Company Overview
Vantage is a privately owned financial advice practice based in Western Australia, founded on professionalism and the commitment to provide exceptional service. The firm extends a welcoming invitation to assist individuals in Western Australia with their investment, growth, and wealth protection needs. Vantage operates under a privately owned license and remains unaffected by the influence of institutional shareholders.
Odoo
- Multi-Company Management
- Data Migration
- Debtors Invoicing
- Commission Invoicing
- Accounts Payable
- Payroll Integration
Essatto
- Automated Management Reports
- Multi-Scenario Budgeting & Forecasting
- Drillable Web Reports & Dashboards
- Integrated Excel Read & Writeback
- Variance Analysis
- Consolidations & Eliminations
- Ability to combine data from multiple sources
Employment Hero & KeyPay
- Fully integrated Australian HR & Payroll updated on a regular basis for changes to Australian Industrial Relations laws.
UiPath
- Download and File Dealer Statements on CommPay
- Processing of Dealer Statements
Challenges and Business Objectives
Vantage Group had the following challenges prior to embarking on a digital transformation process:
- Disparate systems for revenue recording at group, adviser and supplier levels.
- Outdated payroll and HR Compliance systems.
- Very high level of manual processing.
- Reckon accounting system was simple and easy to use but lacked support and functionality for a growing business.
- No HR systems for recording employee attendance, performance, acceptance of policies etc.
- Heavy manual interface with Reckon payroll system.
- Paper- based and manual processes.
- Very basic and inefficient management reporting or revenues, P&L etc.
- Key person risk.
- Dis-Integration.
The main goals of this project were:
- Streamline financial workflows using Odoo ERP and integrate Payroll with KeyPay.
- Automate CommPay workflow: Download and File Dealer Statements, and Processing of Dealer Statements using Robotics Process Automation.
- Create import and export functions to facilitate data exchange between Odoo and CommPay.
- Automate management reporting using Odoo & Essatto.
- Provide a basic, easy-to-use, integrated solution which can be enhanced and expanded in future stages as the business grows.
Solution Benefit
Time and resources savings:
- Improved efficiency by streamlining HR, accounting, and management reporting processes, reducing staff from 1.5 FTE to 0.4 FTE.
- Realised cost savings exceeding $100k per annum.
- Achieved a payback period between 0.5 and 0.75 years, excluding upfront implementation time.
- Significant error reduction and associated financial savings.
Accounting and management reporting efficiency:
- Monthly revenue and reconciliations streamlined to a swift 2–4-day turnaround, down from the former 15-25 day process. This enhancement not only saved time but unlocked the potential for faster, informed decision-making.
- Essatto empowered Vantage Wealth Management with immediate access to management reports right after the month-end close-off. Previously, a 20-30 day waiting period and up to a day for completion were the norm. Now, they get to seize the advantage of real-time data for quicker, more decisive actions.