One of Australia's largest super funds, $60 billion industry fund HESTA, has selected a software-as-a-service platform to manage its finance operations.
TechnologyOne was selected by the fund to streamline financial reporting, with the aim of allowing HESTA more time for member focused activities.
HESTA is currently undergoing a digital transformation project, which will see it bring key finance systems in-house - including its general ledger - which will allow the fund to increase its direct control over finance operations processes.
HESTA chief financial officer Megan Bolton said internalising the accounting process will provide timely and efficient capture of financial reporting, integration, and real time visibility, enhancing finance business partnering model.
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"Partnering with TechnologyOne will help us to drive this initiative that supports the continuous improvement of the efficiency and effectiveness of our operations. That ultimately benefits HESTA members," she said.
TechnologyOne chief executive Ed Chung added: "There are many organisations, in the financial services sector especially, for whom the application of modern, natively-integrated SaaS based technologies can offer increase productivity, improve resilience and deliver stronger cybersecurity."
"Many organisations like HESTA are taking the opportunity to 'build back better' and we are proud to be working with one of the country's most well-respected super funds on this important digital transformation journey."
TechnologyOne will also migrate HESTA's finance and enterprise budgeting as part of the project, which is expected to be completed in late 2021.