Case Study

DevEx Resources
DevEx Resources (ASX:DEV) is an exploration company with a diversified portfolio of high-quality projects in Australia, including the highly prospective Julimar district in WA, the Nabarlek Project in the NT targeting uranium-copper-gold systems, and exploration for major porphyry copper-gold deposits in the Lachlan Fold Belt Region of NSW.

Solution

How Essatto helped impove the business performance of DevEx Resources?

  • Management Reporting
  • Tenement expenditure anniversary reporting
  • Tenement expenditure variance to annual commitment reporting
  • Exploration and corporate expense reporting
  • Project spend reporting
  • Financial reporting
  • Project budgets, forecasts and variance reporting

Industry:

Mining and Exploration

Company Size:

SME

Integrations & Apps Used:

Employment Hero I&A Essatto Payroll Partner Perth WA  

Details

Challenges

  • Manual processing of thousands of monthly transactions in Reckon Accounting.
  • Manual posting of intercompany journals in both entities.
  • Manual entry of timesheet tenement allocations.
  • Lack of automation for timesheets and payroll to the accounting system.

Business Objectives

  • Automate transaction processing to reduce manual effort and errors.
  • Streamline intercompany journal posting for efficiency.
  • Automate timesheet tenement allocations for accuracy and time savings.
  • Implement automation for timesheets and payroll integration with the accounting system.

No. of Employees

<50

YEARS IN BUSINESS

20+

Benefits

  • Enhanced compliance reporting with expanded transactional parameters, including Project, Tenement, Activity, Cost Code, Mineral Type, Tenement State, and Budget Program.
  • Improved cost and revenue tracking for better financial management.
  • Automated generation of inter-company journals for transactions relating to subsidiaries, reducing manual effort.
  • Streamlined timesheet tenement tracking with online/app links to payroll and creation of recharge journals for Odoo upload.
  • Customised expense authorization dashboards with role-based authority and approval limits.
  • Quick transaction import from Excel using a customized file upload feature.
  • Incorporation of Essatto Application for automated Consolidation, Monthly Board Reporting, and Tenement Reporting, enhancing reporting efficiency.

Form 5:

Anniversary Reporting:

anniversary reporting devex

Other benefits:

  • Month end and quarterly management and regulatory reports are now largely automated by Entity and State/Territory.
  • Specific automated reporting includes ABS Mineral Exploration and Evaluation Survey, tenement expenditure anniversary reporting, tenement expenditure variance to annual commitment reporting, exploration and corporate expense reporting, project spend reporting, and financial reporting.
  • Automated reporting also covers project budgets, forecasts, and variance reporting.

With Essatto, DevEx Resources is now able able to reduce the manual data dumping and automate a lot of their reporting.