Previously, CRP used Sage 300 to support their business, however they felt they were not using to its full capacity, making use of only some of its functionality.
Whilst they made good use of the Journals and trial balance, they still needed to export their data to configure and manipulate for reporting within Excel. As a result, month-end close process took much longer than it should and felt very disjointed.
CRP also faced a particular challenge in their recharging process. As part of their month’s accounts process, CRP recharges out a number of costs to their partner companies, and invoices were manually created in Microsoft Word which was extremely time-consuming.
In addition to their internal challenges, the Government had also announced the Making Tax Digital initiative which required automation of VAT submissions.
As Sage 300 was not equipped to manage this, CRP considered bridging software, however this would not have been sufficient as a long-term solution. Therefore, they needed to consider alternatives to help properly digitise their Finance department’s processes in line with HMRC’s plans.
Unfortunately, due to Sage 300’s functionality limitations in comparison to CRP’s requirements and the changes to MTD, continuing to use it was not an option.
Additionally, CRP were also aware that Sage would potentially be withdrawing support for Sage 300 in the coming few years. This cemented their decision to find a new solution.
Correlation Risk therefore required a more intuitive, cloud-based solution, which could:
- move them away from multiple spreadsheets and manual processes
- reduce their reporting time
- provide room for growth
- futureproof their finance processes by using automation to bring them into the modern age
In order for it to be a success, their chosen solution would have to offer:
- Making Tax Digital compliancy
- Invoicing functionality including electronic distribution capabilities
- Core finance functions with a modern look and feel
- Reporting options and access to real-time information and cloud-based accessibility
- Flexibility to add new entities as and when required
- Workflows and authorisations
- Inter-company transacting
The search for a new financial management software solution also presented Correlation’s finance team with the opportunity to integrate with the Finance team of their underwriting partner, Red Sands, an independent insurance group based in Gibraltar and operating in the UK.
While Red Sands didn’t have the same requirement to leave Sage 300, they toowere not using the system to its full functionality and had extremely lengthy and convoluted processes, so it made sense for them to move as a group.