NG Bailey: Statement Reconciliation

NG Bailey further solidifies its strategic partnership with Open ECX by collaboratively implementing a Statement Reconciliation solution that will ensure their continued efficiency savings and improve employee job satisfaction.

Who is NG Bailey?

NG Bailey is the UK’s largest independent engineering and infrastructure service provider. Founded in 1921, their business has grown from a small electrical contractor to an award-winning, industry-leading company. They work across a variety of sectors within the building and infrastructure industry, working on ground-breaking projects, providing solutions using the latest tools and technologies.

What Challenge were NG Bailey facing?

Within NG Bailey’s Accounts Payable team, efficiency was becoming an increasing priority. Their existing payment cycle included a weekly BACS run, and any payments over £5,000 required a manual statement reconciliation. This involved checking reconciled ledgers against statements line by line, creating a time-consuming and repetitive process that often led to backlogs.

NG Bailey needed a smarter solution that could highlight discrepancies between ledgers and statements, identify missing invoices and identify any outstanding payments, all within a single, accessible system.

Michelle Baxendale,

Head of Finance Shared Services

Our goal was to implement a solution that gives us confidence in the alignment between our ledger and our supplier ledger, and where discrepancies exist, we want a clear audit trail of actions and communications to reduce missing or duplicate invoices. What Open ECX have built helps us achieve this, and we’ll see a huge amount of efficiency savings across our team.”

What NG Bailey were looking for in a solution:

Open ECX worked closely with NG Bailey to implement a simplified reconciliation process. Instead of managing multiple email chains and transaction queries, all communications are able to flow through a single portal. This allows any members of the NG Bailey team to log in at any time and instantly view any queries.

To build the solution, NG Bailey provided six months of historical ledger data, which Open ECX used to create a process tailored to their needs. By working in partnership, both teams developed a system that not only improves efficiency but also helps NG Bailey to scale as transaction volumes increase. This allows their AP team to focus on clearing invoices more quickly, securing rebates, and strengthening supplier relationships.

What benefits will NG Bailey gain from the Statement Reconciliation solution?

The reconciliation process will allow NG Bailey to free up valuable time and reduce the burden of repetitive tasks. Instead of spending hours manually checking statements, the team can now dedicate more energy to higher-value activities. This change enables them to build stronger relationships with suppliers across sites, adding real value to the business.

The improved efficiency will also make a positive impact on job satisfaction. Team members will be able to focus on developing their skills, working more closely with customers and suppliers, and achieving professional goals such as accreditations. By reducing repetitive work, the new system allows them to achieve more in their roles and gain greater enjoyment from their day-to-day responsibilities.

Michelle Baxendale ,

Head of Finance Shared Services

We’ve had to work at pace onboarding our customers with Open ECX. Throughout the project, the Open ECX onboarding team have responded brilliantly, creating customers’ connections at such a speed that our project will finish earlier than the anticipated deadline.

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