Single family office accounting modernizes with Microsoft Dynamics 365 Business Central

November 1, 2018
November 1, 2018 Allie

Single family office accounting modernizes with Microsoft Dynamics 365 Business Central

The Client
A single family office accounting department managing a real estate and investment firm based in western Michigan with eight legal entities. The organization maintains many investments across multiple sectors including dining, lodging, retail, commercial and a big-game hunting ranch and needed a more modern accounting solution.

The Challenge
The organization had been relying upon an antiquated iteration of Sage BusinessWorks that was installed on its business manager’s laptop. This meant that to run reports or look anything up, they would have to go to that one person and their laptop. This was further complicated by the fact that the bookkeeper only worked three days per week and was planning to retire soon. This upcoming transition drove the enterprise to search for an alternative solution that would not be installed on one individual’s computer and facilitate remote user access. The client also wanted to put into place a more scalable platform that could grow with the business, which was on the verge of expansion. With these objectives in mind, the client connected with The TM Group for guidance and implementation assistance.

The Solution
Their new accountant had used Microsoft Dynamics GP previously, so they wanted to look at both GP on-premise and Microsoft Dynamics 365 Business Central in the cloud. However, GP ended up being a lot more expensive because it required a new server, new desktops and setting up remote access for users. Business Central being cloud based didn’t require new hardware and offered remote access by default.

Consequently, The TM Group put together a proposal centered on the Microsoft Dynamics 365 Business Central accounting solution and its core financial management modules, which included the general ledger, accounts payable, accounts receivable, and bank reconciliation modules. Consolidated financial reporting across their multiple legal entities was also very important. The client additionally expressed interest in Dynamics 365 Business Central’s inventory control module, which it intended to use exclusively to manage supplies on one of its properties. Decision-makers for the business approved this strategy. Soon after, The TM Group went to work with their staff implementing Dynamics 365 Business Central.

The Outcome
Implementation was ultimately a success. The company made the switch to Dynamics 365 Business Central, immediately giving employees the power to access mission-critical financial tools remotely. More importantly, The TM Group managed to help the CFO become familiar enough with the platform to take over key data migration tasks, accelerating roll out and laying the groundwork for sustained system success.

The client intends to expand their business by adding more businesses including an ice cream shop and gas station. In the future, they would also like to integrate their POS systems to the Business Central accounting system with eOne’s SmartConnect integration tool. When the enterprise eventually embarks on this stage, Dynamics 365 Business Central implementation specialists at The TM Group will be there to assist.

Does your business want to experience a similar project success? Connect with The TM Group whom has managed Dynamics implementations for decades, providing entities of all sizes with customized services designed to help them find success today and in the future. Connect with The TM Group today to learn more.

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