Accountancy group updates financial solutions

The Institute of Chartered Accountants in Australia (ICAA) is replacing its 10-year-old financial management system with an integrated finance and accounting software solution.

The Sydney-based 250-employee professional body which trains, governs and supports Australia’s chartered accountants has selected the Finance One solution from Technology One. The software package is worth around $500,000, according to sources close to the deal.

ICAA general manager of support services Barry Morris said the strength of Finance One was is its flexibility to integrate with an existing Cognos enterprise planning and corporate performance management system and an Onyx CRM system.

Morris said the institute expects the new financial system to make big improvements in the organization's purchasing, accounts payable and forecasting processes and cost control analysis.

Other benefits of the software are better functionality, access to data and automation of numerous manual processes like the ability to drill down and see invoices from suppliers within the system, more timely generation of financial reports and now scanning and barcoding to help lower costs, Morris said.

The ICAA will go live with the new system in a few months.

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