BRISBANE, 10 June 2021 – HESTA, one of Australia’s largest industry superannuation funds, has selected TechnologyOne’s Software-as-a-Service (SaaS) platform to help manage key finance operations, a move it says will streamline financial reporting and create a better business partnering experience, allowing more time for member focused activities.
HESTA, which has $60 billion in funds under management, was recently lauded in Money magazine’s Best of the Best awards for 2021, winning four categories. It has more than 880,000 members, mostly drawn from the healthcare and community services sectors, and is focused on making a real difference in their financial futures.
As part of its digital transformation project, HESTA will bring key finance systems in-house, including its General Ledger increasing its direct control over its finance operations processes.
HESTA Chief Financial Officer Megan Bolton said internalising the accounting process will provide timely and efficient capture of financial reporting, integration, and real time visibility, enhancing finance business partnering model.
“Partnering with TechnologyOne will help us to drive this initiative that supports the continuous improvement of the efficiency and effectiveness of our operations. That ultimately benefits HESTA members,” she said.
Ed Chung, CEO of the Australian SaaS company TechnologyOne, said the events of 2020 have created have an appetite for change and a tipping point toward innovation.
“There are many organisations, in the financial services sector especially, for whom the application of modern, natively-integrated SaaS based technologies can offer increase productivity, improve resilience and deliver stronger cybersecurity.
“Many organisations like HESTA are taking the opportunity to ‘build back better’ and we are proud to be working with one of the country’s most well-respected super funds on this important digital transformation journey,” Mr Chung said.
As part of the project, which is expected to be completed late 2021, TechnologyOne will also migrate HESTA’s finance and enterprise budgeting.