bpl Solicitors conducted a detailed market assessment for a replacement reconciliation system. Kevin states, “Our bank manager suggested Aurum Solutions.
Once we saw the impressive functionality along with the intuitive, easy to use interface, the decision became a bit of a ‘no-brainer’.
As an SQL-based system, it was the perfect technical fit as we were migrating our accounting system to SQL too. The bank recommendation carried a lot of weight in our decision and this was vindicated with a fast and hassle-free implementation of the software.”
Each morning bpl Solicitors takes bank statements from HSBC and Lloyds and reconciles these against the specialist legal accounting system LexisNexis Axxia. It uses a number of auto-match rules which enable the solicitor to reconcile the majority of transactions with a very high degree of confidence.
bpl Solicitors uses suggest-match rules tailored to their individual requirements to help identify potential matches and thus reconcile the remainder of transactions.
Kevin observes, “There are so many different types of payment formats for CHAPS, BACS, Faster Payments and inter-branch transfers with varying quality of referencing. Banks hardly ever quote the references we supply and, in many cases, there is no reference at all which makes the reconciliation process more challenging. However, Aurum’s software can identify transactions intelligently, based on a dictionary of banking terms or references that we have built which increases our match rates.”
Each day bpl has a complete and accurate record of its financial position. Kevin says “Up to £10m of client funds can go through our accounts on a busy completion day.
Aurum’s software gives us confidence our accounting records are reliable which reduces our financial and business risk.