Eftsure provided Regis Resources with the solution needed to streamline Accounts Payable, automate supplier onboarding and verification, and protect payments from errors, fraud and cybercrime.
About Regis Resources
Regis Resources is a high-margin gold producer and explorer with over a decade of consistent production and reserve growth, underpinned by continued exploration success and targeted acquisitions.
Regis Resources has grown from humble beginnings to become one of Australia’s leading mid-tier gold companies. They operate within two distinct project areas in the North Eastern Goldfields of Western Australia and in the Central Western region of New South Wales.
The Challenge
Regis Resources, a leading mining company, relies on a vast network of suppliers to maintain its operations. With the large number of suppliers, managing Accounts Payable and ensuring payments were protected from fraud and cybercrime were critical challenges.
Before implementing Eftsure, the small and busy Accounts Payable team, relied on complex manual, paper-based supplier onboarding processes which were time-consuming for both the supplier and the Accounts Payable staff, leading to prolonged onboarding times. The reliance on manual checks posed challenges in governance and auditing.
Additionally, validating bank account details and preventing fraud while addressing cybersecurity risks associated with payments were significant challenges.
The Accounts Payable team needed a more efficient and secure solution to onboard suppliers and make payments.
Solution
David Sankey, who is the IT Security and Financial Systems Manager at Regis Resources, had previous experience implementing Eftsure. He identified Eftsure as the ideal solution to streamline accounts payable, validate suppliers and payments, and provide payment protection to mitigate the risks of payment error, fraud and cybercrime.
How Eftsure Powers Productivity
Eftsure has significantly streamlined operations and improved efficiencies within the Accounts Payable team. By automating the onboarding and verification processes, manual workloads have been reduced, leading to greater efficiency.
Eftsure provided Regis Resources with the flexibility to transition their complex manual verification processes to an online solution.
This transition allowed Regis Resources to move from a multi-page, manual onboarding process to a simple, digital form where suppliers only needed to provide their name and email address. Eftsure handled the rest, significantly reducing the time and effort required for onboarding.
Eftsure also enabled Regis Resources to customise forms to meet their unique requirements and centralise compliance documentation.
The implementation process was well-managed, with exceptional support from Eftsure's Customer Success Manager. Our Customer Success Manager provided comprehensive guidance and prompt responses to our inquiries, ensuring a smooth and successful implementation from start to finish.
Results
Achieving significant time efficiency gains and freeing up valuable time for the team.
The onboarding process for suppliers was reduced from several days to an hour.
The efficiency gains from reducing the onboarding and validation of suppliers have significantly eased the workload on the Accounts Payable team. Additionally, the manual checks of ABA files, which were time-consuming, were automated, leading to quicker and more accurate payment processing.
With the streamlined processes, the Accounts Payable team now has more time to focus on more strategic tasks, enhancing overall productivity and ensuring faster payment processing. The improved efficiency and accuracy have also enhanced the overall operational effectiveness of Regis Resources.
Eftsure has transformed our Accounts Payable Process. The time savings and improved accuracy in payment validation have exceeded our expectations.
