Vantru is a leading provider of global corporate services in Ireland and the United Kingdom, with offices strategically located in Newry, Dublin and Dundalk in order to provide clients with unique access to both the Irish and UK markets.
Vantru started its journey in 2017, with the aim of delivering bespoke corporate services to meet the specific demands of clients on a worldwide basis. With a particular focus on developing partnerships with counterparts in key commercial territories and financial centres, Vantru is able to provide clients with a truly international service.
Problems Vantru faced
As Vantru’s business has grown over the years, they found that their daily operations were becoming increasingly hampered by onerous and time-intensive manual tasks as a result of running disparate legacy systems.
Spanning both the Irish and UK markets, Vantru was dealing in both Sterling and Euro on separate systems which were not correlated. An ERP system was in place for practice accounts, with a separate system being used for practice management, client final accounts and bookkeeping services. A further system was used for entity management, supported by multiple Excel spreadsheets.
The various systems were incapable of running multiple currencies in one instance, which required running separate instances of the ERP system for practice accounts and client billing in both Pounds and Euros. Time recording and practice management were run on the other system in Pounds which then required manual conversion to Euro.
This meant that significant time needed to be spent on manual conversions, reconciliations and reviews, with the inability to have a consolidated debtors ledger or trial balance without this being manually created in Excel.
Vantru’s legacy systems were creating significant challenges for reporting both employee activity and regulatory compliance.
For employee activity, while Vantru had sight of time recorded, there was no ability to implement discounted rates except manually on a line-by-line basis, even when a client has a specific rate from the outset. In addition, there was no clear visibility over time written off versus time billed since billing was done in a separate system.
For regulatory reporting, simply giving an accurate client view had become challenging, requiring drawing information from multiple sources, and then reconciling and checking that details were correct. With no mechanism to record multiple compliance deadlines, this had to be maintained as a manual calendar in Excel, which required significant time and management.
Pressures on entity management
As Vantru’s business grew, its process of entity management using separate client lists on the various systems was becoming unmanageable.
This led to a lot of duplication of records and a lot of time wasted reconciling the various lists. The risk of manual errors creeping in was endemic and, without a single source of truth, when inaccuracies were identified it was impossible to pinpoint where the errors were occurring or why.
When records needed changing, this required them to be changed on multiple systems by different members of the team, meaning that it was very difficult to maintain accuracy, even for simple formatting like extra spaces, etc.
The time had come for Vantru to look to bring together all its entity management, client accounting, practice management, compliance, reporting and workflow processes together under a single system to increase accuracy and control, and eliminate onerous manual tasks.
Why Vantru chose TrustQuay Online
TrustQuay Online has enabled Vantru to now manage their practice and client records in a simple-to-use, highly automated way via an end-to-end cloud-native SaaS platform. Available 24/7 from any device with a browser and internet connection, TrustQuay Online has enabled Vantru to reduce the complexity of its operations and position the company for future growth.
“TrustQuay Online allows us to move away from our current disparate systems and provides us with a one-stop-shop for everything we need to run our business and service our clients.
“We’ve found it very user-friendly, and it gives us easy access to documents and proposals and greater visibility of where things are within the team as a result. The interoperability with other Microsoft packages makes it easy to send and share information, and the accessibility on any device means the team can complete timesheets on the go.
“With better reporting for practice management, particularly around time recovery, it has enabled us to modernise our business, digitalise our operations and has the capacity to grow as we grow.”
Deirdre Lyle, Associate Director,
In an increasingly competitive and regulated industry, administration software provides trust companies a significant advantage, allowing focus on core competencies and the time to provide exceptional services to clients.
If you'd like to talk about your specific challenges why not book an introductory call with one of the team.
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