According to LInda Larish, Controller at VTI Security, with Great Plains, the month-end process typically took 15-20 days before they got a financial out. In Q360, this process has been reduced to eight days to the point where they are closed and everything is complete. Balancing the AR and AP and all the sub-ledgers are done the first day after the end of the month.
In Great Plains, the longest process was the percentage completion and running the WIP. “I basically had to run multiple reports and combine them all into one, and do the calculation of the percentage to completion manually in a spreadsheet every month. And do the general entry and then reverse it the next month. ” says Larish.
“With Q360, basically I am posting COGS and revenue throughout the month. The last week of the month, I post daily, and then basically that first day, it’s balanced and I don’t have to do any combining of reports or anything. It’s just all right there.”
So the system does all the calculations automatically, “Which saves me about four days,” Larish reports.
VTI Security recently went through a year end process, “When we went through our year end audit, this year was kind of different because we had part of Great Plains Dynamics and part Q360. So it took a little longer, but for the information that we had to pull out of Dynamics for the audit, it took a lot more time. It was just so much easier in Q360 to get that data out of the system,” says Larish.
To learn more about how Q360 has improved the year end process at VTI Security watch the video below.
Linda Larish, Controller at VTI Security