Advanced critical to growth for Zenith Payments
Fintech company Zenith Payments has grown exponentially in the Australian market over the past few years, and MYOB Advanced has been crucial to that success. The ERP solution seamlessly manages the high volume and provides robust financial reporting so the company can see where it is headed.
Integration integral to success
Zenith Payments processes hundreds of thousands of transactions a month for its payments and pre-paid cards businesses. When the company introduced new online login portals for its clients, it quickly became apparent that the accounting management system, MYOB AccountRight, wouldn’t be able to interface with them.
For Chief Financial Officer Adam Harris, this was going to be a problem for more than one reason. Without a seamless integration between the two systems, Adam’s financial team would be forced to enter the data into AccountRight manually. They needed a system that would deliver that essential connectivity and free the Zenith team from time-consuming manual data handling.
Unhelpful ‘rear-view’ reporting
As Adam explains, the Zenith Payments’ team would have to ‘batch’ process thousands of transactions weekly, a lengthy and time-consuming task that was affecting the company’s ability to grow and respond to changing market trends.
Without real-time financial reporting, Adam and his team were always “looking in the rear-view mirror.” A lack of transactional data resulted in mediocre financial reporting.
“I found that difficult – I didn’t have the level of granularity to explain what was happening in the business each month.”
"I didn’t have the level of granularity to explain what was happening in the business each month."
Easy handling of complexity
MYOB Advanced ticked both the functionality and price boxes for Zenith Payments.
“I can say this quite honestly – there was nothing else in the market that compared.”
Adam adds that it was also important to find the right implementation partner – something they found in their MYOB business partner.
For the payments arm of the business, a customisation lets Adam and his team manage 140,000+ transactions a month. Another customisation uses inventory codes to manage the different fees and separate the cost of goods sold for the pre-paid cards business. This lets Adam report on revenue and expenses at a granular level.
"For MYOB Advanced to cope with the volume of transactions we have seamlessly, and at the price-point we pay, I can say this quite honestly – there was nothing else in the market that compared."
Reporting the backbone to growth strategy
Five years ago the payments business “was doing about $240 million in base dollars.” This year, projections put that at $2 billion. Adam says 30% year-on-year growth would not have been possible without a comprehensive financial solution like MYOB Advanced.
Real-time processing has drastically reduced the month-end work from a “ridiculous 20 days, to issuing Board packs within the week.” Adam can identify financial trends as they’re happening, and the company can quickly respond to those trends.
“We’re now looking out the front window instead of the rear-view mirror.
“It’s a little unusual to say so, but the new reporting has enabled us to implement additional expansionary strategies.”
The reporting has also changed the conversation the company’s Business Development Managers are having with their customers.
“When you can tell customers more about their business than they do, you’re solving a problem – and that’s the business we’re in.”
"It’s a little unusual to say so, but the new reporting has enabled us to implement additional expansionary strategies."
- Weekly manual data-entry time-consuming
- Large volume of transactions overwhelming finance team
- Systems unable to integrate
- Lack of detailed financial reporting to aide growth of company
- MYOB Advanced seamlessly integrates with other systems
- Fast and accurate financial reporting drives strategic change
- Better visibility of transactions, quick response to market trends
- Significant reduction in data entry, transaction volume handled with ease
- Scales the business without adding administrative staff