Octet Finance Case Study
Facilitating $3 billion worth of transactions in over 72 countries with MYOB Advanced
Case Study Overview
Industry: Financial Services
Location: Australia
Product: MYOB Advanced
Services: MYOB Advanced consulting, implementation and ongoing support
Overview: Octet Finance supplies businesses around the world with working capital facilities. Organisations can use the Octet platform manage loans and to purchase from suppliers anywhere around the world.
THE PROBLEM
Lack of visibility and data overload
Octet had outsourced its accounting to a third party firm. Daily reconciliations became a heavy process for external accountants to manage and Octet was unable to get the depth of detailed reporting and analysis that it required.
High growth caused system problems
No real-time visibility
Slow, manual data processing and reconciliation
No detailed analytics
“We have millions of data points being produced year on year, and we were facing consolidation challenges due to the complexities of multiple companies operating in our group, across different regions and currencies that we handle. Our existing account system produced high-level financial statement analysis, but we were unable to capture more detailed segmentation across our salesforce, products and customers. Typically this was handled in our proprietary management system, but we sought to integrate this at an accounting level so that we had a single customer view across all of our systems. The lack of visibility and need to refer to our proprietary management system was a time consuming and difficult process.”
Michael Rom, Octet FinanceTHE SOLUTION
In-house, Cloud ERP system, MYOB Advanced
Octet wanted to bring a new comprehensive Business Management System in-house. After looking at SAP Business One and Netsuite the company decided that they were both too complicated and cumbersome. Further investigation led Octet to MYOB Advanced by Leverage Technologies.
Why did Octet Finance choose MYOB Advanced?
Works straight out of the box with minimal customisation
Fully hosted and supported in the Cloud
Multi-company and multi-currency model
Flexible pricing model
Integrated data analytics in real-time
“We felt [Leverage Technologies] were equipped to be responsive to us and deliver what we were after. They were very patient and ticked all the boxes as to what we were looking for in a partner. They walked us through the whole process and their technical specialist got on very well with our team. Every time we threw a question at them, they had an answer. It’s a great engagement and we’re super happy.”
Michael Rom, Octet Finance
OUTCOME
Real-time visibility and faster processing
With MYOB Advanced, Octet now has real-time visibility across the business. The MYOB partner set up a metric-based dashboard for statistical journals, for a view of performance that delivers useful Business Intelligence.
Managers who used to wait till month-end for a high-level generic report with no drill-down capability can now run their own reports when they wish. They can click on an individual item and view all the files and attachments.
Another huge benefit for Octet is the Multiple Dimension Reporting available in MYOB Advanced’s General Ledger. This allows full customisation of reporting and analysis, segmenting and slicing data however the user wishes.
Real-time view, company-wide
Automated processing and reconciliation
Reduced paperwork and manual processes
Multi-dimensional analytics
“We’re hoping to grow our business tenfold in the years ahead. MYOB Advanced has helped us to be much more nimble in our approach. It’s helping to support our forecasting and to give stronger incentive programmes to our team because everyone has real-time visibility into how we’re performing.”
Michael Rom, Octet FinanceGET IN TOUCH
To learn how MYOB Advanced can transform your business call 1300 045 046 or submit the form below.
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