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• Outdated payroll and HR Compliance systems.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.