TSG helps Monica Vinader to manage their data better and upgrade to a cloud based finance system with Sage 200 Online
Monica Vinader is a luxury British jewellery brand with a celebrity following including the Duchess of Cambridge, Cheryl Cole, Claudia Schiffer and Emma Watson.
From humble beginnings, the company is now an international brand, becoming a feature on the Hollywood red carpet.
Actresses including Kate Winslet, Anna Kendrick and Anne Hathaway have all been spotted wearing the unique Monica Vinader designs.
From iconic friendship bracelets to cocktail earrings and stacking rings, Monica Vinader's pieces are wearable and contemporary.
Every stone is cut and faceted by hand from rough, to bespoke specifications, meaning every piece of Monica Vinader jewellery is entirely unique.
It all began in a converted forge in Norfolk with an office, showroom and workshop all under one roof.
Norfolk is still the central hub of operations, but rapid expansion in recent years has meant that the company now has two main offices, over 150 staff, and retails in three boutiques in London — Chelsea, Mayfair and Canary Wharf, as well as its own store in Hong Kong's ifc Mall.
The brand is also stocked at global luxury retailers including Harrods, Selfridges, Liberty, Net-A-Porter and Boutique 1.
The Customer Objectives
Monica Vinader were using Sage 50 as their main finance system, but after continuous levels of company growth, they found that it didn’t have the functionality or capability to cope with their current or future operations.
Crucially, the amount of data the team were processing was having a severe impact on speed and performance.
“We were growing up as a business, but we weren’t operating in a particularly grown up way,” says Monica Vinader’s Head of Finance Chris Peters.
“We needed something that would grow as we did.”
There were four key objectives for Monica Vinader:
- In the last financial year Monica Vinader have doubled in size. A new finance system was needed to process ever increasing amounts of transactions.
- As business expanded internationally, more of Monica Vinader ‘s sales and purchases were in foreign currency, which Sage 50 couldn’t offer functionality for.
- The company wanted its finance system to be accessed from the Cloud.
- Monica Vinader required a more structured finance system with a properly defined month end close process.
In addition the company wanted to have a segmented Chart of Accounts to allow better analysis for reporting purposes.
Access from the Cloud
A contemporary company needed a contemporary infrastructure.
Monica Vinader’ accounts operations was one of the few applications that wasn’t Cloud based, and so at the same time as upgrading their finance system, they also wanted to keep everything in sync with their online approach.
“Being able to access our systems from anywhere was really key for us,” Chris says.
“We can work concurrently knowing we are all working on the latest version, and if somebody needs to work from home or from a different location, the system is designed to support that.”
“Plus we are a relatively new business, albeit a rapidly growing one. We don’t have a large IT team and coming up with the upfront costs for a new server wasn’t going to be easy.
“Subscription based payment which is available with Sage 200 Online, is ideal.
“If somebody needs to work from a different location, the system is designed to support that.”
The TSG Solution
TSG recommended Monica Vinader upgrade to Sage 200 Online.
This would allow the company to access their information over the internet, using exactly the same functionality as the on premise version.
Sage 200 Online also runs on the Microsoft Windows Azure platform so security and reliability is fully ISO 27001:2005 compliant, and data is backed up automatically.
With a familiar user interface, Sage 200 Online is the natural progression from Sage 50 and with dedicated in house Sage 200 experts, TSG’s in depth knowledge of the suite is based on over 700 successful installations.
Given the performance issues Monica Vinader were experiencing with Sage 50, and bearing in mind their future growth plans, Sage 200 Online had all the functionality they needed for a modern and efficient business environment.
In essence, Sage 200 allows Monica Vinader to do everything they wanted, including planning for the future.
Security of Data
Based on Microsoft SQL Server database, one of the key highlights of Sage 200 is that it offers scalability, accommodating up to 50 users and allowing unlimited transactions without archiving.
That means more users working more quickly, without data corruption.
“Extracting data is a lot simpler, and overall, everything runs a lot smoother.”
Plus, for those businesses like Monica Vinader who trade internationally, foreign currency transactions don’t require separate bank accounts.
“Our key suppliers, who are mainly based in India, invoice in US dollars,” says Chris.
“The ability to input invoices straight into the system without needing to convert it first has been a massive time saver.”
The TSG Team
TSG managed the entire installation and migration from Sage 50, and supports Monica Vinader on an ongoing basis.
“TSG have been excellent from the start,” says Chris.
“From our initial consultations to the engineers who helped our team migrate to the new system, they have been professional throughout.”
“Most importantly they really know their stuff and got to know our business incredibly well.
“As a result TSG were always suggesting things that would improve our experience, and created a system that just worked for us.
“I’m looking forward to working with TSG on future projects.”
“We really see technology as being key to helping us grow further, and we know TSG can help us get there.”