Fexco Property Services has chosen next-generation reconciliation software specialists, Aurum Solutions, to automate their reconciliations

Fexco Property Services has chosen next-generation reconciliation software specialists, Aurum Solutions, to automate their reconciliations. Fexco Property Services is a group of specialist companies providing a full range of property management services across England & Wales to developers, freeholders and resident management companies (RMCs).

With three leasehold property management brands – Remus, Crabtree, and Bellharbour – operating across the UK, Fexco Property Services required a way to centralise and simplify the Treasury Reconciliation operations of their 10 regional offices. As a result, Fexco Property Services decided it was time to go from manually reviewing thousands of transactions daily across +5,000 bank accounts, to a fully automated process that is scalable with the growth of their business.

The solution

As an automated reconciliation platform, Aurum is designed to reconcile millions of transactions in seconds under one roof. Fexco Property Services’ high volume of transactions from several sources therefore meant that Aurum was well suited for resolving their challenges.

However, despite Aurum’s capabilities complementing Fexco Property Services’ needs, their operations were inevitably bespoke in their own right. As a result, the team at Fexco Property Services made sure to communicate specific requirements to the team at Aurum, which were actioned on straight away.‍

Says Kerri Bersella, Solutions Build Consultant Aurum Solutions: “Fexco came to us with unique challenges, looking to simplify and automate their reconciliation process across their large number of property accounts. As we learnt more about their operations and we shared with them the additional capabilities of Aurum, collaborative solutions were quickly created, including the development of a bespoke property-by-property reconciliation report, meeting their business requirements”.

The results

Choosing Aurum meant saving time, improving accuracy, and resolving exceptions quicker.

Says Dave Anfield, Chief Operating Officer Aurum Solutions: “With Aurum inserted into Fexco Property Service’s financial artillery, they quickly discovered first-hand the benefits of automation versus manual manpower. Number one on the list of benefits was what they set out to achieve – saving time”.

Says Jo Potter, Head of Client Accounts Operations, Fexco Property Services: “Reconciling our general account used to take at least half a day to complete, now it takes just 30 minutes”.

In fact, Aurum’s propensity to save the Treasury department time has led the business to rethink how often they reconcile their smaller trust accounts. These are now completed on a daily basis, ensuring that if there are any issues to resolve, they are noticed within 24 hours.

Says Jo Potter, Head of Client Accounts Operations, Fexco Property Services: “How I’d describe Aurum is, therapeutic, systematic and easy-to-use. It leaves me with no doubt that it gets the job done”.

In addition, Aurum improved Fexco Property Service’s overall reconciliation process by matching their finance system against both their general bank accounts and virtual accounts, ensuring that any differences between the three sources are accurately traced, flagged and communicated to the correct department.

Ultimately, for Fexco Property Services, Aurum delivered a positive digital transformation for their reconciliation operations. Having previously innovated their payment options to include Tone Pay, Sage Pay and infinite other payment methods, it was a relief to upgrade their back-office functionality to an equivalent level.