Enterprise resource planning (ERP) alludes to a kind of software that businesses use to oversee everyday business functions like accounting, procurement, project management, risk management and compliance, and supply chain operations. A total ERP suite additionally incorporates enterprise performance management, software that helps plan, forecast, anticipate, and report on an business’s financial outcomes. The ERP system incorporates key business process with the ability for

Have you ever thought for a second, one of the most time-consuming tasks of finance departments around the world? I would argue the Accounts Payable / Accounts Receivable functions between various businesses. There manual exchange of paperwork, payments and matching off your bank statement consumes a significant amount of time, whether through electronic payment, BPAY or international payment. I know this because I spent much of my time within industry looking after collectio

I’m often asked what a Finance Transformation is. This whole concept of transforming is more important than ever especially for the finance organisation. With COVID-19 shaking up the whole world, our ways of working have changed forever. The driver and need to modernise finance systems, process and people is not just a nice stretch goal it is a necessity to survive. There is a need to do more with the same or fewer resources. Business needs to respond better to fast-changi

Challenge An organisation that provides services to the mental health industry had a problem with its existing Budgeting & Forecasting software. It had an inability to add in new drivers and proved challenging to make changes in-house with a dependency on the vendor to make enhancements every time a new rule was required. The organisation wanted flexibility as their business was changing, so too were the requirements in their budgeting and forecasting modelling. Results The c

Challenge A global logistics-based business had been operating on an old AS400 finance system for 20+ years and the parent company decided to roll out Oracle e-business Suite to the group. This has been a 3-year process from the start of planning this system change to when it first went live in Australia. The problem was that the country end users were not heavily engaged in the system design and many assumptions were made around how the Australian business processes worked.

Challenge A large private equity maintenance provider had a large workforce of 6,000+ employees, many of whom were working on clients industrial and commercial sites. The problem was that each region had its own Health and Safety teams that would conduct the field work. From a financial and workers compensation point of view all this data was maintained in Excel workbooks, by each regional team on a monthly basis. The teams would create a new tab to capture the data for each

For many of us small and medium size growing organisation, our finance system is probably least thought out after it has been initially setup. Many of us have cloud-based systems such as Xero, Quickbooks or MYOB to run our accounts department and it has largely given us what we need to capture transactions, receive and pay money. However, in this uncertain and unpredictable world, it is more important than ever to be on top of our numbers and to be forward looking. As the wor

#financetransformation #ERP #Thinknumbers As a practitioner of helping organizations to update and configure better finance systems, it’s always puzzling how finance functions can become so inefficient and transaction-focused. Surely there are things that could have been done along the way to avoid their systems becoming derailed. All businesses have some type of system in place and have hired talented people to help them run their finance function. As Finance professionals w

Challenge Think Numbers was engaged by a large facilities maintenance provider after it had formed a new group with a number of acquired large private businesses. There were different systems and definitions of how their people metrics were captured and reported across the group. This meant that there was no central source of truth for reporting the key performance indicators on its large workforce of 6,000+ employees. There were inconsistent definitions, multiple systems and

Challenge The method of allocating corporate costs had become a costly and overly complex process over several years for a large Telco provider. The management effort required a team of finance people to manage and significant IT licencing/support costs on an annual basis. In addition, the system of calculating and allocating costs took several days to compile and calculate the data. For a simple determination of the profitability of various products in their business, the pr

Challenge Think Numbers was engaged to support a large investment bank to transition their #ERP finance system from on-premise to cloud based #MicrosoftDynamics365. The previous system was highly uncustomised and not fit for purpose going forward. The software was out of support and only one partner existed in the country to even support this going forward. Due to the inability to customise the software, processes were highly manual with work arounds to achieve certain their

Challenge Think Numbers was engaged by a high growth Insurance Brokerage business to help mature their financial systems to manage 100,000 customers transactions. The client had previously built an in-house system and due to double digit growth, was resulting in a high error rate of transactions, which was no longer fit for purpose. This meant the finance team spent most of their time fixing errors and processes were highly manual. A new Finance App was in the process