Evora Equity

Private equity firm boasts 50% accounting and financial timesaving with ERP solution

Private Equity

Based in Western Canada, Evora Equity is a private equity firm focused on the healthcare industry. With the goal of fostering organic growth and business improvement initiatives within their acquired businesses, Evora was looking for a centralized view of their multi-entity landscape so that they could improve real-time reporting visibility and consolidate finance functions. This would allow them to make faster, smarter, more data-driven decisions within their businesses.

Services provided

  • Digital advisory
  • Solution selection
  • ERP implementation
  • ERP integration & configuration
  • Quality assurance planning
  • Project management
  • Customer Success Program
accounting & financial timesaving

The challenge

With many of Evora’s acquisitions using incompatible legacy finance and accounting systems, several used Sage 50 while others used QuickBooks Desktop and QuickBooks Online, much of their data was siloed and required manual reporting effort. While this practice was easy to maintain, it was resource and time intensive, and was not scalable as Evora continued to grow. In total, during this time it took the equivalent of approximately 2.5 full-time resources to handle all the manual processing.

While the necessity of a new platform was obvious to Evora Equity, the specific solution, and how to implement it, were not as straight-forward. Having worked with several MNP Partners in the past, Evora approached MNP to help guide solutions requirements, manage the implementation, and customize the configuration and training based on their specific needs.

For Evora to consider the solution a success it needed to:

  • Consolidate multi-entity data
  • Standardize and optimize efficiency for quarterly and annual reporting
  • Streamline payment processes
  • Allow real time visibility of the financial performance of all entities, from a single user interface

Since Evora’s investment into an enterprise resource planning solution was the first leap into their digital transformation, they needed the ERP system to have a measurable impact from day one.

Teal quotation marks

I would have zero hesitation recommending MNP as a solution provider. I've now worked with all sorts of different groups along the way within the MNP group and the core value that comes across them all is a willingness to support us through a journey like a true partner. That shines through consistently.

– Zsolt Chirvaiu, Vice President of Finance, Evora Equity

The approach

After the development of a steering committee, made up of Evora and MNP Digital stakeholders, the two teams began the discovery phase of the engagement. This gave MNP insight into the nuances and inner workings of Evora, allowing the team to make more informed recommendations when it came to solution selection. Because Evora did not come to MNP with a specific ERP selection in mind, this discovery phase was a critical stage to set the success of the entire engagement.

Once MNP better understood Evora’s unique challenges, pain points, requirements, and future strategic goals, it became clear to both teams that Sage Intacct was the right solution. From there, MNP recommended additional modules that would check all of the boxes for Evora’s additional functionality requirements. To ensure the project team was aligned with Leadership’s vision, MNP then helped build the business case to showcase how the recommended solution would accelerate the business in achieving its strategic goals.

With Evora in agreement, the next phase of the engagement focused on the implementation of Sage Intacct, with the MNP team guiding the process. In addition to the enterprise resource planning system, the two teams also collaborated on the custom modules and were active in troubleshooting any challenges that came up to ensure the entire process was as streamlined as possible.

Post-implementation, MNP provided Evora with on-demand training, as well as one-on-one training sessions with MNP Sage Intacct specialists, ensuring they received the strongest return on their investment by having their team become insider experts themselves. They also continue to participate in MNP’s Customer Success Program, receiving ongoing and personalized white-glove support to quickly answer questions, remedy any issues that arise, and provide coaching and facilitation as required.

The result

The immediate benefits of this new solution were staggering for Evora. Not only were manual processes automated, producing a labour timesaving of over 30-50% (exclusive of consolidation tasks) for regular oversight management, but the direct and indirect efficiency boost has saved Evora between $50,000 and $100,000. And that’s not even their expected bottom line improvement.

As the teams continue to refine the system and the custom modules, Evora anticipates gaining an even stronger return on their investment, with deep insights, rapid consolidation, and improved oversight. With a rapid growth-focused approach, Evora is excited to have a solution that scales with them.

Based on the success of this partnership, Evora plans to continue engaging MNP on future projects related their ongoing digital transformation. With the bottleneck resolved, Evora has opened the floodgates of newfound optimization and efficiency and are planning their next steps with greater confidence than ever.

Teal quotation marks

MNP was tremendously helpful. There is no doubt we had the support of MNP to come up with a solution.

– Zsolt Chirvaiu, Vice President of Finance, Evora Equity

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