My Account

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 rare earth elements in North QLD.

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 monthly transactions in previous accounting system.
  • 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 data for ABS Mineral Exploration and Evaluation Survey, tenement expenditure anniversary 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.