Albemarle & Bond, the largest pawnbroker in the UK, is implementing a financial management system with integrated cash flow forecasting, electronic procurement, business intelligence and document management and imaging functionality from COA Solutions (www.coasolutions.com). This new system will enable Albemarle & Bond to reduce manually-intensive administration, manage its cash more effectively to support its future growth plans and aid financial and corporate decision making. The planned go-live for the COA Solutions system is Autumn 2009.
Stephen Wyeth, Financial Controller at Albemarle & Bond, says, “Our current financial system is outdated and restrictive and makes it difficult to extract information for management reporting. Its limited general ledger and lack of bank reconciliation also makes it difficult to maintain control of costs. After evaluating several software providers, we decided that COA Solutions’ system was the closest fit to our business and offered the advanced functionality we needed to support us as we continue to grow through acquisitions.”
With the new system in place, Albemarle & Bond will be able to produce management reports quickly and easily and will also have improved accessibility of financial information to aid decision making throughout the organisation. COA Solutions’ flexible cash flow forecasting module will also provide early detection of potential excess or cash shortfall to enable Albemarle & Bond to monitor its cash more effectively and maintain tight financial control.
Wyeth comments, “COA Solutions’ system will increase productivity by replacing time-consuming manual processes. It will also enable us to quickly produce management reports, making it easier to analyse financial information. This increased financial visibility will improve the monitoring of cash flow so that we can better manage outstanding debt whilst focusing on increasing profits. This is essential to our planned growth and ongoing success.”
By using COA Solutions’ electronic procurement solution alongside the document management and imaging solution (which uses Version One technology), authorised users at Albemarle & Bond will be able to raise purchase orders and approve purchase invoices electronically, eliminating the paper trail inherent with manual procurement processing, significantly improving purchase-to-pay efficiency.
Furthermore, using the integrated business intelligence solution – Financial Analytics - Albemarle & Bond will be able to monitor, analyse and improve its corporate performance by measuring it against an extensive number of key performance indicators (KPIs).
Wyeth comments, “We look forward to being able to produce analytics reports on a weekly basis tailored around our key business drivers. Having access to business critical information at our fingertips will allow us to constantly scrutinise our financial performance so that senior management can make informed decisions to ensure we remain a step ahead of our competition.”
About Albemarle & Bond www.albemarlebond.com
Albemarle & Bond was founded in Bristol in 1983 as a pawnbroking service. The largest part of the business was, and remains, the issue of loans against the security of gold jewellery and diamonds. Through internal growth and strategic acquisition Albemarle & Bond continues to grow. Following major strategic funding in 1998, the company doubled in size and is now the largest pawnbroker in the UK with 114 stores nationwide under its Cheque and Pawn and Herbert Brown fascias. While remaining committed to its pawnbroking origins, Albemarle & Bond is continuing to improve its business model by adding complementary products and services.
About COA Solutions www.coasolutions.com
COA Solutions is the UK's leading supplier of integrated business management and information systems to public, private and not-for-profit organisations in the service sector. COA Solutions prides itself on getting close to its customers by understanding their businesses and responding to their business needs.
COA Solutions' award-winning Smart Business Suite combines core financial management, procurement, human resource and payroll systems, integrated with a range of collaborative, document management and business intelligence solutions. COA Solutions also provides managed service, hosted service and bureau service options. Its systems and services extend the value and effectiveness of the finance, HR and payroll departments across the organisation and enable managers in the business to monitor, analyse and continually improve corporate performance.
COA Solutions has more than 500 experienced and professional staff supporting and servicing over 4,000 clients across the UK service sector including Companies House, Newcastle City Council, WHSmith, Royal Bank of Scotland, Aer Lingus, National Express Group, DFS, RSPB and Great Ormond Street Hospital for Children NHS Trust.
Liz Ebbrell, COA Solutions
+44(0)1625 856505 or 07917 634 705
Ben Carey, COA Solutions
+44 (0)1625 856505
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