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Case Study

Enhancing Operational Efficiency at Wealthmed Australia with PM Hub Wealth by Kandysoft

Introduction

Founded in 2011, Wealthmed Australia Pty Ltd is a leading financial planning firm dedicated to serving healthcare professionals across medical, dental, and allied health sectors. Historically, the company utilised a combination of disparate software tools and manual processes, with Xero as its primary financial system.

Challenge

With growth, Wealthmed Australia encountered significant challenges with its existing software systems, which failed to deliver detailed reports or comprehensive business overviews efficiently. This inefficiency led to a considerable revenue oversight, with significant manual work to recover and track revenue not received in excess of $150,000 in one year alone. The existing systems’ inability to provide swift and accurate financial data necessitated an upgrade to a more sophisticated system capable of automating tasks, ensuring accurate record-keeping, and delivering real-time reporting.

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We were spending up to 18 hours per month shuffling spreadsheets to understand adviser productivity and billing. 

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Also, our top management team was spending in excess of 300 work hours each year on extra management report reconciling and preparation.

Solution Exploration

In their pursuit of a better solution, Wealthmed’s leadership explored various options, ultimately selecting PM Hub Wealth by Kandysoft Australia Pty Ltd to address their specific needs. Early attempts to streamline processes using RevEX-a cloud-based revenue management system-along with other tools, proved time-consuming and inadequate, leading to delayed financial results and inefficient resource use.

Implementation

Wealthmed engaged with Kandysoft, transitioning smoothly to the cloud-based PM Hub Wealth system. This platform allowed for effortless processing of revenue files from suppliers and fund managers and automated the entire operational workflow. It also enhanced the maintenance and accessibility of essential data such as client, policy, and supplier information, which improved data processing accuracy and efficiency.

Key Features and Benefits

  • Transparency in Billing: Clear visibility across client entities for accurate billing.

  • Seamless integration with Xero/MYOB Business: Financial transactions such as invoices, commissions, and bank feeds are automatically reconciled and balanced in both systems.

  • Automated payment collection via direct debit from bank accounts or credit cards: Staff can manually process invoice payments for clients authorised for direct debit.

  • Fee and Commission Tracking: Easily identified fees authorised by clients and commissions due from insurance work and advisory,

  • Advisor Reporting: Enabled detailed reports on advisor activities, billing, and pending payments.

  • Outstanding Revenue Reporting: Comprehensive view of outstanding revenues from all sources during any reporting period.

  • Brokerage File Integration: Streamlined integration and matching of brokerage (payment) files to invoices.

Results

The implementation of PM Hub Wealth substantially enhanced Wealthmed’s operational capabilities. Carolyn Bindon, one of the directors, reported a significant reduction in time spent on routine monthly processes-saving 15 to 20 hours each month. Processes that previously took hours now only take minutes, thanks to the system’s efficiency and user-friendly interface, which seamlessly syncs with the latest Xero data.

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We were saving up to 10 hours per month per advisor per month on reducing time in shuffling spreadsheets to understand adviser productivity and billing. This was further complicated by the need to lodge payments in different ways for each platform. With the new solution, now we simply click and report on any adviser and we can see what was billed, also importantly which platform we are expecting the payment to come from.  This combined with the ability to also bill clients bank accounts directly means we have accurate information on four key items for any period for each adviser and our practice as a whole. Now we can find;

  • What we billed,

  • Who it was billed to,

  • What we have been paid already,

  • Money still owed.

Also, now our advisers are saving them up to 3 hours per month checking their activity and analysing their results.

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Apart from the above savings, we further saves up to 200 hours per year across the Top management activity.

Conclusion

The adoption of PM Hub Wealth by Wealthmed Australia has yielded significant time, resource, and financial savings, enhancing productivity and overall efficiency. The system's robust features and intuitive design have surpassed the company’s expectations, providing a strong foundation for future growth and operational excellence. This case study underscores the critical importance of selecting the right technological tools to facilitate business expansion and streamline efficiency in a dynamic industry landscape

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