OVERVIEW
The Seminole Tribe of Florida, a top 10 gaming tribe in the United States, faced the challenge of updating their financial reporting systems to meet modern standards and ensure compliance with federal regulations. With a complex accounting structure that blends commercial and governmental accounting principles, the tribe required a robust, flexible solution. This led them to partner with IGM and implement Gravity.
THE NEED
The Seminole Tribe of Florida had been using a locally installed Microsoft Access platform, developed in the early 2000s, to manage their financial reporting. This system had become outdated and was no longer supported by modern operating systems.
Key challenges included:
Compliance with the latest GASB pronouncements:
The need for a cloud-based application to stay compliant with the latest GASB pronouncements.
Managing financial statements:
Integrating both commercial and governmental accounting principles.
Flexibility for updates:
Ensuring flexibility for updates without disrupting existing accounting
Reducing errors: structures.
Reducing manual intervention and errors in financial reporting.
THE SOLUTION
The Seminole Tribe of Florida implemented Gravity from IGM, which provided a comprehensive solution to their financial reporting needs.
THE RESULTS
Gravity, transforming their financial reporting and compliance processes, all powered by Gravityสผs groundbreaking Multi-Dimensional Financial Model (MDFM). The Seminole Tribe of Florida has experienced multiple benefits since adopting
Elimination of Redundant Software
Enhanced Reporting Capabilities
Automated Financial Statements
Improved User Experience
Improved Compliance and Flexibility
Accurate Reporting