Company Overview
ASX-listed Essential Metals (ASX:ESS) is an active exploration and development company focused on discovering and producing metals critical for a sustainable future.
Odoo
- 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.
Essatto
- Management Reporting
- Inter-company Consolidations
- Form 5 Operations Report – Expenditure on mining tenements
- Budgeting and re-forecasting
Dashboards.
KeyPay
- Support with setup and ATO compliance
- Labour Costing by Tenement/Project.
Challenges and Business Objectives
Previous processes involved manually dumping, mapping, and validating data in Microsoft Excel to ensure accurate and complete reporting. The key goals of this project were:
- Simplify current functions, introduce new features, and reduce processing time for accounting transactions.
- Cut down the time and effort needed to generate management and financial reports.
- Customise the Odoo ERP system to track cost and revenue reporting for each tenement and project.
- Handle both capitalised and expensed transactions.
Solution Benefit
By adopting I&A’s Mining & Exploration Solution (IAMES), Essential Metals improved transactional data capture and automated its flow into custom report packs. Management reporting was further enhanced with monthly asset depreciation, broken down by tenement and project.
Other benefits derived include the following:
- Custom user access rights for transaction processing and approvals, based on the client’s auditor recommendations.
- Automatic currency conversions for foreign purchases.
- Automated posting of prepaid/deferred revenue and expenses, as well as asset depreciation.
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The client manages 17% (almost 4 million hectares) of Victoria’s state on behalf of the public and employs over 1000 people.