Aurum Solutions, data-matching and reconciliation specialists, announce that Hendy Group have selected Aurum Solution’s ‘Groupit’ software to automate their Reconciliation process.
Hendy Group are proud to represent Ford, Kia, Mazda, Honda, MG, Iveco, Renault, SEAT, Dacia, and Suzuki brands with a geographic reach stretching across the South Coast, spreading from Devon, Hampshire and West Sussex into East Sussex Surrey and Kent.
Before Aurum Solutions became involved the company’s Reconciliation process was proving to be a time-consuming and laborious task. Olly Halstead, Assistant Financial Accountant for Hendy Group, reflects “The Reconciliation was done monthly and in Excel. This meant it was open to data errors due to the amount of transactions that take place each month. The process was long and tedious.”
Hendy Group were looking for a solution that could reduce the manual workload and keep a comprehensive audit trail which would give them the ability to trace payments back to statements quickly and easily. With 1000k+ transactions being made on a daily basis; Hendy Group also needed a solution that was robust and reliable. Fortunately, this is exactly what they found in Aurum Solutions.
Groupit, Aurum Solution’s flagship software, is capable of turbocharging the reconciliation process for any organisation. The software is designed to be flexible, allowing for seamless integration with any ERP, Bank Account or Data Management Software. For Hendy Group, Groupit now automates the matching process between the company’s seven bank accounts and their Dealer Management System, CDK Global. The software flags and immediately notifies the relevant individual if any discrepancies or exceptions are found between their general ledger and their bank statements.
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
Whereas Hendy Group were previously performing their bank reconciliation on a monthly basis the speed and ease of use that Groupit has provided means that the process can be completed in 5 minutes on a daily basis. This has saved hours of manual work and ensures the organisation are always in control of their daily transactions. Indeed, as Olly notes: “We were previously at over 1000 outstanding items on our bank reconciliation at the end of the month. We now have no outstanding items at year-end due to being able to perform daily bank recs.”
In addition to the improvements made to Hendy Group’s reconciliation process with regards to speed, Groupit also maintains a detailed history of changes made during the entire Reconciliation process. For Hendy Group, this means that any historical transaction or payment can be quickly traced, as Olly comments: “Groupit is really easy to navigate. There are lots of filters available which helps narrow down searches. I actually use Groupit to search for past statement items rather than looking on our bank account, since we can only search 6 months prior through the bank.”
"If I find people who are still using Excel to do Bank Reconciliation I would definitely tell them they need to look into getting Groupit!"Olly Halstead, Assistant Financial Accountant
Groupit has enhanced Hendy Group’s Reconciliation process in a number of key areas, not least it has given them back control of this key financial process and reduced workflow considerably. When asked if he would recommend Aurum Solutions to other organisations, Olly remarks: “If I find people who are still using Excel to do Bank Reconciliation I would definitely tell them they need to look into getting Groupit!”