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Software developer chooses Acumatica, reduces reporting time and cost by 80%
Technology Category
- Platform as a Service (PaaS) - Data Management Platforms
Applicable Industries
- Software
Applicable Functions
- Business Operation
Services
- Cloud Planning, Design & Implementation Services
The Challenge
Parallels, a rapidly growing software company with offices and subsidiaries in multiple countries, faced a complex set of business requirements for managing continued profitability. The company's rapid growth led to an environment with several different accounting systems, including Dynamics SL, Sage, QuickBooks, 1C, and Microsoft Excel spreadsheets. Each subsidiary utilized a separate chart of accounts and a unique reporting process. Managing a growing multi-national business such as Parallels required a centralized set of books and reports which could be rapidly created and distributed to key decision makers scattered across several geographical locations. At the end of each reporting period, each subsidiary closed its books, created Excel spreadsheets, and emailed the results to a central accounting group. The central accounting team manually compiled the spreadsheets and created a set of consolidated financials. The process of manually converting several sets of books with different charts of accounts was both time consuming and error prone.
About The Customer
Parallels is a worldwide leader in virtualization and automation software that optimizes computing for consumers and businesses. The company has offices and subsidiaries in multiple countries, making it a truly global entity. Parallels has experienced rapid growth, both organically and through acquisitions, leading to a complex set of business requirements for managing continued profitability. The company had several different accounting systems in place, including Dynamics SL, Sage, QuickBooks, 1C, and Microsoft Excel spreadsheets. Each subsidiary utilized a separate chart of accounts and a unique reporting process, creating a challenging environment for financial consolidation and reporting.
The Solution
Parallels chose Acumatica because it provided a system which met their complex business requirements with a low total cost of ownership. The web-based system was able to serve all international locations after being deployed on existing hardware in the Parallels on-premise datacenter. Acumatica provided a single automated system to translate currencies, consolidate ledgers, and implement customized reports. Customized roles were created to support the existing operational and approval processes established by Parallels. This allows employees in the parent company to see the complete set of consolidated books, while subsidiaries can only access sections that pertain to their business. Parallels deployed Acumatica in their existing datacenter and set group security permissions so the system could be accessed by team members around the world. Since no client software is required, new employees can be granted privileges and start using the system immediately.
Operational Impact
Quantitative Benefit
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