Cogstate gets clever with improved financial processing power

Published on the 16/10/2012 | Written by Oxygen

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AT A GLANCE

  • Cogstate

INDUSTRY

  • Medical

BUSINESS OBJECTIVE

  • Accounting package to cater to the growing company’s requirements
  • Reporting capabilities to meet ASX Stock Exchange requirements
  • In house control of reporting functionality

SOLUTION

  • OxygenExpress for SAP Business One

BUSINESS BENEFITS

  • Minimal downtime during implementation
  • Improved control over production of financial reports and planning processes
  • Future proofed system

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

SAP specialist Oxygen Business Solutions has helped Melbourne-based Cogstate, to increase its control over its financial processes and support its growing customer base...

Established in 1999, the company has built an international business in the design and delivery of diagnostic tools that test cognitive functions. Cogstate chief executive officer Brad O’Connor says the company’s specialist product offerings mean its business model relies on a relatively small number of high-value transactions.

“Because we were a small company, we had been running our financial functions using MYOB and an external accountant,” says O’Connor. “While this worked well in the early days, we knew things would have to change. We wanted better control over our financial systems and to improve the timeliness of information and reports and we could see SAP Business One would deliver this for us.”

“We wanted better control over our financial systems to improve timeliness of information and reports. We could see SAP Business One would deliver this for us.”
Brad O’Connor, Chief Executive Officer, Cogstate

Having listed on the Australian Stock Exchange during 2004, the company also faced increased legal reporting requirements. The need for regular audits, forecasts and budgets meant the existing system simply could no longer deliver the level of detail needed.

After examining a range of packages, the decision was made to implement SAP Business One. Working with UXC Oxygen, the system was installed and operational within two months. Because SAP Business One was not replacing any existing internal systems, other than MYOB, the implementation process was very straightforward. Minimal customisation was required and staff were quickly using the system for client transactions. O’Connor says UXC Oxygen’s knowledge and experience with SAP systems has helped significantly, with the company able to quickly overcome any teething problems with the new software. “They continue to support us and are on-call should any problems arise.”

With SAP Business One, Cogstate now has an auditable general ledger system that can be locked down to ensure the integrity of historical information. This is particularly important for a listed company where financial records must be held for defined periods of time.

The next task for Cogstate will be to install financial systems in its offices in the United Kingdom and the United States to confidently support growth in the regions.

Thinking through the challenge

Cogstate’s existing MYOB software system did not effectively cater for the increased growth the company was experiencing. In addition, its listing on the Australian Stock Exchange necessitated a greater requirement for legal reporting and improved timeliness of information and reporting. This meant that a greater level of financial detail needed to be extracted from the system and a higher degree of in-house control was warranted.

Implementing a smart solution

A rapid implementation of OxygenExpress for SAP Business One allowed Cogstate to be up and running on the new system in only two months. On-call support was provided to overcome any early teething issues and was made available on an ongoing basis. The installation included an auditable general ledger system which helps to ensure the integrity of historical information. The company’s existing client management software was also integrated with the new OxygenExpress SAP Business One solution, which has allowed the company to retain important client data and its established business processes. In doing so a solid platform for the future has been created, allowing Cogstate to plan for future implementations in its regional offices in the United Kingdom and United States.

Measuring the results

The new implementation has improved the company’s control over its production of financial reports, budgeting, forecasting and planning processes. The minimal downtime during the quick installation was a bonus as Cogstate was able to continue with little disruption to its day-to-day practices. Once the implementation was completed the company had a sound platform on which to manage company growth and to extend the system’s use to include human resources and payroll functionality if needed in the future.

“ Because we are a small company, we had been running our financial functions using MYOB and an external accountant. While this worked well in the early days, we knew things would have to change.”
Brad O’Connor, Chief Executive Officer, Cogstate

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