Multinational Insurance Firm Manages Financial Reporting with Ease

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Highlights 

Industry: Financial services 
Solution: Sage 300
Results: 

• Ease of financial reporting
• Greater productivity
• No risk of human errors
• Peace of mind over information security and tax compliance

Challenge

A multinational insurance firm’s Singapore-based Asia-Pacific headquarters had to manually consolidate voluminous financial data from branch offices in the region for financial reporting. This was a significant challenge due to differences in local accounting systems between the branch offices. Seeking a solution to this highly tedious process, the firm turned to Stone Forest IT (SFIT) for a solution.

Solution

After consulting with the client, SFIT proposed a customised Sage 300 solution with the following features:

• Standard chart of accounts for all branch offices in the region, facilitating the process of presenting all financial data according to reporting requirements in Singapore
• Standard procedures relating to the accounts receivable, accounts payable, and general ledger functions across all branch offices
• Automate preparation of fixed assets register
• Delegate access rights to employees based on their roles
• Incorporate local tax reporting requirements into accounting system to ensure compliance

Results 

With the successful implementation, the client enjoyed the following benefits:

• Ease of financial reporting
• Greater productivity
• No risk of human errors arising from manual consolidation of financial data from different branch offices, ensuring accuracy in financial reporting
• Peace of mind over information security and tax compliance

SFIT leverages its vast experience in implementing customised Sage 300 solutions to help businesses meet their diverse needs.