Financial services · ERP Australia

ERP for Australian financial services and multi-entity groups

Finance-led ERP for Australian financial services firms and multi-entity groups.
Talk to us Compare ERP software

Financial services ERP in Australia

Financial services ERP in Australia is less about stock and more about clean multi-entity accounting, approvals, audit trail and reporting. SyncBricks helps financial services firms and groups with several entities map their finance processes, choose a system that fits, then implement and integrate it with banking, payroll and client systems, including ERPNext where it suits.

Common financial services problems an ERP should solve

  • Consolidation is done in spreadsheets at month end
  • Intercompany balances take days to reconcile
  • Approvals happen in email with no reliable record
  • Management reporting is always out of date by the time it is read
  • Audit evidence is a folder of exported spreadsheets
  • Client, billing and accounting data live in separate systems

What to look for in a financial services ERP

Use these as scenarios in vendor demos, not as a tick-box list.

Multi-entity and consolidation

Several companies or trusts in one system, a shared or mapped chart of accounts, and consolidated reporting without exporting to spreadsheets.

Intercompany

Intercompany transactions created on both sides at once, and eliminations that can be reviewed rather than calculated by hand.

Approvals and audit trail

Approval workflows for bills, payments and journals, with a record of who changed what and when that an auditor can follow.

Australian tax and reporting

GST, BAS and multi-currency handled correctly, with management and statutory reporting from the same data.

Integration with client and banking systems

Client records from the CRM, bank feeds and payment files, and payroll postings flowing in without re-keying.

The options businesses usually compare

Australian financial services firms and multi-entity groups commonly evaluate NetSuite, Microsoft Dynamics 365 Business Central or Finance, Sage Intacct, MYOB Acumatica (formerly MYOB Advanced) and ERPNext. Some keep Xero in each trading entity and add a group level system for consolidation and reporting. Firms with specialist platforms for lending, advice or funds administration usually keep those systems and connect them to the ERP, so the choice centres on accounting, consolidation, approvals and integration.

For a neutral overview of the general platforms, see the best ERP software in Australia.

Systems we often see

NetSuiteMicrosoft Dynamics 365 Business CentralMicrosoft Dynamics 365 FinanceSage IntacctMYOB Acumatica (formerly MYOB Advanced)Xero at entity levelERPNext

Common integrations

Xero (entity level)Bank feedsHubSpot or SalesforceExpense management (Weel, Expensify)Payroll (Employment Hero, KeyPay)Reporting tools (Power BI)

How we help financial services businesses

We map the process first, then help you choose, implement and connect the system.

What we do

  • Process mapping of record to report, approvals and month end close
  • Independent ERP selection for multi-entity and multi-currency groups
  • ERPNext configuration for multiple companies, intercompany and approval workflows
  • Integration with bank feeds, CRM, payroll, expenses and reporting tools
  • Data migration of charts of accounts, balances and open items
  • Training for finance teams and approvers, plus ongoing support

What we aim for

  • Consolidated reporting produced from the system, not assembled in spreadsheets
  • Approvals recorded in the system with a clear audit trail
  • Intercompany balances that agree on both sides
  • Management reports available soon after month end rather than weeks later

FAQ

Financial services ERP questions

Should a multi-entity group move off Xero?

Not always. Some groups keep Xero in each trading entity, because bookkeepers know it well, and add a group level system for consolidation and reporting. Others move everything into one ERP to remove the duplication. We map how your entities trade with each other and how you report, and compare both approaches on effort, risk and ongoing cost before recommending one.

Do these systems handle Australian GST and BAS?

The mainstream ERPs sold in Australia, including ERPNext, support GST and BAS reporting, but tax codes and reports still need to be set up correctly for your business. We configure tax codes during implementation and reconcile test BAS figures against your current system before go live. Your accountant or tax agent remains responsible for lodgement.

Can an ERP replace our specialist financial services platform?

Usually not, and it should not try to. Lending, advice, broking and fund administration platforms do specialist work an ERP is not built for. The ERP handles the accounting, payables, approvals and group reporting, and we integrate it with the specialist platform so balances and transactions flow across with a clear reconciliation.

How do you handle intercompany transactions?

We set up intercompany accounts and, where the system supports it, transactions that post to both entities at once. For consolidation we configure elimination rules and a review step, so finance can check eliminations before reports are issued. During testing we run a full month of real intercompany activity to confirm the balances agree.

Related

Planning a financial services ERP project?

Tell us how the business runs today and what is not working. We will help you work out what to do next.

Start a conversation How pricing works