Reliable handling and tracking of your firm’s monetary reserves is crucial. And when wealth management companies are responsible for large investments for several customers, the tracking becomes even more complex. You need to be conscious of cash flow, bank reconciliations, fixed assets, allocations, real estate holdings, and more.
Although Sage’s Timberline is suitable for some modules, such as project-based items or construction, clients have noted that it lacks resilient financials and reporting. Because Timberline can be burdensome for handling significant financial tasks, our clients who were using Timberline had to manually manipulate their financial data using Microsoft Excel spreadsheets for financial statements and reporting. This was exceedingly labor-intensive and inefficient.
The TM Group works with a variety of wealth management companies that have switched to Microsoft Dynamics® GP because they needed:
- “A superior way to manage bank reconciliation and cash management.”
- “Intercompany capabilities and consolidation reporting.”
- “Essential and improved distributions across several units.”
- “Requisite integrated fixed assets.”
- “Significant dashboard aptitudes for quick views on payables, receivables, and cash on hand.”
Microsoft Dynamics GP’s robust platform and proficiencies meet these requirements with the following capabilities:
- SmartLists: SmartLists within Microsoft Dynamics GP make it possible to evaluate budgets across company departments and consolidate reporting so you have an in-depth view of your entire financials.
- Drillable Assets: With Microsoft Dynamics GP, you can see accounting by the grouping of your assets. You can also easily drill down to each asset to view and assess distinct gain and loss. The Fixed Assets module integrates seamlessly into Microsoft Dynamics GP.
- Management Reporter: Management Reporter makes account roll-up possible. So, for example, if the account holder wants to add a relative to his or her investments, you can easily view which account the relative belongs to.
- Accounts Payable: Gain complete control over payroll with Microsoft Dynamics GP and spend less time with new reconciliation processes.
- Dashboards: Role-based dashboards are accessible in Microsoft Dynamics GP and guarantee that the correct statistics get to the correct people effortlessly and in real time.
Are you a family wealth organization current Timberline user, or are you using another ERP solution? Do you have questions for our team, and would you like to get straight answers? Now is the time to bring your 2014 wish list to The TM Group and make your plan a reality. Please contact us today at 888.482.2864 or visit our website at: http://www.tmgroupinc.com/industries/family-office-management.
By The TM Group, Michigan Microsoft Dynamics Partner for Microsoft Dynamics GP, Microsoft Dynamics SL, Microsoft Dynamics NAV, Microsoft Dynamics CRM, and SharePoint, along with NetSuite ERP and CRM solutions.
(Note: This blog is based on the professional opinions of our staff, formed by personal experience with our clients who have migrated from Sage Timberline to Microsoft Dynamics GP).