We need better allocations across multiple units”
  • “We need integrated fixed assets”
  • “We need Dashboard capabilities for quick view on cash, payables, and receivables”

Microsoft Dynamics GP has capabilities that answer requirements with the following capabilities:

  • SmartLists: Smartlists within Microsoft Dynamics GP make it possible to analyze budgets across company departments and consolidates reporting so you have an in-depth view of your entire financials.
  • Drillable Assets: With Microsoft Dynamics GP, you can see accounting by grouping of your assets. You can also easily drill down to each asset to view individual gain and loss. The fixed asset module integrates seamlessly into Microsoft Dynamics GP.
  • Management Reporter: Management Reporter makes it possible for account roll-up. So if the account holder wants to add a relative to their investments, you can easily view which account they belong to.
  • Accounts Payable: Gain complete control over payroll with Microsoft Dynamics GP and spend less time with new reconciliation processes.
  • Dashboard: Role-based dashboards are available in Microsoft Dynamics GP and help ensure the right information gets to the right people quickly and in real-time.

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