New system reduces error in admin; saves 10 working days a month.
Anthony Nicholas Group Ireland (ANG), the parent company of retailers Fields and Fraser Hart, is saving 10 working days a month following the installation of a new finance management system.
The business found that it was suffering from discrepancies, lower productivity levels and higher admin costs following recent growth in the UK and Ireland.
ANG has installed an integrated financial management and bank reconciliation system from a firm called M-hance, which has improved operating efficiencies and is saving the business 10 working days a month.
ANG’s financial controller Trish Ledwidge said: “As the organisation expanded we were becoming increasingly overburdened by time-consuming manual processes which led to duplication of effort and discrepancies arising from input errors. Our administration costs were also spiralling due to our reliance on paper to manage our cash collection procedures."
The business required a faster, more accurate means of improving cash flow and reconciling transactions from multiple bank accounts, companies and operating environments to improve business efficiency and productivity levels.
“It was clear that M-hance could extend the functionality of our core back-office systems to provide us with an integrated solution offering a single version of the truth,” Ledwidge added.
The M-hance’s system helps to automate a range of processes to improve operating efficiencies associated with manual bank reconciliation. The system has also been used to speed-up the cash collection and cut the paper usage at Solvar, ANG’s wholesale arm.
Solvar’s 500 sales invoices, remittances and customer statements typically posted each month across the UK, Ireland and the United States have been transformed into electronic documents sent by M-hance.
Further, with links to ANG’s EPoS retail solution the software can report stock data to Solvar to make allow it to better oversee its inventory and stock mangement.
Ledwidge added: “In addition to providing us with efficiency savings, the system has given us much tighter financial control by highlighting potential bank anomalies, unexpected charges or missing transactions in a timelier manner. Having instant access to accurate information allows us to make swifter and more informed decisions which will ensure we remain ahead of our competitors as we continue to grow.”