System integration and IT development company, N.Progression, has finished a project to automate financial reporting at BCS Global Markets. In just four months, thanks to the Microsoft Dynamics 365 Finance cloud platform and a Power BI-based reporting solution, N.Progression made it possible to automate financial reporting processes in all offices of their company.
BCS Global Markets is a division of global markets and investment banking services of the BCS Financial Group. Since 2012, the company has been helping institutional clients worldwide grow and develop their businesses by offering brokerage and investment banking services.
At the end of 2020, BCS Global Markets decided to implement an ERP system for financial reporting. Due to this system, the company planned to automate all aspects of non-trading activities, effectively interact with trading systems, thereby automating the group’s financial and tax accounting, both at the company level and for the consolidated reporting.
After analysing several solutions, the company chose to go with Microsoft Dynamics 365 Finance to suit their requirements.
The project was completed in cooperation with the system integration company, N.Progression. In just three months, IT specialists deployed an ERP system in the Microsoft cloud and connected three BCS Global Markets offices to it.
During the project, N.Progression integrated the solution with the company’s trading systems, which allowed BCS Global Markets to issue financial statements both for separate companies and for a group of companies as a whole. This was achievable in three currencies - operational, functional and reporting currencies. In turn, the expansion of the supported analytical information has dramatically simplified the company’s management reporting preparation.
Another task solved during the project consisted of providing users with a flexible tool that allows them to extract the necessary information from the available financial data and present it in a form that is convenient for analysis and decision-making. For this, the functionality of Power BI was beneficial. Using this tool, any BCS Global Markets employee can independently generate the analytical report that this person needs or expand the words pre-configured during the project with the necessary analytics.
“For this project, we were looking for a partner with experience in implementing similar solutions from Microsoft in financial institutions. The Navicon team was able to quickly immerse themselves in the specifics of our work, understand the business processes and take them into account when implementing the ERP system. The result of our work with Navicon was the launch of the solution into commercial operation as soon as possible. Currently, we are actively working with Navicon on implementing the next stage of the project, which includes the expansion of integration mechanisms with other systems of our company. In addition, we are also considering the implementation of new functional modules of the system.” – says Elena Basko, Project Manager, BCS Global Markets