Renaissance Capital Inc.

RCI improves its accounting process by upgrading its Khisoft Magic-based system

Renaissance Capital Inc. was looking for a way to fix their internal operational inefficiencies with an upgraded accounting and database software. Read how this Montreal-based ‘Immigrant Investor Programs’ dealer dealt with this challenge.

About Renaissance Capital Inc.

Renaissance Capital Inc.

Renaissance Capital Inc. (RCI Canada) is an independent dealer in the Immigrant Investor Programs that specializes in both the Quebec Provincial and Canadian Federal Programs. RCI takes care of all the necessary details to ensure a successful and smooth immigration process for business people and investors. By dealing with Renaissance Capital, immigrants will have access and benefit from an in-house legal counsel, which provides interview services to immigrant investors, and ensures the safety of their investment, as RCI deals with different banks all over the world.

Challenges

All seemed to be working well at RCI with their software systems, up until internal changes to their banking system and accounting processes were made in the last couple of years. At that point RCI President, Sylvain Payette, knew their accounting and database system needed to be fixed accordingly and upgraded to handle any and all changes made to their internal operational processes.

August 2011, Namtek’s team was called to upgrade RCI’s current software (Khisoft, based on Magic 8) to migrate the application from an old version of Magic (Magic 8) to the most recent version at the time (UniPaaS) as well as to add new functionalities and features, in order to handle the new accounting processes.

How Namtek Consulting Services Helped

Namtek Consulting Services has allowed RCI to have a management software system that can now match current internal work and changes, based on the recent version of Magic software’s UniPaaS technology. According to Mr. Payette, the development and implementation phases were “fast and efficient”; Namtek began by imitating the old software system then went on to develop the upgraded one, with many tests to ensure all processes worked in the most efficient and user-friendly way.

The improved system is working well; accounting entries are much easier to process and it has avoided a lot of double work that used to happen before” Sylvain Payette, CPA, CA – President of RCI

It didn’t take long, about a week or two, for RCI employees to fully understand and get comfortable with the new system and, according to Mr. Payette, they have all been very satisfied with the improvements.

All in all, the upgrade has allowed RCI’s old system to better match their banking processes and has thus increased efficiency, reduced errors and saved time and costs.