Case studies published on this website have been archived, and some information and links may be out of date. This follows the acquisition of Albany Software by Bottomline Technologies in September 2012.
Every week F Parkinson Ltd processes over 500 Direct Credits to employees, suppliers and sub-contractors and sends 300 financial documents to customers. Underpinning both the payment and electronic document delivery processes are the Albany Software payments and e-document solutions from RedSky IT, one of the UK's principal IT application software companies. These solutions have enabled the construction firm to reduce time spent processing payments and documents from days to minutes, whilst saving on average 69 pence per transaction.
Established in 1934, F Parkinson Ltd has expanded steadily throughout the North East and North West of England, where it is now recognised as a leading construction company specialising in the government sector. The company is renowned for its excellent customer service, has gained a reputation for reliability and high quality work and has an annual turnover of between £30million and £35million. However, only a few years ago the company was predominantly reliant on cheques, meaning transactions took days to be processed and evaluated. With more than 500 payments to employees, suppliers and sub-contractors being made each week, there was a considerable admin burden on the finance department.
In order to overcome this issue, F Parkinson adopted Albany Software's payment solution, supplied by RedSky IT, to automate the transaction process from submission to completion and reporting. As Bobby Wilson, Finance Director at F Parkinson Ltd, explains, "The speed and reliability of the Albany solution is outstanding, enabling us to cut the time spent processing payments from days to literally around fifteen minutes. This has also meant that we have been able to phase out the use of cheques as a payment mechanism within the business, reducing the administration burden on staff considerably."
F Parkinson were so impressed with the Albany payments solution that they were keen to implement Albany's electronic document delivery solution, into their infrastructure as well. Wilson comments, "Because we were manually sending out 300 supplier remittance advices a week, the solution allowed us to save additional time and resource by eliminating unnecessary fulfilment and postage costs. We can now produce 300 emails in 15 minutes and achieved a return on our investment (ROI) within 12 months."
Albany's document delivery solution works very well for F Parkinson and they are planning to extend it to other areas of the business too, so that a further 100 remittance advices and tax statements can be sent to their sub-contractors on a weekly basis. The company is also exploring the value of implementing Albany's bank account validation software into their business to verify the bank details of their employees, suppliers and sub-contractors at point of entry.
Wilson concludes, "The rapid pace of technological change is a major issue for all SMEs, and we need to be sure that any technology investment we make will future-proof our business and help us sustain our growth. We now have a payments solution and a document delivery solution that are reliable, secure and scalable. By automating these back-office processes, we have realised various benefits, from streamlining our processes through to considerably reducing administration costs, enabling us to improve both supplier and customer relationships."