Seascope Holding Ltd – Software (Xero) Conversion Project, Training, Efficiency Reviews
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Client (anonymised): Independent Insurance Broker operating in Lloyd’s of London and International markets, specialising in International Marine insurance and re-insurance.
Project: A client requested our services to advise and assist on the transition from their legacy software accounting function to Xero
Client challenges:
Our client had been maintaining their accounting function on legacy software which was due to expire. As such they wanted to be sure they had an oversight of the options available, and full support and training when transitioning to a new accounting system.
After taking time to understand the entity’s needs and existing practises, we were able to advise and identify existing efficiency constraints in regards to manual processes, paper documents and filings, and incorporate these additional issues into the project.
As part of a growing group internationally, it had become apparent that the finance function was taking the Finance Director away from important business running matters with the need for additional resourcing/help.
The client had used bespoke/tailored management reporting templates presented to the Board and it was key we would not only be able to keep this format, but to automate the reporting function as well.
Our response:
We advised that Xero would offer the client exactly what they needed from their accounting software and that this transition would be a great first step in addressing challenges and issues faced.
We discussed the conversion options available, using either Movemybooks or Xero’s conversion tool box, with the key differences being what level of financial information (record keeping) needed to be retained. Given the client would have access to existing accounting software in a read only capacity, we opted for the Xero conversion toolbox method which allowed us to upload historic balances only, rather than transactional data.
As part of the conversion, we were able to incorporate and recreate an existing Chart of Accounts with identical narrative and coding options familiar to the finance team. Included in this were additional Departmental, EU Branch/intercompany analysis to show the relevant breakdown and allow for bespoke reporting requirements.
Additional efficiencies included bespoke setup of multiple bank accounts, fixed forward fiduciary accounts creating an automated FX correction, setup of input fields for further reporting analysis required on transactions held in the system (Employee, Departmental).
We trained existing staff on core aspects of the day-to-day processing, how to use automation software to reduce manual processing time, and build this into their systems/controls. We also provided comprehensive software training on Xero and Dext.
As part of our service offering, we held weekly and monthly meetings to allow the finance team access to our Migration specialists to ensure any queries the team had were addressed in a timely manner. This helped build strong relationships and trust within the process and caught any teething issues early to understand additional training requirements or before any additional issues occurred.
Benefits to the client:
- Significant improvement in the finance function resulting in the following:
- Reduction in errors due to automation
- Reduction in time to manage the finance function
- Fully efficient accounting function.
- Oversight of timely financial information to aid business decisions
- Free up management times to focus on business initiatives
- Help identify delegation of roles to ensure workload management in the accounting function
- On-call help from our Outsourcing team on any ad-hoc issues.
Future plans:
Having worked together on ‘phase 1’ of the initial project, the client has asked us to help, advise and assist on additional aspects of their finance function. Areas we have identified include the following:
- Further migration for all other entities within the group
- Full Automated Integration of IBA with their insurance software RiskPro
- Integration and automation of the consolidated reporting process which is currently prepared manually in Excel.
AB to request an advocacy quote from client