Binary Stream Software, a gold-certified Microsoft Dynamics GP ISV (Independent Software Vendor) is pleased to announce that their Multi-Entity Management solution has provided Dermond Property Investments with a distinct competitive advantage by enabling them to upgrade their ERP system, reduce operational costs and focus on the future growth their business. A year and a half since implementation and Dermond Property Investments, pleased with their purchase, credits Multi-Entity Management for being a driving force behind its recent growth.“Looking at what we used to do and seeing how much time we’ve saved, I am ecstatic,” said Nora Pecor, Director of Finance. “It has definitely helped us get to where we are today.”
Dermond Property Investments is a real estate investment company consisting of 11 separate legal entities. In 2008 the company decided it was time to upgrade their current ERP system in order to better manage their 11 properties. By upgrading their system they hoped to effectively reduce costs and streamline procedures, enabling them to save enough money to retain their current staff during the tumultuous financial period. Dermond Property Investments also hoped that the efficiencies and functionality gained from this new system would allow them to manage their investment properties internally in order to further reduce costs and streamline their business, enabling future growth.
With their previous system, Quickbooks, Dermond Property Investments had been running their resources thin by having to create and work from 11 separate databases/companies to manage the transactions between their separate entities. The manual nature of these transactions made them prone to error and created the need for constant reconciliation. For reporting, Dermond Property Investments had to go through a day long process to extrapolate data, making imperative data hard to come by and strategic decisions difficult to make. The exorbitant amount time it took to complete these processes along with the additional fixed costs they incurred from managing multiple companies, costs typical of property management organizations, such as duplicate banking fees were greatly increasing their operational costs and hindering their company growth. Realizing the competitive advantage they’d gain from overcoming these issues, Dermond Property Investments began looking for a complete ERP upgrade.
Dermond Property Investments found what they were looking for with Binary Stream Software’s Multi-Entity Management and Microsoft Dynamics GP. The strong financial backing of Microsoft Dynamics GP served as the base ERP structure while Multi-Entity Management provided fully integrated multi-entity functionality. Combined, these solutions allowed Dermond Property Investments to consolidate their 11 databases, save 10 to 15 hours per month in processing time and cut check printing and bank fees by 50%. The time they saved having all of their data in one fully-integrated ERP system gave Dermond Property Investments time to take over management of their properties with Binary Stream’s Property Site Management. And since all of the systems worked together, Dermond Property investments now had access to all of the data they needed, when they needed it.
“With Multi-Entity Management, it now only takes minutes to pull all financial statements versus the day and a half it took before,” said Nora Pecor. “The reporting aspect of Multi-Entity Management has been miraculous. Management is so happy to have access to information anytime; it really has made such a difference in our ability to be proactive in our decision making.”
The entire ERP system of Microsoft Dynamics GP, Multi-Entity Management and Property Site Management provided Dermond Property Investments with the insight and reporting capabilities the company required to not only keep its current employees but work towards furthering the growth of the company. Dermond Property Investments plans to further grow its business by taking on even more investment properties, demonstrating yet again how Multi-Entity Management can be a key strategic advantage for companies in the property management space.
To learn more about Multi-Entity Management or how Binary Stream Software visit binarystream.com/.
About Microsoft Dynamics GP
Backed by years of innovation and with more than 41,000 customers, Microsoft Dynamics GP extends the reach of insight, productivity, and collaboration across your entire business. From basic reporting to sophisticated analyses, Microsoft Dynamics GP gives people across your organization fast, relevant access to information using familiar Microsoft tools. Rapid, flexible deployment options, a familiar user experience designed to maximize personal productivity, and the ability to quickly bring together people and systems help you run your business efficiently and drive business success.
About Binary Stream
Binary Stream Software (binarystream.com) is a leading ERP solutions provider, developing industry specific and cross-industry solutions for Microsoft Dynamics™ GP. With in-depth expertise in streamlining key transactional (financial or inventory) related processes, they are the leading source for enhancement solutions focusing on industries such as Healthcare, Investment Management, Distribution, Manufacturing, Property Site Management, and Professional Services. Over 800 organizations around the world ranging from small businesses to large public corporations use and see the benefits of their software.
About Dermond Property Investments
Dermond Property Investments is a family-owned real estate investment company. Founded in 2002, it consists of 11 separate legal entities of which include Dermond Property Boiler House, Dermond Property Acquisitions and nine other holding companies for investment properties.