South Australian Government Financing Authority
Employees are now able to access up-to-date information from one source of truth
Over recent years, SAFA’s business has changed considerably with the introduction of additional specialised business functions, namely: insurance, industry assistance, electricity entities and fleet management. There was a range of systems in place to support the various business areas, which created risks in the areas of system maintenance and support, as well as functional limitations.
SAFA undertook a review of all business processes and systems, which determined that a centralised general ledger would satisfy the organisation’s ongoing business requirements. After a formal procurement process, SAFA implemented TechnologyOne Financials with embedded Business Intelligence to provide the organisation with new financial management controls. SAFA has now built its financial business processes around this proven industry solution.
The configuration of TechnologyOne Financials as an out-of-the box solution allowed SAFA to restructure and engineer its business practices to use the processes already established in the system.
Employees are now able to access one core financial system, where all the information is collated and up-to-date, giving them one version of the truth.
We made the strategic decision to implement software that would allow us to build our work practices around its operating specifications and would work with our new business functions.
When SAFA adopted new business functions into its operational areas, it also integrated the incumbent systems and was left with a number of separate sources of information.
In order to handle the new business functions and influx of information, SAFA customised the incumbent treasury software to provide the function of a general ledger to collate and organise information. Employees were using spreadsheets, databases and a range of business systems to compensate for missing functionality within the software. This method had functional limitations and made system maintenance complex and risky.
Operating the business with complex systems meant that software expertise was limited to a few key staff. As a result of a formal procurement process, SAFA engaged TechnologyOne to implement its Financials solution as a designated general ledger, which all finance staff could use easily and efficiently.
SAFA’s Project Manager, Systems and Process Improvement, Tania Milohis, explained a complete business systems review identified the need for a solution that was ready-to-use and could integrate with other business software.
“We made the strategic decision to implement software that would allow us to build our work practices around its operating specifications and would work with our new business functions,” said Ms Milohis. “TechnologyOne Financials was considered best suited to the size and complexity of an organisation such as SAFA.”
TechnologyOne Financials provided SAFA with the ability to implement common processes within the different business functions, which meant improved efficiency and accuracy of standard reporting, ensuring one version of financial information was available to all levels within the organisation.
“Having a system that incorporates standardised processes means that no matter what department a staff member is working from, the practices are the same. This reduced costs in terms of compliance as all data is consistent,” Ms Milohis said.
“With the previous model incorporating a number of different systems, staff needed to access each of them to make sure they were getting all the information. Now there is a single integrated source of financial data for staff to access.”
The TechnologyOne Financials system also allowed SAFA to simplify reporting processes. This has increased the efficiency of data reconciliation meaning the financing and management reporting team are able to spend time and effort on analysing information rather than compiling reports.
Ms Milohis explained SAFA wanted a system that could maintain current business functions while also supporting the development of the organisation for years to come.
“We were looking for a system that could take our business forward for the next 15 years and TechnologyOne Financials will allow us to do this by providing a centralised general ledger that suits our business needs.”
About South Australian Government Financing Authority
SAFA functions as the central financing authority, captive insurer and manager of the passenger and light commercial fleet operations for the Government of South Australia.
SAFA plays an integral role in the overall management of the State Government's finances and risks, harnessing economies of scale and relevant expertise in wholesale financial markets and insurance markets to provide a range of treasury, insurance and vehicle fleet management services to public sector clients, set by its strategic direction.
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