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Insurance Office of America -IOA |
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| The Client | |||
| Insurance Office of America is a $77M privately held insurance agency founded in 1988 and is one of the fastest-growing independent agencies in the U.S. It is Florida’s largest privately-held insurance agency - IOA’s home office is located in Longwood, FL with 22 branch offices reaching eight states from coast to coast. IOA currently produces nearly $100M in gross revenues including it’s affiliates companies and partnerships. | |||
| The Issues | |||
| IOA implemented a Microsoft Great Plains accounting system in 2005 and needed a good deal of internal housekeeping to help the company realize the full benefit of implementing a larger ERP type financial reporting package. “We’re a large diverse growing company with monthly financial reporting deadlines and I needed someone I could trust to straighten out the system issues and financial statements,” explains CFO Wes Scovanner. | |||
| The Solutions | |||
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Nperspective first task was to review the current condition of the financial statements and assess the monthly reporting and system issues. Nperspective quickly cleaned up many of the account balances that had yet to be reconciled due to the conversion from the prior Quickbooks financial reporting software. Much of this work required cooperation from the company’s IT department, third party software vendors and the company’s existing staff.
Nperspective also redesigned some of the accounting processes and procedures due to the unique industry business with which some of the affiliated companies were involved. During the process, the training of the company’s staff was crucial in shoring up the internal systems. Efficiency was significantly improved and the company is now able to move ahead and implement larger projects with less reliance on outside vendors. |
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| The Added Value | |||
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Nperspective cleaned up all of the significant issues from the Microsoft Great Plains software implementation, enabling the company’s accounting staff to focus on addressing issues on a forward moving basis.
The accounting staff, with training from Nperspective and some redesign of the accounting policies and procedures is now able to understand the financial reports generated and report the financial results on a timely basis. |
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| The Bottom Line | |||
| IOA continues to grow by developing new partnerships and affiliated companies. Nperspective was an integral part in getting the company to the next level. The CFO is now able to review and manage these affiliated businesses on a timely basis and has confidence in the information that it is receiving from it’s affiliates thanks in large part to Nperpective’s work. “With Russell and Nperspective, I’m getting quality professionals that are able to manage the issues independently and effectively,” says CFO Wes Scovanner. | |||
FFor more information about IOA, please visit their website |
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