WHY I&A

Vantage Wealth Management

Company Overview

VVantage is a privately owned financial advisory practice based in Western Australia, built on professionalism and a commitment to exceptional service. The firm is dedicated to helping individuals in Western Australia with their investment, growth, and wealth protection needs. Operating under its own license, Vantage remains independent, free from 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 RPA Implementers Perth WA Australia

UiPath

  • Download and File Dealer Statements on CommPay
  • Processing of Dealer Statements

Challenges and Business Objectives

Prior to their digital transformation, Vantage Group encountered several operational challenges that hindered efficiency:

  • Disparate systems for revenue recording at the group, adviser, and supplier levels, leading to inconsistent and fragmented data across departments.
  • Outdated payroll and HR compliance systems that were unable to meet the evolving needs of the business.
  • A high reliance on manual processing, increasing the risk of errors and inefficiencies.
  • Reckon accounting system, while simple and easy to use, lacked the necessary support and functionality to support the company’s growth.
  • No integrated HR system to manage employee attendance, performance tracking, or policy acceptance.
  • Heavy manual interfacing with Reckon’s payroll system, which slowed down payroll processing.
  • Dependence on paper-based and manual processes for key functions.
  • Basic and inefficient management reporting tools, limiting visibility into key financial data like revenues and P&L.
  • Key person risk due to manual processes and lack of system integration.
  • Lack of integration between critical business systems, resulting in disjointed operations and data silos.

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.
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