Case Study
Equivo migrate from Sage 50 to Sage Intacct
Company Name:
Location:
Industry:
Sage Solution
Type of Business
Equivo was established to provide an innovative tech-enabled debt recovery service into the UK debt recovery industry.
Authorised by the Financial Conduct Authority, the Solicitors Regulation Authority and the Ministry of Justice the unique Equivo debt and properties services are delivered from four regional offices and supported by a nationwide field team.
https://www.equivo.com/
Challenge
Initially the business was running with Sage 50 accounts.
The onerous audit and accounting conditions to maintain the regulatory authorisation meant Sage 50 just wasn’t able to perform to a high enough standard or accommodate the reporting requirements resulting in manual reconciliations and spreadsheets for everything.
Two principle elements of the overall solution requirement were: –
- The capacity to handle high volumes of data over time and integrate with third party case management applications
- The ability to report at general ledger level on the recognisable revenue within the complex revenue rules applied within the industry.
ROLE OF SAGE AND X3 CONSULTING
X3 Consulting undertook detailed review and through scoping meetings identified that either the Sage Intacct or Sage X3 applications could deliver the necessary functionality.
Sage Intacct was deemed the better fit as in addition to being a true cloud and class-leading financial management solution, it also requires a lower consultancy spend as it is very quick to implement.
The initial project involved a migration from Sage 50 over to Sage Intacct.
Eddie Drew, Head of Systems at Equivo states “We needed a partner who can understand our regulatory needs and design an integrated finance solution which would alleviate the need to add more people as the business scales. Combined with a solid financial management application that could support those aims.”
Karl Foreman, Group Financial Officer said “We were really pleased with the simplicity of the migration from Sage 50 and the fact that we were live on Sage Intacct only 8 weeks from order.”
Eddie Drew goes on to say “We knew that economies of scale would be critical to our business model. With Sage Intacct we have been able to co-ordinate our data management processes so that we have automation central to the handling of our financial information”
Result
By transitioning from Sage 50, Equivo in conjunction with X3 Consulting, have been able to model the numerous integration points and legislative/regulatory accounting steps between the various case management platforms and Sage Intacct. This has produced an integrated design which reduces the burden on the finance team of managing thousands of transactions per month.
This design utilises the powerful Sage Intacct open API and allows Equivo to control the allocation and posting of realisable revenue and distinguish client funds from operational revenue. This is a pre-requisite of maintaining the various regulatory approvals which the business needs to operate on a daily basis.
About Sage Intacct
Sage Intacct is a cloud-based financial management software designed for businesses. It offers robust features such as automated financial processes, real-time reporting, multi-entity management, and comprehensive dashboards. With seamless integration capabilities and scalable solutions, Sage Intacct helps businesses enhance productivity, ensure compliance, and drive growth through insightful financial data and analysis.
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