International jewellery retailer saves ten working days each month and improves operating efficiencies with m-hance
16 July 2013
Anthony Nicholas Group Ireland (ANG), a world leading manufacturer, wholesaler and retailer of destination and heritage jewellery, has improved operating efficiencies and is saving ten working days each month with an integrated financial management and bank reconciliation system from m-hance. This new system (Microsoft Dynamics GP 2013), 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 is an award-winning jewellery retail chain and wholesale organisation. The Group of companies comprise 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 spiraling due to our reliance on paper to manage our cash collection procedures.”
Ledwidge continues, “It was clear that m-hance could extend the functionality of our core back-office systems to provide us with an integrated solution offering a single version of the truth. As our trusted IT partner we have always enjoyed proactive customer service and reliable implementation support from m-hance and this, combined with the company’s ongoing investment in developing innovative technology, was crucial to our decision.”
m-hance’s integrated Bank Management 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. The web-based system’s advanced functionality also allows Fields Retail to insert multiple search criteria per rule combined with pre-defined tolerances within date and amount fields and enter orders remotely, further improving productivity.
ANG’s wholesale arm of the business, Solvar, has also speeded-up cash collection and cut paper-based administration costs. The 500 sales invoices, remittances and customer statements it used to post each month across the UK, Ireland and the United States are now automatically sent electronically from m-hance’s core finance application. Furthermore by interfacing with its EPoS retail solution, m-hance’s system’s advanced reporting functionality provides Solvar with the critical insight it requires to make more informed decisions to reduce inventory and better manage its stock.
Ledwidge comments, “m-hance’s system now provides a single point of entry for all of our sales orders, cash summaries, purchase invoices and back reconciliation. This is saving us at least ten working days each month which is enabling the finance team to focus on more valuable tasks. We will also gain a quick return on investment through saving thousands of pounds in administration costs by drastically reducing the need to handle paper.”
Ledwidge adds, “In addition to providing us with efficiency savings, m-hance’s system has given us much tighter financial control by highlighting potential bank anomalies, unexpected charges or missing transactions in a timelier manner. Having instant access to accurate information allows us to make swifter and more informed decisions which will ensure we remain ahead of our competitors as we continue to grow.”
The Anthony Nicholas Group, incorporating Solvar, was founded in 1947 initially as a manufacturing wholesale jeweller. In 1980 the Fields retail jewellery chain was established on Dublin’s prestigious Grafton Street. Today there are thirteen Fields jewellery shops across Ireland.
In 2007 ANG acquired Fraser Hart comprising 38 branches throughout England, Scotland and Wales and incorporating the long established brand names, Crouch, Lyons and Bernstones.
Both Fields and Fraser Hart are renowned for their friendly and expert staff, value for money and outstanding customer service. They have won the prestigious Retail Jeweller magazine’s ‘Multiple Retailer of The Year’ award for five out of the last seven years.
About m-hance www.m-hance.com
m-hance is a UK-based company providing innovative and functionally rich business software solutions to over 2000 organisations. m-hance provides solutions which enhance the Microsoft Dynamics solution set and allow users to save time, cut costs and increase efficiency. m-hance is one of the largest Microsoft Dynamics partners and is recognised as a successful and accredited solutions developer for Dynamics GP, Dynamics AX, Dynamics CRM and SharePoint, in addition to providing an extensive range of hosted and managed service offerings.
Ben Carey, PR Manager
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