Simplifying financial management
- Cloud based ERP for a growing IT Services Group operation
- Seven Companies migrated to Dynamics 365 for Finance
- Ongoing support provided to migrate new companies onto the platform as they join the Group
FTS Group is a federated group of IT services and consulting businesses which comprises of seven different companies and employs over 350 people across Australia. Each business within the group pursues its own area of expertise, from change management, training and integration, through to bespoke software development and project management services.
The FTS Group business had grown from a single acquisition 12 years earlier to eight market offerings within a group of seven companies. With extensive manual intervention, the team used complex spreadsheets to manage inter-company transactions and reporting. Accounting teams operated separately with varying charts of accounts, controls and processes. In 2017 they were poised for significant growth and it was time to move from separate small accounting solutions to a consolidated Enterprise Resource Planning (ERP) solution. The team needed a way to clean up and reconfigure their data while still satisfying the Australian reporting requirements.
To migrate FTS Group from MYOB and Xero to Microsoft Dynamics 365 for Finance. First, we needed to do was understand current state, define future state and then merge the information into one consistent structure. Similarly, the consolidation rules were amended based on the powerful tools in Dynamics 365 for Finance. The key success factor for this project and in fact any ERP project is the quality of the data to be migrated.
The Accounting team at FTS Group needed to document their core processes. This was performed for two purposes, develop clear procedure that would be used to test the solution and to provide a formal documentation of the core processes so that this could be used for accounting teams in other businesses. The FTS Group challenge was to bring together teams in the separate businesses from multiple cities to form a unified team of accountants within the group.
“With Dynamics 365 Finance we’ve been able to simplify financial management across the Group by automating processes and being able to make data-informed decisions in real-time. Our teams are also starting to utilise Microsoft’s Power Platform for our dashboards which is helping to streamline our reporting process.”
Kunal Shah - CFO, FTS Group
- FTS Group now operates all companies as entities within Dynamics 365 for Finance.
- All controls are managed using workflows with all approvals delegated as roles within the system.
- The teams have common processes, a single chart of accounts that are managed and changed centrally and the ability to automatically consolidate the group accounts for any period.
- Microsoft Dynamics 365 Finance: Automate financial operations, forecast with greater accuracy and make smarter decisions with data that drive quantifiable business growth
- Microsoft Power BI: Build efficient and interactive reporting and dashboards that help visualise data