Case Study – (Anonymous) Family Office Business
At Velixo, we are proud to support businesses with diverse and complex needs, enabling them to achieve greater efficiency and clarity through seamless, intuitive reporting solutions. We recently spoke with a General Manager at a Family Office in Sydney (who asked to remain anonymous), about their journey to transform financial management and reporting using Velixo with MYOB Acumatica.
Customer summary
- Location: Sydney, Australia
- Operations: Primarily Australia, with some overseas involvement
- Industry: Family Office – Investment and Property Management
- ERP System: MYOB Acumatica
- # of designers: 1
- Customer since: 2023
About The Business
This business is a multi-generational family assets management office overseeing diverse financial and property investments. The organisation serves four family branches, each with its unique set of businesses, trust funds, and individual financial structures. Their work spans accounting, financial management, operating assets, and investment oversight.
They operate a centralized financial system to manage the intricate requirements of multiple families, as branchs, with the aim to simplify data consolidation, create meaningful reports, and ensure data security while maintaining a flexible structure that suits each branch’s needs.
Meet the Power User
The Champion within this business is their General Manager himself, overseeing financial and operational processes. Although not directly involved in building reports, he depends heavily on the outputs from Velixo to manage and communicate financial and investment reports effectively.
Key Challenges
The transition of this business to MYOB Acumatica, boosted with Velixo, came after experiencing limitations with their previous ERP system, MYOB Greentree. While Greentree offered basic functionality, it required extensive work like manual exporting/importing to generate accurate reports. Their challenges included:
- Manual Processes: Reports involved time-intensive processes such as exporting data to Excel and reformatting, making them prone to errors and outdated.
- Inadequate Reporting Structure: MYOB lacked the flexibility to tailor reports specifically suited for the business’s unique multi-entity structure.
- Complex Consolidation Needs: as this business operates under a single MYOB tenant with branches representing each client. Consolidating financials across branches for reporting and comparison was cumbersome.
- Inefficient Data Visualizations: Semi-annual client presentations, which were critical for decision-making, took up to two weeks to prepare due to the work needed to create data visualizations.
“Thanks to Velixo’s reporting functionalities, we are saving potentially up to 1 working day a week on reporting... Our bi-annual client presentations used to take 2 weeks to prepare, now it has been reduced to 5-6 days. That's significant time savings that we are enjoying!”
The Velixo Difference
With Velixo, theis business experienced a complete transformation in their reporting capabilities, enabling them to address challenges head-on:
- Standardized Reports: Velixo allowed them to tailor reports to their specific needs, offering a consistent format across all branches.
- Dynamic Consolidation: Using Velixo’s powerful Excel-based tools, their team could consolidate financial data across all branches within minutes, simulating the benefits of separate tenants while maintaining a single MYOB tenant.
- Improved Efficiency: The time required to prepare reports dropped significantly, with semi-annual client presentations now taking just 5–6 working days instead of two weeks to prepare.
- Real-Time Insights: Velixo enabled Ravi’s team to generate intuitive, real-time cash reports, simplifying decision-making processes.
“Because Velixo directly links to MYOB, we now have real live cash reports and do things we couldn’t do before. Velixo helped us simplify our work and took analysis and reporting to a different level!”
Favorite features
This company relies on several Velixo features to enhance their processes:
- Inter-Entity Matching Reports: Previously a manual task to match loans and investments across all branches in MYOB. It used to take most of a day, now it takes only 20 minutes.
- Budgeting & Forecasting Reports: Used to consolidate financial data and project future performance. Those and many other sample reports can be found on Velixo’s templates register.
- Static Cash Reports: A vital tool for managing daily transactions and planning.
- Dynamic Drilldown: Velixo’s Excel-based drilldown feature presents a summary of underlying data that corresponds to a cell containing a Velixo function, making data analysis and auditing more efficient.
“Before, if you want to drill down into any data, you have to figure out what accounts it was reading and go into the base data. With Velixo, we can drilldown directly in Excel, it’s so much easier!”
What’s next for them
After a year of refining their processes and automating core reports, this business is now ready to focus more on value-add initiatives, including:
- Advanced Cash Flow Reporting: Building dynamic cash flow reports within Velixo.
- Enhanced Forecasting: Expanding the use of budgeting and forecasting functions to support strategic planning.
- Exploring New Velixo Functionalities: As their team grows, they are excited to explore other Velixo features within Velixo NX such as Budget Writeback to further streamline operations.
At Velixo, we are proud to empower organizations like them to streamline their reporting, improve accuracy, and unlock new efficiencies. Together, we’re helping them pave the way for sustainable growth and success.