Client Profile
Firstrust Financial Resources is the wealth advisory arm of Firstrust Bank, the largest and oldest community bank in the greater Philadelphia area. With over 90 years of trusted service behind them, Firstrust Financial Resources provides comprehensive solutions for investments, retirement planning, insurance, and more.
Vice President of Operations and Finance, Russell Colosi, oversees everything from HR and compliance to accounting to make sure the internal operations run smoothly while the advisory team focuses on client service. As the company experienced significant growth, he saw it was time for an important technology upgrade.
Outgrowing Legacy Systems
For years, Firstrust relied on Microsoft Dynamics GP 2015 for accounting. This was a desktop-based system that required manual backups, complex maintenance, and dedicated hardware. All financial records lived on a separate computer, making remote access difficult and increasing the risk of data loss if a device failed.
Colosi describes, “The backups had to be done once a week to a USB drive and my personal cloud account. If the computer ever broke, it would have been very problematic, even if I had the backup.”
As the firm continued to grow, it became obvious they needed a better solution. Colosi says, “We could no longer handle the risk of having the accounting software for the entire firm saved on the hard drive of a local computer.” A cloud-based solution wasn’t a luxury – it was necessary to support a modern, scalable, and secure operation.
Firstrust had enjoyed a strong relationship with their ERP partner, Intellitec Solutions, for more than a decade.“Intellitec has been very helpful in the previous seven years that I’ve been working with them. Naturally, they were my first point of contact to just ask, ‘How do I get off Dynamics GP?’, ‘How do I get on more of a cloud-based software?’” states Colosi.
With critical accounting data at stake and a growing volume of transactions to manage, Firstrust needed a system that would streamline operations, reduce manual processes, and eliminate risks associated with aging on-premise software.
A Trusted Partner
Given the firm’s trust in Intellitec and their deep expertise with Microsoft platforms, Firstrust opted to continue that relationship and move to Business Central 365. “Intellitec has been so helpful over the years with everything that I needed, I knew that if I was going with Intellitec, I wouldn’t have any issues with the implementation or the migration,” explains Colosi.
Given the long history together, the Firstrust team had full confidence they would get an implementation tailored to their team and reliable, expert ongoing support afterwards.
A Solid Start
The Business Central accounting software implementation was structured as a fixed-fee engagement, offering clarity and predictability. By leveraging Microsoft’s GP to Business Central data migration tools, Intellitec seamlessly transitioned historical data, including General Ledger, Bank Reconciliations, Accounts Payable, and Cash Receipts, into Business Central accounting software.
Rather than a disruptive “big bang” go-live, Intellitec provided a thoughtful transition plan. Colosi operated in a dual-system mode during the last quarter, mirroring transactions in both GP and Business Central 365. Colosi says, “I was working with two systems, which was extremely helpful because I was able to get familiar with the new system.” This parallel approach gave him time to get comfortable and identify gaps.
Building Confidence Through Training
Intellitec provided targeted, hands-on training. Weekly sessions focused on how to execute tasks in Business Central accounting software and matched them against existing workflows in GP. “The training was so helpful because before we did this, I sent them a list of all the things I did in the old system. Then every week the training was unbelievably helpful, unbelievably helpful,” says Colosi.
He continues, “Every Monday we had a one-hour call, and they would teach me how to do something in the sandbox step by step. Then, they would send me an email with the recording of all the things we covered, which I used to create my own training manual. So, it all came together.”
When he identified areas where the out-of-the-box system felt cumbersome, Intellitec adapted configurations to better align with the firm’s processes, such as simplified credit card processing and streamlined data entry.
Cloud Flexibility
The move to Business Central 365 immediately transformed the way Firstrust Financial Resources operated. The biggest impact was the switch to a cloud-based system which eliminated the need for a second dedicated computer.
Colosi says, “Because we’re owned by the bank, all my financials for the old system were on a separate computer. I carried around two computers with me because the financial software couldn’t be loaded on the equitable computer. It had to be loaded on a separate computer.”
Colosi can now access the system securely from one device, dramatically improving flexibility & convenience. He explains, “I don’t have to worry about backups. If something happens to this computer, I can hop on any computer and have the same information. The risk mitigation of not losing everything because it’s software-based is huge.”
Reflecting on the transition, he shared just how much of a difference it has made in his work. “Now that this is a cloud-based system, I can just go to the website and put in my entries, all on the computer I’m using. It’s so much easier to use because it’s not software that’s on a separate computer,” he concludes. The move to the cloud has streamlined his workflow, making everyday tasks faster, simpler, and more convenient.
Saving 50 to 100 Hours Annually
Business Central accounting software’s intuitive design also proved to be a major win by cutting time spent in half. Tasks that took 12 clicks in GP were reduced to 6 clicks or less, significantly streamlining day-to-day operations.
Colosi describes, “My time has gone from 2-3 hours every Friday to 1-2 hours every Friday.With almost 2 week’s worth of hours saved each year, Colosi can now concentrate on more strategic, value-added activities.
The reporting capabilities in Business Central 365 delivered cleaner, easier-to-understand financial statements, supporting faster decision-making. “It’s easier to use. It’s more user-friendly, and the reports are cleaner,” he says. Overall, the enhanced reporting has given staff greater confidence in their numbers and the agility to respond quickly to business needs.
Unmatched Support
Since going live, the relationship with Intellitec has only strengthened. “They’re absolutely great,” he says. “The Intellitec team has been extremely responsive. I’m getting answers back in less than a day. If I send the request at 9 am, by noon I have an answer. Many times, the person that’s answering the generic mailbox is the person who helped me with the implementation. They have a great system over there. I don’t know what they’re doing, but they’re doing it right.”
When asked how he would describe Intellitec to others, he doesn’t hesitate. “I would send them Intellitec’s way because of my experience,” he says. Given the critical nature of accurate and timely financial reporting, work that informs the President, CEO, and partners about profitability and expenses, having the right team behind the technology is crucial.
Beyond their expertise, he praises the team’s attitude and support. “Very helpful, very friendly. There were several times when I was getting agitated because I couldn’t figure out how to do something. Not a knock on Intellitec, just a personal frustration. They were just like, ‘Oh, no, you do it like this.’ Super, super helpful, never seemed irritated with any of my questions – and I had lots of them. True professionals. They were fantastic. I can’t say enough nice things about the entire team who helped me throughout this whole process.”
Ultimately, the partnership with Intellitec delivered exactly what Firstrust needed: a simple, reliable, and future-proof Business Central accounting software system built on the foundation of a long-standing and trusted relationship.