Success stories | Booster Financial Services | Integration: MYOB Advanced

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Automating Invoice Processing for Booster

Booster’s finance team is now saving critical 2–3 hours in the month-end closing process with Ocerra AP automation.

Booster is a Kiwi-owned and operated financial services company, and has been looking after New Zealanders’ money for over 20 years. Offering a wide range of services, including KiwiSaver, investments, superannuation and ethical investing, Booster focuses on offering innovative products and services, great customer experiences and providing their clients with all the necessary tools to enhance their financial health.

ERP System: MYOB Advanced

Booster wanted an accounts payable automation solution to suit their unique business needs. As a financial service company, Booster uses non-standard GST rates. This requires an AP automation software to automatically re-calculate both net and tax amounts before posting to their ERP system.

At Ocerra, we accommodate different business needs efficiently and effectively. We implemented a reverse tax calculator that can now be used by other businesses with custom GST rates. No complex configuration required — just a one-click, user-friendly process.

The decision to automate.

Before starting with invoice automation, Booster was concerned with the time it took to do the routine invoice processing tasks. Manually uploading documents from the inbox, entering each invoice into the system and recalling the details of different accounts took a few hours each time. The Booster finance team understood that this time could be spent on value-added tasks such as data analyses and customer success.

“I find that with Ocerra, we are doing it a lot quicker, especially at the month-end when we have quite a tight turnaround. It remembers everything for us, so we don’t have to look it up. Ocerra pre-populates invoice data including account codes and taxes and then saves to MYOB with the original PDF file attached”, says Natalie Tat, Corporate Accountant at Booster

Closing books at the end of the month can be a time-consuming and stressful process. The Booster team wanted an easy-to-use system that would learn what was previously coded.

“It is easy to navigate, which is nice. I find it is easy to use and quick. I like that we can export all in one batch and don’t have to write a lengthy description, it is already there. Some invoices might take up to 10–15 minutes to process, but with Ocerra, it is instantaneous”, says Louise McCabe, Finance Administrator

While Booster is a professional service and doesn’t have hundreds of invoices each day, they are a progressive company that prefers to eliminate routine tasks, streamline processes, and save 2–3 hours each month.

“These hours saved when the workload is high is very important for our finance team, and we are looking forward to exploring other features of Ocerra”, says Natalie Tat, Corporate Accountant at Booster

About Booster

Booster is a government-appointed default KiwiSaver scheme provider on a mission is to help Kiwis live their lives with financial confidence and freedom.

To do that, Booster offers innovative products and services, intuitive wealth tools, digital resources, and partner with a network of financial advisers to help Booster members shape their best financial future.

With a focus on supporting New Zealand talent and innovation, Booster established three specialist investment funds – Tahi, PLPF and NZ Innovation Booster – to invest directly back into New Zealand, for the benefit of all New Zealanders.

Booster. Helping you make sense of money.

www.booster.co.nz