Aquanita saddles up for better financial processes

Published on the 16/11/2012 | Written by Oxygen

racehorse
icon_case study

AT A GLANCE

  • Aquanita

INDUSTRY

  • Equine

LOCATION

  • Australia

BUSINESS OBJECTIVE

  • Create one database
  • Support business growth
  • Eliminate manual data entry

SOLUTION

  • OxygenExpress for SAP Business One

THE BENEFITS

  • Invoice turnaround speed has increased by 30 percent
  • All of Aquanita’s information is now stored in the one simple database
  • Month-end financial reporting has been simplified and automated

FOR MORE INFORMATION

UXC Oxygen
W: www.uxcoxygen.com
Australia
E: info@uxcoxygen.com
T: 1800 002 354
New Zealand
E: info@uxcoxygen.com
T: 0800 008 606

Aquanita Racing Australia’s new ERP implementation has streamlined the way it processes complex accounting data and improved the timeliness of its management reporting…

Established in 1998, Aquanita is a joint venture company for horse trainers that manages racehorses on behalf of owners and owner syndicates. It has quickly grown to become one of the largest racing stables in the country. As a result of this growth the company went looking for a replacement of its existing MYOB accounting product with a financial management solution that could better handle the ever increasing volume of information it has to process. Aquanita identified OxygenExpress for SAP Business One as the most suitable solution and, working with Oxygen, has successfully rolled it out to support all facets of the firm’s daily operations.

“We selected SAP because it has a world-wide reputation for reliability and support. Oxygen’s experience has proven invaluable and their assistance allowed us to get things up and running quickly.”
Peter Oliver, Chief Executive Officer, Aquanita

Aquanita’s chief executive officer, Peter Oliver, says implementing MYOB helped move the business on from its early days when it was “run out of a cheque book”. But as the company grew it became clear it was not going to be enough.

“The key challenge we faced was that the company issues invoices by horse, but a single horse can have multiple owners with different percentages of ownership,” says Oliver. “MYOB could calculate what a particular horse owed, but couldn’t split this between multiple owners.”

To overcome this problem, data was transferred into another package which could split by owner, but the result was the creation of two debtors’ databases. While debtor amounts were accurate in both systems the fact that they didn’t interface with each other meant that all payments had to be double entered. To make matters even more complex, Aquanita is also comprised of 12 different legal entities, so producing profit and loss statements, balance sheets and cash flows was a complex operation that took company staff many days of work.

While some modifications to the standard SAP Business One software were required these were not onerous and the new system successfully consolidated the companies’ various financial tools into one robust database, a process which began delivering benefits to the company immediately.

“It used to take us up to 12 days to get owner accounts out. This has already dropped to seven and will eventually get down to four working days,” says Oliver. “That is a saving of around 15 person days a month which is significant for a company of our size.”

Taking the bit

To rectify these issues the business needed to consolidate its three different systems into one cohesive database and create the ability to support multiple companies within one database. In addition it wanted to implement a solution that would support the ongoing organisational growth of the business and increase the efficiency of business processes by eliminating manual data entry.

The right horse for the course

OxygenExpress for SAP Business One provided a robust solution which integrated information from Aquanita’s existing three systems and allowed the company to establish multiple companies controlled by one database. The company now has the ability to control all its financial processing requirements within one software package. While some modifications to the standard SAP Business One software were required these were not onerous and was customised to handle the unique requirements of horse maintenance and ownership invoicing – the new system successfully consolidated the companies’ various financial tools into one robust database, a process which began delivering benefits to the company immediately.

In addition the system has helped reduce administrative burden by allowing the automatic uploading of electronic invoices and the processing of electronic payments

“It used to take us up to 12 days to get owner accounts out. This has already dropped to seven and will eventually get down to four working days,” says Oliver. “That is a saving of around 15 person days a month which is significant for a company of our size.”

A winning combination  

The results have been noticeable, with a 30 percent increase in invoice turnaround speed. All of Aquanita’s information is now stored in the one simple database and month end financial reporting has been simplified and automated.

“We selected SAP because it has a world-wide reputation for reliability and support. Oxygen’s experience has proven invaluable and their assistance allowed us to get things up and running quickly,” Oliver concludes.

“ Where it used to take us 12 days to get owner accounts out, it now takes just seven and will eventually get down to four working days. That is a saving of 15 person days a month.”
Peter Oliver, Chief Executive Officer, Aquanita

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