Q1 Labs Enhances Accounting Practices with Microsoft Dynamics GP (Great Plains)

Paragon Software Solutions, Massachusetts-based Microsoft Gold Certified Partner, helped Q1 Labs Enhanced Accounting Practices

An innovative company focused on the nexus of security and networking, Q1 Labs is the developer of QRadar, the industry’s most powerful network security management platform. QRadar integrates previously disparate network and security functions into one solution. Moving their headquarters from Canada to the U.S., while preparing for tremendous growth, revealed a need to improve accounting practices and procedures. To help implement superior accounting processes, Q1 Labs utilized Paragon Software Solutions, a Microsoft® Certified Business Solutions Partner, which provides sales, installation, customization, training and support for Great Plains software. With Paragon’s expertise, Q1 Labs planned and implemented smoothly the integrated solution that offers powerful financials, accounting and other customized solutions.

Founded in 2001, Q1 Labs is an innovative company focused on the nexus of security and networking. Their QRadar product integrates previously disparate network and security functions into one solution. Its unique combination of Network Knowledge and Security Intelligence provides enterprises with threat mitigation, compliance support, policy enforcement, operational efficiency and continuous improvement of security posture. QRadar cuts through the clutter created by multiple point products to find, isolate, prioritize and fix offenses. It solves the problem of disparate security tools that do not work effectively together to stop threats before they affect the business. This convergence ties the impact of security threats directly to specific business assets and services, reduces acquisition and operation costs and increases accuracy. QRadar Network Security Management is the command-and-control center needed for true enterprise security.

Challenged with moving their headquarters from Canada to the U.S., in conjunction with a round of venture financing and preparing for rapid company growth, Q1 Labs turned to Paragon Software Solutions.

Paragon Software Provides a Breadth of Knowledge

During the move of their headquarter location, Q1 Labs realized that their general ledger system would not scale up to meet the company’s growing needs. But that wasn’t all.

“We had to address very complex, multi-currency accounting issues, implement new accounting processes and automate our accounts payables and receivables,” commented Bob Fincke, Vice President of Finance at Q1 Labs, who also has 20 years of high-level finance experience for multiple high technology companies. “Additionally, we uncovered some non-standard accounting practices that needed to be fixed. With the relocation, we had very little time to address the issue of a new accounting system.”

Fortunately, Fincke had worked with Paragon Software Solutions at three other companies and knew about their extensive knowledge, as well as the experience they had which could facilitate Q1 Labs’ challenge of implementing a new system, quickly.

Paragon Software is a full-service software business partner that ensures implementing the best solutions by:

  • Interviewing employees to identify where specific solutions need to be implemented
  • Recommending solutions for various manufacturing, field service and accounting processes, including “out-of-the box” and customized solutions
  • Identifying areas where it makes sense to change functional processes within an organization rather than customizing software to match the organization’s processes
  • Aiding in the product evaluation process
  • Helping to collectively identify the right solution, setting realistic schedules and implementing the product that makes the best business sense
  • Providing software training for employees, as well as on-going technical support and consultation

Great Plains and Paragon Lead Q1 Labs into the Future

After evaluating Q1 Labs’ situation, Paragon determined that Great Plains software would deliver all the requirements of a new accounting system.

“While Paragon knows the features and benefits of Great Plains inside and out, they also understand how to run a business, which is a tremendous asset in helping to solve unexpected problems during a system conversion,” commented Fincke. “They provide a breath of knowledge from both the business and accounting perspectives as well as the software side. With the relocation, we had a considerable amount of employee turnover, but Paragon was the constant on which we could depend upon along the way.”

The Great Plains system is very modular and expandable. Initially, Q1 Labs is utilizing the accounting function, but plans to add other functions, such as purchasing, as the organization grows. Having the new system in place provides operations security, and they expect to see the many benefits of the new accounting system for years to come.

Fincke added, “When it comes to implementing a new software system, Paragon Software Solutions provides the most complete package needed for smooth planning and full implementation processes. They just ‘get it’.”

Bob Fincke has been at the financial helm of successful technology enterprises for the past 20 years. He has guided software firms through rounds of venture financing, acquisitions and a successful initial public offering (IPO). Bob was a principal at New Venture Consulting, where he established corporate financial strategies and built finance functions from the ground up for start-up companies. Among his success stories are Authentica, Idiom Technologies, iPhrase, BlueStreak, Okena and Terapulse. Bob was also Vice President of Finance for Raptor Systems, a profitable network security software developer that went public and was later sold to Symantec.

Over 30,000 businesses use Great Plains every day to improve their competitive advantage. By delivering unparalleled access to decision-driving information, by being first to deliver the latest and best technologies and by providing the finest customer service systems in the world, Great Plains and Paragon Software Solutions help customers run their businesses better. Paragon Software spe- cializes in working with high-tech organizations like Q1 Labs.