Discover how ASX-listed mining company, Greenwing Resources Ltd, shifted from using Excel to MYOB Acumatica and MYOB Acumatica Payroll, unearthing financial and payroll automation efficiencies.
- One business management platform for all of Greenwing’s financial and payroll processes
- Multi-currency functionality plus consolidated reporting for international entities
- A scalable, automated system that saves time and will grow with Greenwing Ltd
Greenwing Resources Ltd is a publicly-listed resource mining company (ASX:GW1) based out of Brisbane. Incorporated in 2004, the fully integrated green metals company has sites in Argentina and Madagascar, focused on mining lithium and graphite resources.
Mark Siliato, Finance Manager at Greenwing, knew there was an opportunity to upgrade Greenwing’s finance and payroll systems.
“I’m a one-man finance team, and we’re required to operate and report in multiple currencies.”
Mark shares how MYOB Acumatica and MYOB Acumatica Payroll help him consolidate reporting and automate manual tasks so he can focus on higher-level strategic work.
Too many manual, Excel-driven processes
Originally, Greenwing used Excel for almost everything.
“Spreadsheets are great for adding and subtracting. But as soon as you start using them as source documents to produce financials, it’s too easy to make mistakes,” says Mark.
While some financial processes were run through MYOB AccountRight, operating with multiple foreign currencies and the need to report to each relevant authority increased reporting complexity.
For example, the team in Madagascar would receive an invoice in Malagasy Ariary (MGA) that they would convert into USD. Mark would then convert to AUD – and that was all done manually.
“It would take almost three weeks just to do the management accounts, and I just said no, that’s unacceptable. It shouldn’t take that long.”
– Mark Siliato, Finance Manager, Greenwing Resources Ltd.
A robust, centralised business management platform
When Mark got the green light to implement a new system, he had his checklist ready. Any new system needed to automate currency conversions and provide consolidated reporting across Greenwing’s mining entities.
The company also needed secure and compliant payroll software that would help save time and eliminate the complexity of managing international teams including Single Touch Payroll, superannuation, leave accrual and more.
Mark says MYOB Acumatica with MYOB Acumatica Payroll ticked all those boxes.
“With MYOB Acumatica, I can focus on pulling management accounts together more quickly rather than trial balances not mapping or balancing, or whether I’ve got the right exchange rate.”
– Mark SIliato, Finance Manager, Greenwing Resources Ltd.
“I might not have the staff or resources, but I do have a robust system that produces numbers I’m confident are right.”
More accurate, consolidated business reporting
With MYOB Acumatica, Greenwing has much-needed reporting transparency across all its entities. When Mark runs the quarterly cashflow report, he can report in local currency for each mining site or bring everything together in one consolidated report.
This provides more accuracy when reporting the companies cashflow. And Mark can drill down and see “exactly what’s walking out the door” and find ways to cut costs and preserve cash.
“MYOB Acumatica has improved our reporting in that the figures we release to the market are much more accurate and timely.”
– Mark SIliato, Finance Manager, Greenwing Resources Ltd.
Bi-annual audit processes made less stressful
As an ASX-listed company, Greenwing is audited every six months. Before MYOB Acumatica, the audit process was a major pain point. Mark was constantly fielding questions and requests for information, mainly because the information the auditors needed wasn’t easily accessible.
With MYOB Acumatica, that intense back-and-forth has significantly decreased. The auditors have full access to the system and can get on with the audit process largely without staff input.
“I was waiting for the pain to start, but it didn’t come,” says Mark about the first audit after implementing MYOB Acumatica.
“It wasn’t stressful because I wasn’t stuffing around with spreadsheets not balancing – MYOB Acumatica took care of all that.”
– Mark SIliato, Finance Manager, Greenwing Resources Ltd.
MYOB Acumatica also helps Greenwing meet the various tax and reporting requirements in the countries where it’s running mining projects. For example, Madagascar is still very paper-driven. The government requires copies of invoices and bank remittances for payments.
Wherever they are in the world, the Greenwing team can attach the correct supporting documents, which helps speed up the auditing process and ensures the company complies with local regulations.
“It means we’re not raising a substantial general journal without proper support for it,” says Mark.
Automated payroll: “Initiating pay takes one minute.”
Mark explains that while Greenwing’s team is small and payroll is pretty simple, putting it on autopilot means initiating the pay takes him no more than a minute.
MYOB Acumatica Payroll automatically pulls the correct tax rates and calculates annual leave and superannuation. Within the one system, Mark can easily track and manage staff information like employee contracts and pay rates.
“It doesn’t matter whether we have 2 or 200 employees – MYOB Acumatica Payroll works the same.”
– Mark SIliato, Finance Manager, Greenwing Resources Ltd.
A system that will grow with Greenwing
Now that Greenwing has a fully integrated, scalable ERP system, the plan is to continue automating and streamlining those recurring manual processes.
Mark is working with Momentum Software Solutions to add a fixed asset module. While there are lots of features the company doesn’t need right now, it’s an advantage having them waiting in the wings.
“The great thing about MYOB Acumatica is it’ll grow with our business. If we acquire another entity, all it takes is a simple phone call to Momentum to create a new ledger,” says Mark.
“Even as Greenwing grows I don’t want to spend my time doing pointless, busy work. I want to do meaningful work, and with MYOB Acumatica, I can.”
– Mark SIliato, Finance Manager, Greenwing Resources Ltd.
Improvements since implementing the MYOB Acumatica Platform:
- Cloud-based, scalable business management platform – brings all of Greenwing’s business workflows together.
- Payroll on autopilot – automated payroll means initiating pay takes minimal time.
- Individual and consolidated reporting – drill down into individual entities or combine reports.
- Bi-annual audits are less stressful – auditors can access information in MYOB Acumatica directly.
- Multi-currency made easy – MYOB Acumatica automatically applies the correct exchange rate.