Tue 7 Sep 2010  |  Case Studies

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CASE STUDY

  ST. JAMES PLACE

Key Contacts :
Michael Hall – Head of Finance Developments

Location :
United Kingdom

Original Accounting System :
SunSystems

ABOUT THE CLIENT

With over 17 years experience, St. James’s Place (SJP) is one of the leading providers of wealth management advice in the UK. Working with more than 400,000 clients and managing £16.9 billion funds, SJP are at the forefront of the financial sector and are continuing to grow and increase their presence within the sector. 60% owned by the Lloyds Banking Group, SJP have had continued success, winning both the ‘Best Wealth Manager’ award by the FT/Investors Chronicle and The Daily Telegraph’s ‘Wealth Manager of the Year’ award in 2007 and 2008.

THE RESPONSE

As part of this continual growth SJP decided to replace its existing financial management system. Previously having used SunSystems for over 17 years, SJP needed improved flexibility and reporting capabilities to manage the growing business. SunSystems did not work well with SJP’s IT infrastructure and was proving costly when compared to other accounting systems. The key requirements from a new system were flexibility, cost effectiveness and a good fit with the IT infrastructure.

After investigating the systems currently available on the market, SJP decided to opt for Kypera Financials, because it provided a good match to the key requirements and included the option of converting the existing financial records.

Since selecting Kypera, SJP and consultants from Kypera have completed the implementation. The initial setup and conversion took place over 12 weeks. To ensure the business impact of the change was minimal it was imperative that SJP were able to transfer their existing data from SunSystems to Kypera Financials. This data conversion was one of the deciding factors in selecting the Kypera solution. The historic transactional data was extracted from SunSystems and imported into Kypera Financials after conversion, whilst ensuring compliance with the improved data integrity and validity checks built in to Kypera. The Kypera data migration facility meant that SJP were able to retain all of their existing data, whilst still being able to alter the chart of accounts structure to provide more flexible reporting.

The system was implemented in Q2 2008, since then SJP have seen many benefits from Kypera Financials. User productivity is better, with much easier interrogation of all the accounting records. Our Microsoft Excel add-in, XLR, has been a key aspect that has particularly impressed SJP. It is being used to produce their management accounts by integrating the data directly in Microsoft Excel and provides direct drill-down to the accounting records and transactions.

Utilising the analysis codes and sort codes has allowed SJP to capture additional information for analysis and reporting. With the ground breaking technology of Kypera Financials you are able to enquire and report on any data that is held within the SQL database. This additional analysis has provided much greater flexibility for reporting at SJP and has allowed additional reporting to be introduced.

SJP found the implementation process to be very flexible and supportive. Kypera were able to convert 17 years historic accounting records as well as change all the account and supplier codes and cost centres whilst also being able to deal with all anomalies in data. Something SJP considered most other suppliers were not able to do.

SJP’s Head of Finance Developments, Michael Hall said
“Since completing the Implementation we have seen that the system has provided us with good functionality and excellent value and would recommend Kypera to anyone looking for an accounting system. The Kypera Consultants were very committed, competent, approachable and the project management was very professional.”

Kypera are constantly looking for ways in which we can enhance the entire Kypera family suite and are very pleased that SJP have committed to the Kypera name. Both Companies look forward to a long and successful working relationship.

KYPERA - UNITED KINGDOM
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Tel  0207 440 8700
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