Case Study: Transforming Financial Management for Canvas with VetaTek and Microsoft Business Central

The first order of business for VetaTek was to migrate Canvas’s outdated in-house finance system to Microsoft Business Central. The migration to Business Central revolutionized their financial operations, offering numerous advantages of Microsoft Cloud. This migration resulted in reduced costs, regular upgrades, enhanced security, and diminished risks. VetaTek incorporated the media buying system from Mediaocean and made a customized solution to meet Canva’s specific financial team requirements. We developed a “Sequential Liability” process to optimize the timing of cash receipts and vendor payments. With the help of Power BI, cash flow reports were accurate and timely insights into vendor liabilities. These enhancements significantly mitigated Canva’s financial exposure.

What Challenges did Canvas have?

Canvas faced several significant challenges with its legacy financial system:

1. Outdated Technology: The system was obsolete and no longer supported, necessitating excessive staff time for management and maintenance.
2. Manual Processes: Many operations were manual, leading to inefficiencies and errors.
3. Poor Integration and Data Integrity: The old system had limited integration capabilities, which resulted in errors and inaccurate data.
4. Lack of Flexibility: The system did not align with Canvas’s evolving business needs and couldn’t adapt to the new requirements. In addition, it wasn’t compatible with Office 365 apps and security.

What Were Our Solutions to Their Challenges?

VetaTek partnered with Canvas to deliver a comprehensive solution with the help of Microsoft Business Central. Our solutions included:

1. Extended Business Central Functionality: VetaTek customized Business Central to include media-related fields and data, ensuring it met Canvas’s unique needs.
2. System Integration: We integrated critical systems for managing client campaigns, leading to seamless operations.
3. New Processes Implementation: We introduced “Sequential Liability and Cash Flow management that automatically improved financial oversight and control.
4. Data Migration: VetaTek also mapped and migrated five years of data from Canvas’s old system, ensuring continuity and accuracy.
5. Enhanced Controls and Data Quality: New customized system provided better controls, streamlined processes, and improved data integrity.

What Are the Benefits for Customers?

The migration to Business Central delivered immediate and long-term benefits for Canvas:

1. Cost Reduction: The total cost of ownership required for maintaining the previous system was significantly reduced, freeing up resources for process improvements and business growth.
2. Streamlined Financial Processes: The “Sequential Liability” process bridged the gap between the client’s receivables and vendor invoicing, optimizing the release of vendor payments based on client payments and reducing financial exposure.
3. Improved cash Flow Visibility: Power BI cash flow report offered enhanced insight into financial status at both client and project levels, facilitating better management of expectations between clients and vendors.
4. Operational Efficiencies: Automation of processes allowed the financial team to focus on core tasks, enhancing efficiency and minimizing financial risks.

By partnering with VetaTek and migrating to Business Central, Canvas not only addressed their immediate challenges but also set a strong foundation for future growth and success. We created custom solutions that ensured Canvas could navigate the complexities of the media industry with improved efficiency, better financial oversight, and enhanced operational capabilities.

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