Correlation Risk Partners Case Study
CRP
London-based equity investment firm, Correlation Risk Partners embarked on the UK’s very first Sage Intacct implementation with us. Read how upgrading from Sage 300 with Acuity24 impacted their business below.
THE COMPANY
Founded in 2004, Correlation Risk Partners (CRP) is a private equity investment firm based in London who had been an Acuity24 client for over 10 years using Sage 300.
As reporting became more complex, they wanted to reduce reliance on Excel spreadsheets, manual data configuration and data manipulation to produce reports. Their recharging process was another challenge, due to costs being recharged to partner companies monthly and manual invoice creation.
Compliance with Making Tax Digital and the automation of VAT submissions also called for digitalisation of their financial management processes. The final catalyst was support for Sage 300 due to be withdrawn in the near future.
THE OBJECTIVES
- Produce reports quickly in-house
- Manage inter-company transactions
- MTD compliance
- Centralise all systems
- Remote access and real-time visibility
- Automate recharging processes and invoicing
- Eliminate manual workarounds
- Flexibility to add new entities as and when required
DO YOU RELATE TO THESE OBJECTIVES?
THE SEARCH
Acuity proactively consulted with the team at CRP to discuss their Sage options in light of the potential discontinuation to Sage 300; whilst they also reviewed other solutions such as Xero and QuickBooks that were in use by their partners. However, through their research, they found that these solutions did not provide the functionality and capacity that was required.
Initially, we discussed Sage 200 and Sage X3 as options but quickly discounted them both; Sage 200 lacked the functionality required, and Sage X3 was deemed too big and costly for their needs.
At the time of CRP’s discussions with Acuity, Sage Intacct had not yet been launched in the UK. However, Intacct (which had recently been acquired by Sage and rebranded as Sage Intacct) was widely used in the United States and has been recognised as a leading financial management solution for many years.
Acuity were one of the first UK Sage Partners to add Sage Intacct to their portfolio and presented it to CRP at an Acuity-hosted Partner Day in London. From this introduction Debbie and Catherine felt that Sage Intacct would be the best solution for their migration project, would solve their recharging issues and was also a true cloud solution and therefore paperless.
Gathering more information and further support from Acuity, CRP took the decision to invest in Sage Intacct and became the first UK business to implement the solution.
The implementation process for Correlation was an all-at-once approach, with all their data moved in one go. Due to this being the first UK implementation, it was a very hands-on process for all involved.
The implementation
Debbie and Catherine felt that the implementation process and working with Acuity was refreshingly straightforward.
“Support from Acuity was first class. Our Account Manager was great, particularly, and was always on hand to help and explain. [He gave us] clear quotes and information. That was key for us. Even though we were able to go and choose the system, we still had to get sign off on the cost. So, he was able to tell us, ‘it’s going to cost you more than [Sage 300] cost you, but here’s what you’re going to get for that’.”
CRP’s Acuity Account Manager provided them with a presentation outlining the one off and recurring costs for implementing Sage Intacct, which they shared with their directors for approval.
Once the project was underway, the Acuity team provided training sessions with CRP’s Finance team, supporting them and ensuring any challenges were managed and dealt with quickly. The team quickly put together and generated reports that were able to satisfy the business’ needs, as well as provide comprehensive training, allowing the CRP team to fulfil their ongoing and longer-term reporting requirements.
As this was the first UK implementation, CRP also benefitted from one-to-one support and video calls directly with Sage Intacct.
THE BENEFITS
The implementation of Sage Intacct within the Correlation Risk Partners business has provided several benefits.
Crucially, it has replaced Sage 300 which would have been risky for the businesses to keep in place once the Sage support was withdrawn.
For CRP, everything now goes through Sage Intacct. When using Sage 300, their month end accounts took two weeks to process. Since implementing Sage Intacct, they now process invoices daily, journals can be input and edited throughout the month, and month-end can be done in days – more than a 50% saving in time and the associated resource.
As a result of these improvements, the team is now more efficient and there is significant scope for growth.
Key benefits for CRP include Intacct enabling them to:
- Overcome limitations and restrictions they faced in Sage 300.
- Save hours of manual labour with reduced data entry and manual errors.
- Reduce the amount of time to consolidate data into reports by 50%,
- Identify complications in their processes then review and optimise them for evolution.
How do investment firms improve financial reporting efficiency?
By replacing manual processes with automated systems that streamline reporting and reduce reliance on spreadsheets.
What are the risks of using spreadsheets for financial management?
They increase the likelihood of errors, slow down reporting, and limit scalability.
How does Sage Intacct improve month-end close processes?
It enables continuous processing of transactions, reducing the workload at month-end and shortening reporting cycles.
Why do businesses move from Sage 300 to Sage Intacct?
To gain a cloud-based system with better automation, reporting capabilities, and scalability.
What features of Sage Intacct benefit investment firms?
Multi-entity management, real-time reporting, automation, and strong data consolidation capabilities.
How does Sage Intacct reduce manual workload?
It automates tasks such as data entry, reporting, and reconciliation, freeing up time for analysis.
FAQ’s
What is professional services automation software?
Professional services automation software, also known as PSA software, is a solution designed to help service-based organisations manage projects, resources, time tracking, billing and financial reporting from a single platform. It streamlines operations and provides greater visibility into project performance and profitability.
What is PSA software and how does it work?
PSA software stands for Professional Services Automation software. It works by automating key business processes such as project management, resource allocation, timesheet tracking and invoicing. By bringing these workflows together, PSA software helps professional services firms improve operational efficiency and financial control.
What are the benefits of using PSA software for professional services firms?
There are many benefits of using PSA software. It helps firms manage resources more effectively, improve project delivery times and ensure accurate client billing. It also provides real time financial insights and improves decision making. By integrating with accounting and CRM systems, PSA software helps eliminate manual processes and reduces errors.
What is the best professional services automation software for growing firms?
Sage Intacct, delivered by Acuity24, is considered one of the best professional services automation software solutions for growing firms in consulting, IT services and other professional sectors. It offers advanced project accounting, time tracking, billing automation and real time financial reporting, all within a true cloud environment.
Is PSA software suitable for IT companies?
Yes. PSA software for IT companies is specifically designed to handle project-based billing, resource management and service delivery tracking. Sage Intacct helps IT service providers manage multiple projects, track billable hours and automate invoicing, making it an ideal solution for technology firms.
How does professional services automation software improve billing and revenue recognition?
PSA software helps automate billing schedules, track time and expenses accurately and manage different revenue recognition methods. This ensures that professional services firms invoice clients promptly and recognise revenue in line with accounting standards, reducing the risk of errors and improving cash flow.
I want to speak to a person, how do I call?
At Acuity24, we’re always just the other end of the phone. Should you at any point want to speak to a human, our phone number is 01932 237110. Otherwise, simply book a meeting and we will contact you.
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