The process of migrating from the legacy system to the new platform was straightforward thanks to Aurum Solution’s project planning and assistance. “Once the training had been delivered, our users were very keen to get started and, once we were live, they didn’t want to go back,” Eddie adds.
The Nottingham have 15 different bank accounts with thousands of transactions to reconcile daily, including cash, cheques, Faster Payments, BACS , CHAPS, debit and credit card receipts. Due to the large transaction volumes involved, The Nottingham’s GL system is updated with daily aggregated totals for each of the transaction types.
“This poses a challenge as we need transaction level matching. Aurum Solution’s consultants recommended a powerful three-way reconciliation process, using data from the GL, bank statements and our CRM system. This has worked very well.”
Bank statements are imported into the platform along with transactions from the CRM system, and this data is used to reconcile against the GL. Eddie notes: “This also ensures that all of our systems are aligned from a financial control and consistency perspective.”