Automated processes enable Police Credit to save time and meet legislative requirements
As government reporting regulations became more stringent, Police Credit needed to implement a system to help them meet the increasing requirements and improve its management reporting and dissemination of high quality information.
Police Credit specifically faced challenges around a limited ledger system for existing banking platforms, and a reliance on Microsoft® Excel to manually extract and transfer data into spreadsheets to create reports.
Police Credit implemented two TechnologyOne solutions to help with its responsibilities – TechnologyOne Financials to support the organisation’s accounting and reporting systems, and TechnologyOne Human Resource & Payroll to improve and streamline HR processes.
The implementation and integration of TechnologyOne Financials and TechnologyOne Human Resource & Payroll has helped Police Credit to produce more professional reports and meet its ever-increasing legislative and regulatory requirements.
The automated processes that TechnologyOne Financials offers are an efficient labour time saver, and as reporting requirements become more and more complex, they are hugely beneficial to Police Credit.
Increasingly stringent reporting requirements in the financial industry meant Police Credit needed a system with superior capability to handle multiple budgets and improve its accounting functions.
The organisation’s existing banking program had limited functionality with a general ledger system that relied on manually creating all reports through Microsoft® Excel, which resulted in double handling and an increase in the risk of inaccuracies.
Police Credit’s Chief Financial Officer, Fred Pieterse and Manager Finance & Operations, David Lawler originally looked at three different systems, including TechnologyOne.
Mr Pieterse said one of the benefits of TechnologyOne Financials is its ability to integrate with Microsoft® Excel through XLOne, allowing the organisation to produce more accurate and precise reporting.
“Previously we had to cut and paste data or transfer it manually between spreadsheets, but with XLOne we can now produce reports by automatically exporting the information into Excel,” he said.
Mr Pieterse said using TechnologyOne Financials has allowed Police Credit to produce more professional and meaningful reports for members, suppliers and government departments.
“The solution has also enabled us to do cost centre reporting and keep track of budget expenditure, something we couldn’t do before,” he said.
TechnologyOne Financials includes an accounts payable system that allows the organisation to pay suppliers directly into their bank accounts, a facility Police Credit didn’t have access to through the previous system.
“This process has not only reduced our time spent on filling in journals, it also keeps our third party suppliers happy as well. The accounts payable component is great. Considering what we had in place before, our suppliers are much more satisfied with the process,” Mr Lawler said.
The organisation also used the asset register process of TechnologyOne Financials, enabling them to allocate each piece of office equipment to specific staff members. Police Credit can now keep track of all assets they own and which department it was allocated to, as well as track maintenance contracts, insurance and warranty details.
“The automated processes that TechnologyOne Financials offers are an efficient labour time saver, and as reporting requirements become more and more complex, are hugely beneficial to Police Credit,” Mr Lawler said.
“Even though our reporting requirements and workload have increased, we’ve maintained the same level of resources.”
About Police Credit
Police Credit is one of the largest credit co-operatives in Victoria Australia, offering a wide range of financial services to specific sectors of the community, including emergency services, the health industry and government.
Like all financial institutions, Police Credit is bound by legislation and government regulations.
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