Touchstone Group implements real-time finance reporting
system to provide key web-based services to 5,500
members
23 April 2007: The Irish Taxation Institute (ITI), the
leading representative body for taxation affairs in Ireland, has
gone live with Microsoft Dynamics GP from business software
solutions and consultancy service provider, Touchstone Group, in an
order valued in the region of £80,000. The new finance system will
aid the ITI with its management reporting requirements - greatly
improving the quality of its management information and allowing
compliance with the impending SORP (Statement of Recommended
Practice) reporting regulations.
The ITI looked to Touchstone Group for a
finance system that would produce reports to comply with SORP - a
reporting process which shows the source of funds and how they are
invested, thought to become regulation throughout Ireland in the
near future.
The ITI, currently in its 40th year
of operation, is a charitable body comprising 5,500 members ranging
from qualified tax advisers, accountants, barristers, lawyers,
students and other corporate and business professionals. The
Institute works with corporate leaders, Government, State agencies,
representative groups, professional organisations and the general
public to monitor and influence legislation and tax policy
developments in the EU and internationally. Drawing on its team of
experts, the ITI also produces a comprehensive suite of taxation
publications covering the full range of tax topics.
The Institute was formerly running an ageing
Synergy software system and with the implementation of a new
membership system over the last two years, the ITI required greater
functionality and integration from its finance system. Martin
Lambe, Director of Finance, Risk and Compliance of ITI, comments,
“After carrying out a financial and business process review, it
became apparent that our existing financial system would not
support the implementation of the recommendations arising from the
review. We required a finance system that would allow us to
implement the recommendations contained in the review whilst also
integrating with our web-based membership system and extending our
online functionality.” Lambe continues, “It was also paramount that
the system would provide management information to the executive
team without recourse to the finance function. To improve the
management information it was essential to implement a system that
would capture costs when goods/services were being ordered and the
implementation of the business portal requisition module will
address this issue.”
Lambe adds, “The Institute also recognises the
importance of improving the way that we interact with members,
employers and the public from an administrative point of view and
we hope that the new initiatives will improve these relationships,
with the added benefit of improving how we operate internally.
We will also be implementing additional online functionality
later this year which will make it easier to register and order our
services online.”
Lambe concludes, “The Institute is a dynamic
organisation and by investing in a scaleable product such as
Microsoft Dynamics GP we can cater for any future organisational
requirements.”
Adrian McNay, Group Board Director,
Touchstone Group, comments, “This is a rapidly expanding
organisation with a professional membership base that expects and
deserves to benefit from the best sources of information. I believe
that with the integration of the Microsoft Dynamics GP solution,
the ITI can expand upon its member services and continue to be an
invaluable resource, and we are delighted to be supporting them in
this.”