Wednesday 17th July, 2013

Anthony Nicholas Group Ireland (ANG), a leading manufacturer, wholesaler and retailer of jewellery, has improved operating efficiencies and is saving ten working days each month with an integrated financial management and bank reconciliation system developed by m-hance.

This new system, which seamlessly interfaces with ANG’s electronic point of sale (EPoS) and payroll software, has eliminated inefficient administrative processes and improved financial reporting and control by enabling the company to quickly identify potential errors.

ANG comprises of retailers Fields Retail Ltd and Fraser Hart, and manufacturer and wholesale business, Solvar. Following a period of significant growth ANG 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.

Trish Ledwidge, Financial Controller at Anthony Nicholas Group, explains, “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.”

m-hance’s integrated system has enabled ANG’s Fields Retail part of the business to automate a range of inefficient processes to improve operating efficiencies associated with manual bank reconciliation. Rule-based matching functionality automatically reconciles transactions within the company’s finance system to an imported bank statement to eliminate duplication of effort and data entry errors.

ANG’s wholesale arm of the business, Solvar, has also speeded-up cash collection and cut paper-based administration costs.