ASX-listed (ASX:ESS) Essential Metals is an active exploration and development company focused on discovering and producing metals essential for a sustainable future.
- Accounting incorporating customisation to accommodate multi-tenement holdings
- Multi-Level data capture – GL Accounts, Categories, Products, Projects, Tenements and other parameters to capture data.
- Asset Register
- Capture shared expenditure for future project reallocation
- Multi-Company (4 Entities)
- Multi-Currency Entity
Allocation of costs to one or more corporate cost centres.
- Automatic allocation to Capitalised Balance Sheet account based on tenement selection.
- Management Reporting
- Inter-company Consolidations
- Form 5 Operations Report – Expenditure on mining tenements
- Budgeting and re-forecasting
- Support with setup and ATO compliance
- Labour Costing by Tenement/Project.
Challenges and Business Objectives
Previous processes required manual data dumping, mapping and validation in Excel, to ensure reporting was accurate and complete. The high-level goals of this project were as follows:
- Simplify existing functionality, add new features and reduce processing time for accounting transactions.
- Reduce the time and effort required to produce management and financial reports.
- Adapt the Odoo system to maintain cost and revenue reporting per tenement and project.
- Cater for capitalised and expensed transactions.
By moving to I&A’s Mining & Exploration Solution (IAMES) integrated solution, Essential Metals were able to improve the capture of transactional data and automate the flow of this data into pre-built, custom report packs. Management reporting was also enhanced with the addition of asset depreciation, which is posted monthly and split by tenement & project.
Other benefits derived include the following:
- Custom user access rights for transaction processing and approvals, in accordance with suggestions from the client’s auditor.
- Automatic Currency conversions on foreign purchases.
- Automated posting of Prepaid/Deferred revenue and expenses, asset depreciation.