Accounting and advisory firm, RSM Tenon processes £1 million worth of customer payments and collections every day. Having significantly increased the number of Bacs payments sent, it became critical for the firm to move to a centralised enterprise solution in order to perform higher volumes of fund transactions. RSM Tenon’s long-standing relationship with Albany Software, the pioneering developer of electronic payment solutions, has seen the organisation implement a payroll and payments platform to align the volume of payments into one Bacs payment system. The implementation has saved RSM Tenon and its customers valuable time and resources by streamlining back-office processes and creating efficiency throughout the finance function, ultimately leading to enhanced customer service.
RSM Tenon is the UK’s seventh largest accountancy and advisory firm and is an independent member of RSM International, the sixth largest global accounting network. RSM Tenon currently has over 10,000 corporate clients, including NASDAQ and FTSE 100 listed companies. One expertise that RSM Tenon provides, where the Albany Software solution performs a critical role, is outsourcing services designed to help minimise business risks, improve business performance and reduce costs across all areas of governance, risk and compliance.
Having increased its Bacs payments, RSM Tenon needed to source a solution that could scale with the organisation. Grant Sayer, National Operations and Technical Director of RSM Tenon, comments, “On average Tenon sends in excess of a million pounds worth of payments on a daily basis. These include supplier payments, expense settlements and purchase ledger payments – which increase by millions towards month-end when we process over 40,000 payroll submissions on behalf of our clients and for ourselves.” Sayer continues, “As Tenon expanded, the need for a consolidated Bacs system became crucial as we were simultaneously running a number of different Bacs systems from a number of suppliers. What I wanted to do was to align those systems into a robust centralised system and the Albany solution has allowed us to do just that.”
The Albany solution enables greater control over RSM Tenon’s payment operations through comprehensive reporting functions as well as streamlining its back office processes with the introduction of multi-user and remote access across the whole business – regardless of location. The solution has also allowed RSM Tenon to accept payments through Direct Debit, something the company is keen to expand upon in the future as it allows a greater level of automation, as well as creating and efficiencies throughout the organisation. Sayer continues, “Prior to using Albany we were manually inputting the payment data in order to process it through Bacs. This new software now picks up the payment file and submits it to Bacs automatically following authorisation. Our aim is to increase the number of clients using Direct Debits as we work towards a seamless payment process. Improving the procedure of collecting fees will reduce our collection period leading to significant labour-savings and increased task management throughout the organisation.”
Sayer adds, “The Albany solution is centrally hosted and includes a Hardware Security Module (HSM) enabling us to access the system securely from remote sites, ensuring that payments are approved by the relevant level of authorisation in a timely fashion. As a result all transactions are conducted securely and efficiently.”
The Albany solution allows RSM Tenon to automatically process reports providing critical data about account amendments and the status of funds transfers, which aids RSM Tenon’s compliance to current legislation. Sayer comments, “For a financial sector organisation like ourselves it is critical that we comply with existing legislation and guidelines such as that of IFRS, SORP and any other FSA requirements. We considered many solutions on the market before making our decision to purchase from Albany. It’s important for RSM Tenon to work with an organisation that is understanding and accommodating to our needs and Albany Software comes highly recommended.”
Sayer concludes, “We are planning to continue working with Albany to implement other solutions into different areas of our business. Albany Software’s knowledge-base is exceptional; the company understands all our technical requirements and has provided RSM Tenon with a payment system to suit all our business requirements.”
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