Customer Case Studies

Stonestreet Thoroughbred Holdings


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© 2018 Sage Intacct, Inc. All rights reserved. 877-437-7765 Company Overview Jess Stonestreet Jackson, founder of Kendall-Jackson Winery, started Stonestreet Thoroughbred Holdings in 2005. Across farm properties in multiple states, Stonestreet breeds, trains, and sells thoroughbred yearlings and weanlings. Executive Summary Previous So ware: • Microso Dynamics GP, Amazon Web Services Results with Sage Intacct: • Saved $20,000 per year with a flexible, integrated, cloud AP process. • Provided CEO and owner with real-time budget-to-actual information for be er decision making at yearling sales. • Reduced a ten-day month-end close to four days. • Efficiency gains helped three- person team cover two maternity leaves in one year, without additional help. Challenges Cloud Financial Management Proves a Winner for Equine Operations Jess Stonestreet Jackson became enchanted by thoroughbred horses in 1938 when as a boy, he watched the legendary Seabiscuit win a race. In 2005, the founder of Kendall-Jackson Winery start- ed Stonestreet Thoroughbred Holdings to breed, train, and sell racehorses. Today, the operation owns three farms in Kentucky and a training center in Florida. Dara Purcell, CPA is the Cash Analysis Manager for Stonestreet. She and her three-person finance team work with Dean Dorton, a premier accounting and technology firm for the equine industry. In recent years, Stonestreet encountered a number of challenges that their ERP system, Microso Dynamics GP (Great Plains), was unable to resolve. Stonestreet employees needed to be able to login from any farm property or home, so Dean Dorton installed Great Plains on Amazon Web Services to create a quasi-cloud solution. While this enabled employees to login remotely, the so ware was still "clunky" and "slow" according to Purcell. "Our Microso Dynamics GP chart of accounts had 10,000 accounts," she said. Stonestreet managers and executives had to physically come onsite in order to approve payables and sign checks. Each farm was 30 minutes away, so it was a 90-minute roundtrip to approve invoices, resulting in wasted time and unnecessary vehicle expenses. The CEO o en traveled out of state, so Purcell had to FedEx checks to her overnight for approval. Microso Dynamics GP could not perform consolidated multi-entity reporting. "We have four en- tities but could not look at anything from the top level in Microso Dynamics GP. We had to login to one entity, print a report, then login to another and repeat," Purcell recalled. "Our month-end close packet was a 28-tab Excel spreadsheet. It took ten working days to close our books and get a financial packet to our CEO." Solutions Clear Choice for Automated Accounts Payable and Accounts Receivable Purcell asked Dean Dorton for so ware suggestions to improve financial management. "Dean Dor- ton knows what so ware works best for equine clients. They have a great understanding of both the tax and business management sides of equine operations," she said. Dean Dorton recommended Sage Intacct and set up a demo. Purcell was immediately impressed and said during the demo, "I have to have this so ware now. It's fantastic!" A er completing due diligence research for the top ten so ware solutions, Purcell concluded, "It was a clear choice to go with Sage Intacct." Cloud Financial Management Proves a Winner for Equine Operations Stonestreet Thoroughbred Holdings C A S E S T U D Y

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