Juggling multiple systems for one business function is no easy task, especially when it's in the critical area of finance. Spreadsheets, multiple accounting systems, manual reconciliation—it's a recipe for inefficiency and potential errors. That was the reality facing New Zealand Thoroughbred Racing (NZTR), the governing body for horse racing in New Zealand. 

When Systems Collide

NZTR relied on three separate systems to manage their race day stakes and party payments, corporate accounting and Trust activities. This fragmented approach created a complex financial picture, making it difficult to get a clear overview of their financial health.

NZTR faced several obstacles arising from the set-up of these disparate financial systems. These included:  

• Time-consuming manual processing to align the systems

• Difficulties in managing journal entries

• A lack of easily accessible audit trails

• Inconsistent reporting for debt management 

Explains Rowan Cramond, Head of Finance at NZTR: "We needed a solution that could streamline our financial processes and provide a clear, unified view of our financial data." 

A Single Source of Truth 

NZTR knew they needed a unified solution, so they turned to a trusted partner: OnAccount (OA).   

Over the course of their 25+ year relationship, Sandfield have not only designed two core operational systems for NZTR, but OnAccount was already in place to handle the complex transactional accounting related to their race day stakes and party payments. 

There were two main factors in OnAccount being selected as the preferred option. First, the OA product had the flexibility and capabilities to manage the existing functionality sitting across multiple systems. Second, the OA team could draw on their deep knowledge of NZTR’s business to ensure a seamless and disruption-free transition. 

“Our goal was to simplify and unify our accounting processes across the group by moving from three disparate systems to a single, centralised solution. OnAccount provided an ideal fit for this ambition by offering a streamlined platform that would not only consolidate our systems but also allow staff to operate within one comprehensive and familiar environment.” Rowan Cramond, Head of Finance at NZTR.

OnAccount's adaptable framework was exactly what NZTR was looking for. The new solution allowed NZTR to transform and simplify their data, seamlessly integrating it into their core financial processes.  

Key capabilities that delivered results for NZTR

• Automated invoice authorisation workflows: OnAccount automated key approval processes (which were aligned with NZTR's delegation policy), improving efficiency and reducing bottlenecks.  

• Enhanced audit compliance: The implementation of robust internal controls, including comprehensive audit trails and detailed logging reports, strengthened NZTR’s compliance and validation procedures.  

• Optimised chart of accounts: Automatic alignment of account numbers and cost codes simplified data entry, minimising errors, and saving time and costs associated with corrections.  

• Clear segregation of ledger groups: Maintaining distinct separations between all financial parties, such as non-racing debtors and creditors, ensured accuracy and clarity in financial management

Gains in Efficiency and Transparency 

The results were instantaneous. By consolidating their financial management into OnAccount, NZTR tapped into new strengths: 

• Crystal-Clear Visibility: OnAccount provided a single source of truth for all financial data, making reporting and analysis much more straightforward.

• Effortless Efficiency: Automated workflows and reconciliations eliminated manual tasks, freeing up valuable time and resources.

• Significant Cost Savings: No more coordinating multiple systems and their associated costs. OnAccount delivered a user-friendly, cost-effective solution.

• Enhanced Collaboration: With centralised data in OnAccount, teams across NZTR could easily access and share information, fostering better collaboration.

A Winning Partnership for the Long Run

NZTR's successful implementation of OnAccount demonstrates the power of a unified financial management system and the benefits of selecting an experienced team to implement and support it. With improved efficiency, reduced costs, and enhanced control, NZTR is now equipped to navigate the complexities of financial management with ease.

This is just one example of how OnAccount helps businesses achieve their financial goals. Are you ready to experience the benefits of a truly unified financial management system? Contact us today to learn more.