“Years of experience behind them, it was extremely reassuring to know that the Paragon team was implementing a multicurrency solution for us that they have successfully used for numerous clients before.”
– Jessica Bourgault, Senior Accountant, Courion Corporation
Located in Framingham, Massachusetts, Courion Corporation is a leader in access governance, provisioning and compliance solutions. The company’s award-winning software is used by more than 400 organizations and nine million users worldwide, solving the most complex identity and access management, risk and compliance challenges. Courion ensures users’ access rights and activities are compliant with policy while supporting both security and business objectives. With a sales office in the United Kingdom, the company was continuing to expand, opening a subsidiary in Pune, India. From an accounting standpoint, the company created a second set of books in rupee, the official unit of currency in India and would convert and integrate the subsidiary’s financials into U.S. dollars, rolling the information up into the main financial statements. All integration and tracking of the subsidiary’s activities were initially done manually in Microsoft Excel®. The good news was the Indian business, as well as all business across the board, was growing significantly. But, as the number of transactions increased, with the current cumbersome, manually process, it was clear that an automated, more efficient system needed to be implemented.
Fortunately, Paragon Software Solutions came highly recommended for exactly this type of system upgrade. So, with a tremendous amount of financial application experience behind them, Paragon’s knowledgeable and self-sufficient experts were on the job.
Paragon Automates Courion’s Multicurrency Financials
Courion was currently using Microsoft Dynamics® GP, a comprehensive business-management solution for managing and integrating finances, e-commerce, supply chain, manufacturing, project accounting, field service, customer relationships and human resources. Built on an affordable and highly-scalable platform, it’s a cost-effective solution that allows companies to access and analyze their company data and information as they need it. “We were currently using Microsoft Dynamics GP, but we really needed to add the automation of converting and integrating our Indian financials into our U.S. system,” commented Jessica Bourgault, senior accountant at Courion. “We researched various partners and selected Paragon for our global consolidation based on both their unmatched experience and support. It was also reassuring to know that the reliable solution they recommended was within our budget and timeframe and they had successfully implemented it for numerous other clients.” Paragon implemented the Multicurrency Management module into Courion’s current Microsoft Dynamics GP system. Multicurrency Management provides the ability to complete financial transactions in numerous currencies and manage multinational operations with ease. Without having to be concerned with ever-changing exchange rates, the solution provides exchange rate tracking of the date and time, facilitating audits and allowing for after-the-fact transaction entry. Paragon’s implementation strategy allows for an extremely easy global consolidation that also provides an audit trail of month’s end revaluation entry. Courion is also positioned for continued international growth as the solution supports an unlimited number of currencies and exchange rates.