The ‘powerful’ time savings Armalytix brings to Insolvency Practitioners

In an ever-pressurised world, using some simple but smart tools can make a significant difference to the day-to-day of Insolvency practices.

To find out how, Tony Walker, our Head of Insolvency and Accountancy, spoke with Andreas Arachipiotis of Kallis & Co accountancy to discuss their adoption of Armalytix, its ease of use, their client success, and developing a tech-first culture.

Here are the top ten takeaways from the discussion:

1. Early adoption and the power of the technology – As early adopters of Armalytix, the at Kallis team quickly realised that as well as a key component in accountancy practice, the potential the technology has for insolvency is powerful.
2. Efficiency – Before adopting Armalytix, Kallis faced challenges in collecting client data, often relying on manual entry of bank statements. Armalytix’s Open Banking platform allowed direct integration and automatic data collection, reducing inefficiencies and freeing up vital time spent on chasing clients.
3. Client engagement and ease of use: While initially apprehensive about asking clients to connect their bank accounts pre-appointment, Kallis found that clients had no issue with it. It provided an easy and intuitive way for them to share their data.
4. Pain points with manual processes: Arachipiotis describes the morale-sapping effect of gathering and manually inputting data from bank statements, which Armalytix helped to remove.
5. Seamless integration into existing systems: Armalytix required no new software installation and easily integrated into Kallis’ processes, helping them to streamline operations without major changes.
6. Adoption among staff: Kallis is encouraged that staff are embracing and fully adopting the technology, making time-consuming manual processes a thing of the past.
7. Training and embedding technology: The leadership at Kallis recognised that training and communication with staff is key to ensure consistent use of Armalytix across all cases.
8. When to use Armalytix: Pre-appointment was found to be the best time, with the client’s bank accounts open. This mitigated the need to contact the client again and can helped ensure access continued.
9. Spotting issues early: Kallis found this hugely beneficial to address problems before they escalated.
10. Cost savings: Armalytix is good economics and saved time and money, particularly on lower-value cases where efficiency is key. The use of the technology is justified and valuable, even on smaller jobs.