$41B NZ Super Fund looks to replace MYOB

$41B NZ Super Fund looks to replace MYOB

NZ Superannuation looks to the cloud for accounting system replacement

New Zealand sovereign wealth fund looks to the cloud for future accounting system

New Zealand sovereign wealth fund looks to the cloud for future accounting system

Credit: Dreamstime

The Guardians of New Zealand Superannuation, manager of the $41 billion New Zealand Superannuation sovereign wealth fund, is seeking a mid-range, cloud-based finance package to replace MYOB.

The replacement solution will be cloud-based or supported on a cloud platform "such as Azure", a registration of interest document has stated.

Such a solution must match current functionality which includes account payments, accounts receivables and reporting and have electronic-based workflows capability.

User role controls and audit trails of activity are also specified as is the ability to integrate with other systems, in addition to the migration of historic data from the existing system.

The Guardians is also looking for an experienced implementation partner.

Last October, the Guardians announced plans to migrate its other systems to Microsoft's Azure public cloud as part of widespread transformation plans.

"Because the Guardians of NZ Superannuation is a mid-size entity (approximately 140 staff ) a large scale enterprise solution is not required," the ROI stated.

In addition to those 140 staff, the current MYOB system caters for about 60 cost centres, 31 budget approvers and numerous projects.

Either a cloud-hosted or a software-as-a-service (SaaS) system which is easy to maintain and cost effective to support will be considered.

The project, which is expected to kick off in February, is expected to reduce manual data entry and replace existing paper-based processes as well as to improve security through user role control and audit trails of activity within the system.

It is also expected to reduce "key person risk" by allowing multiple users from finance and across the business to access the system, using mobile capabilities to process and approve payments.

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