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Case Study

Vantage Wealth Management

Vantage is a privately owned financial advice practice based in Western Australia, founded on professionalism and the commitment to provide exceptional service. The firm extends a welcoming invitation to assist individuals in Western Australia with their investment, growth, and wealth protection needs. Vantage operates under a privately owned license and remains unaffected by the influence of institutional shareholders. 

Solution

How Essatto helped improve the business performance of Vantage Group.

  • Automated Management Reports
  • Multi-Scenario Budgeting and Forecasting
  • Drillable Web Reports and Dashboards
  • Integrated Excel Read and Writeback
  • Variance Analysis
  • Consolidations and Eliminations
  • Ability to combine data from multiple sources

Industry:

Finance

Company Size:

SME

Integrations & Apps Used:

keypay intergration with Essatto EPM   

Details

Challenges

Vantage Group had the following challenges prior to embarking on a digital transformation process:

  • Disparate systems for revenue recording at group, adviser and supplier levels.
  • Outdated payroll and HR Compliance systems.  
  • Very high level of manual processing.  
  • Reckon accounting system was simple and easy to use but lacked support and functionality for a growing business. 
  • No HR systems for recording employee attendance, performance, acceptance of policies etc. 
  • Heavy manual interface with Reckon payroll system.
  • Paper- based and manual processes.
  • Very basic and inefficient management reporting or revenues, P&L etc. 
  • Key person risk and Dis-Integration.

Objectives

  • Streamline financial workflows using Odoo ERP and integrate Payroll with KeyPay. 
  • Automate management reporting using Odoo & Essatto.
  • Provide a basic, easy-to-use, integrated solution which can be enhanced and expanded in future stages as the business grows.

No. of Employees

<50

YEARS IN BUSINESS

15+

Outcomes

Time and resource savings:  

  • Improved efficiency by streamlining HR, accounting, and management reporting processes, reducing staff from 1.5 FTE to 0.4 FTE. 
  • Realised cost savings exceeding $100k per annum. 
  • Achieved a payback period between 0.5 and 0.75 years, excluding upfront implementation time.  
  • Significant error reduction and associated financial savings. 

Outcomes

Accounting and management reporting efficiency:  

  • Monthly revenue and reconciliations streamlined to a swift 2–4-day turnaround, down from the former 15-25 day process. This enhancement not only saved time but unlocked the potential for faster, informed decision-making.
  • Essatto empowered Vantage Wealth Management with immediate access to management reports right after the month-end close-off. Previously, a 20-30 day waiting period and up to a day for completion were the norm. Now, they get to seize the advantage of real-time data for quicker, more decisive actions. 

Essatto’s innovation accelerated Vantage Wealth Management’s financial processes, shrinking monthly turnaround from 15-25 days to 2–4 days, unlocking real-time data access for agile decision-making.