With many businesses bracing for changes to government stimulus, insolvency practitioners are in a unique position to scale and grow. This makes it more important than ever to ensure you are fully utilising two critical assets – your people, and technology. We spoke to James Imray, Director at Rodgers Reidy Brisbane, to learn about his experience.
A catalyst for change
This year has highlighted the critical role technology plays in helping insolvency firms maintain and improve productivity at a time when remote working has become the norm. This can bring benefits that will last long after the COVID-19 pandemic has ended – letting your firm scale quickly if demand rises and empowering your staff to focus on client service.
According to James, the changes his firm has made over the past 12 months have helped them increase productivity during the COVID-19 lockdown, saving up to 40 hours a month on administration while increasing accuracy and flexibility.
Connecting your systems to drive productivity
As one of the early adopters of Macquarie’s software integration solutions, James was able to integrate his online banking with his client management system and accounting software. This enabled Rodgers Reidy Brisbane to streamline bill processing, payments and reconciliations by automatically uploading transaction data and sending approved payments directly from their client management software to Macquarie for processing.
Andrew Knowles, National Head of Insolvency at Macquarie Business Banking, says this not only saves time, it also improves security and reliability. “It’s much more efficient since you don’t have to log into two platforms, and it also creates a robust risk protocol because the file can’t be manipulated after internal approval,” he says.
This service is supported by popular software providers such as CORE IPS, Insol6, MYOB and Xero, among others, and is readily available. “Many insolvency firms aren’t aware of just how easy it is to integrate online banking with their client management and accounting software, with significant efficiency gains,” says Andrew.
Benefits of integrating your software
For James and his team, a key benefit is consolidated reporting of daily bank account data, especially in-bound payments. “From 6 am everyone can see what’s been received and whether there are any account balances that don't match our records from yesterday,” he says. “Now we can see every bank account at a glance and highlight which accounts have had money come in overnight.”
Automated data exchange also means staff can access accurate data anytime – increasing transparency and helping avoid double entry. As a result, integration helps avoid re-keying errors from multiple systems, reducing the risk of human error.