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Client

Punch Taverns

Industry

Hospitality

Solution

Reconciliation

Punch Taverns is one of the UK’s largest leased pub companies, with a portfolio of more than 3,500 pubs nationwide. It has migrated from the Accurate NXG system to Groupit to manage bank statement reconciliations. Groupit has proved to be an efficient and cost effective automated reconciliation solution with very high match rates. It has enabled Punch to eliminate manual financial processes, reduce risk and improve efficiency.

Punch Taverns’ vision is to become the UK’s highest quality, most trusted and best value leased pub company. With more than 3,500 quality pubs in its portfolio, it has the experience to ensure each pub delivers the right offer for its location, customers and competition.

Calling time on a legacy reconciliation solution

The finance department had used Accurate NXG for bank statement reconciliations for many years. However, during the course of a wider IT infrastructure project to replace the back office system for managed accounts at Punch, it became clear that an upgrade was also going to be required to the reconciliation software.

The upgrade quote was eye wateringly high. Punch therefore took the decision to research alternative reconciliation solutions. It was at this point that the Finance team began to take a close look at Groupit.

Reconciliation

When it comes to matching transactions and balances as part of any account reconciliation process; automation is best. Groupit can manage any form of reconciliation, including Bank Reconciliation and Payment Service Provider Reconciliation - saving valuable time and preventing errors.

Explore solution

Andrew Beer, Finance Analyst at Punch Taverns picks up the story, “We evaluated a number of vendors and were impressed with Groupit. We took in a visit to a Pub Company that had made the same migration journey that we were considering. They were very happy with how Groupit had been introduced into their finance department and we could start to see how it might work for us. This cemented our decision to select Groupit to support our bank reconciliation requirements.”

Toasting a smooth migration

Aurum Solutions’ consultants worked closely with Andrew and the team at Punch on a migration plan. Groupit was installed for both the leased business at Punch and the managed business at Spirit Pub Company, who were then part of the same group.

Andrew explains the hassle free implementation quite simply, “I don’t remember too much of the actual implementation which is testament to how smooth it was. We were happy to trust Aurum Solutions’ expertise in bank statement reconciliation projects. The consultants were very customer focused and they really went out of their way to listen to our requirements to make sure that they fully understood what business processes we were automating. There was a strong collaborative element to the project and we could see how they were tailoring and building the solution according to what we wanted to achieve at every stage.”

"We took in a visit to a Pub Company that had made the same migration journey that we were considering. They were very happy with how Groupit had been introduced into their finance department and we could start to see how it might work for us."

Andrew Beer, Finance Analyst - Punch Taverns
“Groupit is easy to use, for example, searching and filtering for specific transactions is a breeze. The software is reliable and we rarely have to call technical support. However, if we do want to change a process or do something differently, we know Aurum Solutions will guide us through what needs to be done. I am happy to say that we now receive a superior and personal level of service.”
Andrew Beer, Finance Analyst - Punch Taverns

Managing the daily reconciliation

Receipts from pub partners can be received in cash at the bank, as a Direct Debit and via a credit or debit card to the cash management team. Groupit manages the intraday bank feeds from Barclays. Statements are received multiple times each day for the thirty bank accounts currently used by Punch. Groupit processes the bank files and provides a file which automatically posts receipts to the correct partner account in JD Edwards, whilst supressing duplicate transactions.

Groupit is also used for daily and period end reconciliation of Punch’s bank statements with entries on the GL. An end of day banking report shows receipts from partners, and another report highlights any remaining postings for the Cash Management team to investigated and resolve. This ensures that every individual entry on the bank statement is correctly posted and reconciled.

Lasting benefits at closing time

Andrew explains why the migration to Groupit has delivered lasting benefits: “Groupit is easy to use, for example, searching and filtering for specific transactions is a breeze. The software is reliable and we rarely have to call technical support. However, if we do want to change a process or do something differently, we know Aurum Solutions will guide us through what needs to be done. I am happy to say that we now receive a superior and personal level of service.

“With automatic match rates in the high 90 percent range, Groupit enables us to manage our bank statement reconciliations efficiently, accurately, and with the minimum of effort.

“The automation of other financial tasks such as receiving the bank statements, posting funds to the correct GL account as well the actual reconciliation are major time savers for Punch, as well as lowering the risk of errors being made.

"With automatic match rates in the high 90 percent range, Groupit enables us to manage our bank statement reconciliations efficiently, accurately, and with the minimum of effort."

Andrew Beer, Finance Analyst - Punch Taverns

“I would therefore recommend Groupit as a flexible and scalable platform for managing reconciliations. I am confident that it will meet our on-going needs even as our business evolves, and we have plans to bring further reconciliations onto Groupit which will enable us to leverage the efficiencies that we currently get.

“At Punch, we put flexibility and innovation at the heart of our approach and this is reflected in the lasting nature of the benefits that we get from our investment in Groupit. And it gives us value for money, what more could you ask for?”