29 Jul 2008
Virgin Media has implemented CheckFree’s reconciliation and exception management solution to consolidate and automate reconciliation of customer revenue related accounts and improve efficiency, accuracy and visibility of financial operations.
The six-month implementation project followed a full review of legacy systems in place throughout the organisation and the subsequent need for a best-of-breed solution for Virgin Media’s financial shared services centre (FSSC), located in Bradford, UK.
The FSSC, initially established in 2000 for the legacy Telewest business, is responsible for processing the core financial transactions for the Virgin Media group and includes: accounts payable, accounts receivable, bank reconciliation, general ledger reconciliation, payroll and financial accounting and reporting activities. When Virgin Media launched in February 2007, it had a number of legacy systems that it wanted to review and integrate that involved standardisation, centralisation and consolidation of its core financial processes.
By consolidating its legacy reconciliation programs into a single platform, Virgin Media has streamlined its transaction matching, reporting and performance management processes while improving the efficiency of its operations. The new reconciliation system has reduced the time required to complete the month-end close process, eliminated spreadsheet-based reconciliation tools and other manual elements and reduced the need to re-code transactions to ensure comparability in core data. Virgin Media is also able to link bank statement interfaces into its reconciliation system, allowing the team to access and integrate critical information faster.
In an interview with gtnews, Beverley Booth, head of finance and payroll services at Virgin Media, said: “We operate in a high volume environment with a high degree of complexity. An automated reconciliation platform reduces the likelihood of operational error. By allowing us greater visibility into our operations, we can monitor processes and the status of accounts and also make sure that we’re offering support and training when and where required.”
First published on www.gtnews.com
- Joy Macknight
- I am deputy editor at The Banker, a Financial Times publication. I joined the magazine in August 2015 as transaction banking and technology editor, which remain the beats I cover. Previously I was features editor at Profit & Loss, an FX and derivatives publication and events company. Before that I was editorial director of Treasury Today following a period as editor of gtnews.com. I also worked on Banking Technology, Computer Weekly, and IBM Computer Today. I have a BSc from the University of Victoria, Canada.