Multinational Insurance Firm Manages Financial Reporting with Ease

Aug 28 2019
Stone Forest IT
FSI (Insurance)_Global Assistance Services Provider Boosts Productivity and Information Security_Sage 300

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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.


About

The Stone Forest group of companies provides a comprehensive suite of business solutions to support your business growth in Singapore and globally.

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