FREETHS LLP GOES LIVE ON GROUPIT TO REPLACE LEGACY BANK STATEMENT RECONCILIATION SYSTEM

• Solicitor has migrated from EasiRec for management of reconciliations

Aurum Solutions today announced that Freeths LLP, a top 100 legal practice, has selected GroupIT to replace the EasiRec bank statement reconciliation system.  The national law firm will use the new solution to automate time consuming bank reconciliations, and free up staff to focus on more value added work.  The implementation took just one week, including migrating data from the legacy system.

Freeths has 138 Partners and Directors and over 700 members of staff based from 11 offices across the UK.  It was recently named in the Sunday Times list of ‘Top 100 Best Companies to Work for 2015’.

The new reconciliation system has been installed at Freeths’ offices in Nottingham.  Three accounts were migrated from EasiRec and a further 16 accounts have been added to GroupIT which will be used for daily and monthly bank statement reconciliations.  Transactions are matched between Freeths’ bank statements and the LexisNexis accounting system.  With the system in live operation, GroupIT will enable Freeths’ finance team to automate bank statement reconciliations, saving time whilst improving accuracy and efficiency.

Simon Owen, Finance Director at Freeths said: “We had been looking for a replacement reconciliation system for nearly two years.  We saw that GroupIT was recently adopted by a top 150 legal firm and were in the process of completing the same legacy migration journey that we faced.  Additionally, GroupIT has already been integrated with the LexisNexis accounting system and this gave us added confidence that the solution was the best choice for Freeths.  GroupIT combines powerful bank statement reconciliation functionality and a cost effective price point.  The short implementation timeframe and the number of accounts that we could additionally manage on GroupIT were other key factors in our decision making.”

Tim Andrews, Chief Operating Officer at Aurum Solutions added: “There are many companies still locked in to using outdated bank reconciliation systems.  However, with the current level of reconciliation technology and best practice implementation methodologies, it is possible to rapidly migrate from a legacy system with minimal impact on the day to day running of the finance department.  The benefits that can be gained include time savings, operating efficiencies and better management of financial and business risk, which ensure there is a rapid return on the migration project.”