IT-Analysis.com
IT-Analysis.com Logo
Enterprise Finance
Business Issues Channels Enterprise Services SME Technology
Module Header
Craig WentworthMWD Advisors
Craig Wentworth
16th April - Egnyte the blue touchpaper...
Louella FernandesLouella Fernandes
Louella Fernandes
11th April - Managed Print Services: Are SMBs Ready?
Louella FernandesLouella Fernandes
Louella Fernandes
11th April - The Managed Print Services (MPS) Opportunity for SMBs
Simon HollowayThe Holloway Angle
Simon Holloway
11th April - Intellinote - capture anything!
David NorfolkThe Norfolk Punt
David Norfolk
11th April - On the road to Morocco

News Release

Liberis to improve cash collection efficiency with system from m-hance

Integrated system to streamline the processing over 150,000 cash receipts each year
Released: 25th November 2013
Publisher: m-hance

Liberis, one of Britain’s largest providers of alternative finance for small and medium businesses, is implementing a solution from m-hance to improve cash collection efficiency and improve financial control. m-hance’s integrated financial management system will enable Liberis to quickly process and accurately report on over 150,000 transactions each year and reduce administration costs by eliminating manual bank reconciliation procedures. The planned go-live is December 2013.

As a rapidly growing independent firm, Liberis manages large volumes of cash going out and coming back in to the business on a daily basis to support over 1,600 SMEs. The company sought an integrated finance solution with comprehensive reporting capabilities to improve productivity and reduce overhead costs by automating manual bank reconciliation and cash collection processes.

Tom Bason, Finance Director at Liberis explains, “We currently process around 150,000 cash receipt transactions and 750 bank reconciliations each year but these figures are rising as the business continues to flourish. We therefore needed a flexible and scalable system from a trusted provider to support our future growth plans. m-hance has an excellent grasp of the SME funding sector and its integrated system combines everything we need from a single supplier.”

m-hance’s solution will automate several accounts receivable and accounts payable functions to enable Liberis to increase productivity, reduce administrative expenses and increase cash flow. Using the system’s import tool, data from accounts receivable transactions, including cash receipts and invoices, can be quickly extracted from spreadsheets and fully validated before being imported into Liberis’s m-hance finance system to improve efficiency and the accuracy of information.

In addition, m-hance’s Bank Management application will automatically reconcile transactions within its finance system to an imported bank statement, replacing time-consuming and inefficient administrative tasks. Liberis will also gain the ability to easily create receivable management cash receipts directly from the system’s bank reconciliation screen and generate advanced reports to highlight potential bank errors, unexpected charges or missing transactions, further improving productivity and financial control.

Bason comments, “m-hance’s system will provide us with the speed and accuracy we need to effectively manage our cash collection processes and maintain tighter financial control. Being able to download our bank statements and immediately upload them into our finance system will also reduce the risk of errors and cut administration costs by eliminating time-consuming manual procedures.”

Bason adds, “Gaining greater transparency and reporting accuracy relating to our financial transactions will allow us to analyse our activities in greater detail. This in turn will assist us to tailor our service offering to increase our customer retention and profit levels to remain ahead of our competitors.” 

-ENDS-

Notes to Editors

About Liberiswww.liberis.co.uk @LiberisUK

Liberis was established in 2007, and is the UK's largest provider of cash advances for small businesses. The company is headquartered in London and has over 1,600 customers generating over £14 million in revenue per annum.

Business Cash Advance is a service offered by Liberis throughout the UK with its main arrangement being in partnership with Lloyds Bank Cardnet® whereby Liberis provides a cash advance to an SME, and the advance is paid back daily via an agreed % of each debit and credit card purchase made at the business. This small payment is automatically diverted to Liberis at the source of payment by the merchant services provider. The Business Cash Advance service is a simple practical alternative to an unsecured business loan or bank overdraft.

About m-hance  www.m-hance.com @m_hanceSoftware

m-hance is a UK-based company providing innovative and functionally rich business software solutions to 2400 mid-market sized organisations including Innocent Drinks, RFU, Viridor, Millennium Hotels, Make-A-Wish, Hewden and Endsleigh Insurance. m-hance’s core solutions offering consists of financial management, CRM, enterprise social networking, SharePoint, HR & Payroll, managed services and software development in a variety of vertical markets including distribution, manufacturing, not-for-profit, professional services and infrastructure.

m-hance has been formed following the acquisitions of Calyx Software, Gyrosoft, Trinity Computer Services and elements of MentecPlus, Touchstone Group and Maxima Holdings plc. m-hance is currently supported by 230 staff from offices in Manchester, London, Dublin, Glasgow and the United States. m-hance also has offshore development capabilities in India.

In September 2013, m-hance was ranked in 40th position in the Tech Track 100 league table as one of the fastest-growing private technology companies in Britain after achieving record sales growth of 79 per cent.

Press Contacts:

Ben Carey, PR Manager, T: 07713 196971 e: ben.carey@m-hance.com t:@BenCareyUK

Collette Jones, PR Assistant, T: 07980 923349 e: collette.jones@m-hance.com t:@Collette_Jones_

Further information (external website)


Related Links:

Advertisement



Published by: IT Analysis Communications Ltd.
T: +44 (0)190 888 0760 | F: +44 (0)190 888 0761
Email: