Case studies published on this website have been archived, and some information and links may be out of date.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.
Following the acquisition of the company by Vanderpump and Wellbelove in 2001, the agency has expanded to 3 branches across the South East and has an annual turnover of over a million pounds. The ALBACS software is used to process all funds collected from tenant rentals in addition to collecting commission before paying landlords and contractors. With its built-in verification feature it ensures that all bank details are correct at point of data entry, validating account numbers, names and sort codes, which removes costly errors and payment delays. The upgrade to the latest ALBACS technology has allowed Vanderpump and Wellbelove to achieve an extremely efficient and reliable financial status that has maximised resources and streamlined business processes.
Kim Johnson, Accounts Manager at Vanderpump and Wellbelove, is responsible for orchestrating all payments and collections that pass through the letting agency and making certain they are made on time. She explained, "Our accounting office, based in Reading, is responsible for the collection of rent as well as the payments of 800 to 1000 landlords and up to 200 contractors a month. The value of these payments can be anything from £10,000 to £45,000 every day, averaging at around £620,000 every month. We have a very fast and high volume cash turnover. Every bank detail is verified by the software, ensuring we know, at the source, that the transactions will be successful and every penny is processed through the ALBACS system."
Albany Software was originally introduced to Vanderpump and Wellbelove through the company's acquisition of Turill Management, which was having great success using Albany's ALBACS payment system at the time. Johnson commented, "After seeing what ALBACS could do in terms of efficiency, simplicity and reliability, we all wanted to use it. For our accounting department it was an easy transition which immediately started saving time and labour." Johnson continued, "The upgrade to Albany's ALBACS software has brought our financial system right up to date and ensured we are giving our landlords, tenants and contractors the best possible payment service."
Vanderpump and Wellbelove has a substantial cash-flow to manage with payments made daily. Ensuring accuracy and speed of transactions is crucial to the smooth running of the business. Johnson explained, "Money is paid directly to us by the tenants of the properties we manage. We take a percentage as our commission and then pay the landlords the remainder." She added, "With ALBACS, we can issue all payments in minutes and its built-in verification system automatically validates all bank details at point of data entry. This is vastly different from the old system where all data had to be entered manually and error correction involved backtracking through the whole process." The production of daily payment statements for all landlords is also now a very swift, simple process using Albany's solution. Johnson explained, "Statements are created in three minutes which is vital when you consider the enormous volume we generate. Today I have processed 36 transactions with a total value of £20,000 and this is a relatively quiet day. It would have taken days to produce all those statements manually."
Since implementing ALBACS software, Johnson has noticed just how inefficient and costly Vanderpump and Wellbelove's historic cheque-payment system was. Johnson recalled, "Cheques could take 10 working days to clear and we needed a large accounting department to accommodate all the related paper work."
Johnson concluded, "The ALBACS system has saved us a great deal in time, staff reductions and also bank charges. Albany's software is so robust and reliable, that transactions are processed even if a computer crashes. It just keeps on helping Vanderpump and Wellbelove provide the best service for our tenants, landlords and contractors while making sure the business runs as smoothly as possible."