About Matrix Composites and Engineering
Matrix Composites and Engineering specializes in the design, engineering, and manufacturing of advanced polymer products for the energy, mining, resource, and defence industries. With over 25 years of experience, Matrix has established itself as a leader in syntactic foam solutions and subsea buoyancy, exporting Australian-made products and services to customers worldwide.
The Challenge
Managing financial operations at Matrix Composites and Engineering is the responsibility of Cynthia Wang, Group Financial Controller. She oversees the Finance Team, which includes one Accounts Payable Officer. Given the project-based nature of the business, the accounts payable workload fluctuates significantly, making it difficult to manage payments efficiently. During peak periods, the Accounts Payable Officer spends a substantial amount of time manually verifying supplier details and checking invoices for accuracy, which diverts focus away from other critical tasks.
Cynthia has a strong passion for adopting digital technologies to drive efficiencies and enhance operational effectiveness. Recognising that manual processes could no longer support the company’s growth; she led the search for a technology-driven solution to automate vendor verification and enhance financial operations. Prior to implementing Eftsure, vendor onboarding was managed using an Excel spreadsheet. With a growing number of vendors, manual verification had become increasingly time-consuming. While the finance team had strong manual controls in place, scaling the business required a more efficient approach without compromising security.
In addition to managing vendor data, there was also a need to verify and manage employee’s payroll information. Having successfully used Eftsure in a previous role, Cynthia identified it as the ideal solution to streamline processes and strengthen payment controls.
The Solution
How Eftsure Powers Productivity
Eftsure provided Matrix Composites and Engineering with a digital solution to automate vendor verification and protect payments from fraud, error and cyber threats. By implementing Eftsure, vendor onboarding became a seamless and automated process, eliminating the reliance on manual spreadsheets. By implementing Eftsure, Matrix Composites and Engineering transformed its vendor onboarding process into a seamless and automated workflow, eliminating reliance on manual spreadsheets. With over 80% of suppliers pre-verified through the Eftsure network, Matrix Composites and Engineering drastically reduced the time and effort required to validate supplier details. This automation not only streamlined onboarding but also enhanced accuracy and compliance. By reducing manual checks, the Finance Team could onboard suppliers faster while maintaining strong financial governance and mitigating the risk of fraud.
Additionally, Eftsure helps ensure that employee payroll information is accurate, reducing the risk of payment errors.
Results
With Eftsure, Matrix Composites and Engineering has achieved:
- Faster Vendor Onboarding: Over 80% of new suppliers were pre-verified through the Eftsure network, reducing manual verification tasks and strengthening financial governance.
- Time Savings: The finance team has saved approximately seven and a half hours per month during month-end processing, allowing them to focus on higher-value activities.
- Enhanced Payment Security: Eftsure has significantly reduced the risk of fraudulent transactions, improving financial controls and safeguarding company finances.
By integrating Eftsure, Matrix Composited and Engineering has not only strengthened its payment security but also positioned itself for sustainable accounts payable operations as the business scales.
Eftsure just works as it’s supposed to work. It gives us confidence that our payments are protected, while also saving us time and effort in managing supplier onboarding and validation
