Police Credit turns to Technology One to improve financial reporting
Police Credit has implemented TechnologyOne’s financial management and payroll solution, integrated to their core banking application to improve management reporting and dissemination of high quality information.
Police Credit is one of the largest credit unions in Victoria, with a membership of over 70,000 and assets exceeding $550 million.
Police Credit manages its banking applications in house, rather than through a bureau service. The organisation has four offices throughout Victoria, and 110 staff that are all paid using TechnologyOne’s payroll solution.
Police Credit Executive Manager Finance, Fred Pieterse said the organisation needed a solution with superior reporting capability, the ability to handle multiple budgets and significantly improve their accounting for GST and production of BAS statements.
“In April this year we went live with a solution from TechnologyOne as the company had a good track record in the credit union market in Australia,” he said.
“Since implementing the system, we have achieved significant benefits, such as better cost control by improving the tracking of creditors, improved management of fixed assets and accurate calculation of accounting and tax depreciation.
“A major benefit has been the ability to report financial information almost instantly. TechnologyOne Financials provides access to real time, online information with drill down functionality all the way through to individual transactions.
“TechnologyOne Financials has also given us better control over access to sensitive data and confidential information. We are now able to automate the production and distribution of reports to all managers, giving them access to secure data from their cost centre.
“Prior to implementing TechnologyOne Financials, our reporting was essentially managed manually through Microsoft Excel, but the margin for error has now been eliminated, and the ability to now modify reports and set up new reports is very straightforward.”
Mr Pieterse said that the credit union has been able to meet its reporting requirements with ease and with added confidence in the integrity of its data.
“Our month end process has been cut down by several days, and at year end, the production of statutory reports is much quicker, easier and 100% accurate. This represents a genuine return on investment.
“We believe that TechnologyOne Financials will meet our financial management and reporting needs well into the future.”