Integrated finance solution to support projected growth of 50% and boost cash collection
Aquarius IT (Aquarius), a leading developer of road transport compliance and analysis solutions, has recently gone live with financial management software from Advanced Exchequer (Advanced) to support its new multichannel business strategy across the UK and Europe.
Formed in 2005, Aquarius has recently transitioned to a direct sales model as well as continuing to use a network of distribution partners. The Exchequer finance software has been integrated into the company’s CRM and eCommerce platforms in order to manage projected annual sales growth of 50% and streamline cash collection and bank reconciliation procedures.
Exchequer was selected to replace the organisation’s previous finance system which had become unwieldy from an operational perspective. Time-consuming accounts receivable and accounts payable procedures have been automated, improving productivity and the management of debtors in order to increase cash flow.
Guy Reynolds, Commercial Director at Aquarius IT, explains, “We are very ambitious and have embarked on a massive strategic change. This has led to us investing in leading systems to support our new business infrastructure and strong growth aspirations to almost double our turnover by 2016.
“Advanced is a highly recommended supplier and could demonstrate proven integration capabilities with our chosen CRM and eCommerce platforms which will be key to driving additional sales revenues.”
Financial data can now be imported and validated in various formats, such as cash book entries and invoices, to quickly process thousands of corresponding transactions each year, eliminating manual bank reconciliation processes and associated administrative costs. The system’s reporting capabilities can also be used to highlight potential bank discrepancies, unexpected charges or missing transactions to improve financial control and accuracy.
The seamless integration between the finance, CRM and eCommerce solutions will also assist Acquarius to increase sales revenues across multiple channels throughout the UK and Europe. Existing customers can review their purchasing history and new orders placed online are automatically uploaded into Exchequer. The solution then automatically checks existing stock availability, produces a picking list and generates a sales invoice in any multi-currency format to ensure a fully streamlined and paperless process.
Reynolds comments, “Advanced’s software has provided us with immediate efficiency benefits by automating administrative tasks which previously required extensive manual intervention. With faster access to reliable financial information we have been able to reduce the time it takes to complete our bank reconciliation process from days to minutes.
“We also have total confidence that we now have a scalable and reliable financial management software which can support us for years to come, which will be vital as we achieve our goal of becoming a multi-million pound, global business.”