Latest mining accounting technology

 

Latest mining accounting technology

Like most other technology, a great deal has changed over the 10 years that I’ve been working with cloud accounting software – ease of use and set-up, breadth and speed of real-time financial visibility, and most significant of all, cost.

2021-05-24

During this time, I’ve specialised in migration and software adoption, guiding and assisting dozens of clients on the latest and most reliable software stack for their specific needs. We are assisting with the internal processes to see you operating in a totally paperless office, achieving maximum efficiency and automation, and having real time visibility and data that many talk of, but rarely have.

The majority of junior explorers we speak with look for software with a solid market reputation that’s easy to use and familiar to most bookkeepers and accountants. We often see MYOB or Reckon as the likely preferred platforms followed by Pronto for those that have really reached production phases. More recently the likes of Xero and QuickBooks Online have become more prevalent themselves.

Reporting processes

Companies in the junior explorer or small cap mining space need to be aware of additional reporting requirements including to the Department of Mines, preparation of quarterly Cash Flow Statements, consolidation of subsidiaries and dealing with Joint Venture arrangements. These all require the assistance of our favourite tool in Excel, and an adept financial operator to pull together.

This process requires manual effort and processing at every turn as well as regular duplication. Most of these platforms do not give you the layers of reporting to breakdown your data as required on demand.

In this space, we very regularly see shortfalls in operational efficiencies and are charging ourselves with the responsibility to bring this to life for junior exploration companies.

The Solution

Get your processes in the Cloud. We would recommend migrating to Xero and utilising it’s open API and multitude of direct partner integrations to fulfil the various requirements.

We have identified the ideal software stack on page three of the download below and the processes to automate and streamline the entire end-to-end financial, accounting and taxation processes of your business.

We cover all critical items including:

  • Mobile app processing of timesheets for geologists and contractors, giving you real time project/tenement based costings

  • Streamlined and automated processing of all accounts payable, expense claims and credit card expenditure, including real time tenement allocations

  • Paperless, expense and payroll approvals, based on projects, tenements - any approval you want

  • Build in fixed asset register for automated monthly depreciation

  • Automated and templated Cash Flow Statements for your Appendix 5B, costings for the Department of Mines, Annual Tenement Expenditure reports, etc.

  • Online BAS lodgement within the accounting software

  • Direct link of mapped Chart of Accounts to Income Tax software that provides tax deferred journal entries and tax return preparation

  • Live dashboards in Power BI to be customised and married with your geological data

  • Rolling 3 way financial forecasts and budget monitoring

  • Consolidated financial reporting for Joint Venture arrangements and subsidiaries – in any currency

Software for automation

The Cost

The software subscription costs detailed in the download below would typically equate to $150 to $300 per month. A no-brainer isn’t it?

* We also capture the notoriously difficult aspect of statutory reporting through cloud-based software for interim and annual reporting and streamline this process. Please reach out if you would like to explore this to facilitate an easier statutory reporting framework.

Click here to download

Contact us

Get in touch via our experts below to discuss how we can help streamline your business.

Rick Hemphill

E rhemphill@sw-au.com

Blayney Morgan

E bmorgan@sw-au.com