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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.”