Why shouldn’t you use Armalytix for Insolvency?

We get people who aren’t sure about using Armalytix and how much difference it will make to their Insolvency Practice and the ever-present problems of timescales and workloads.

They raise very reasonable problems. But are these problems real? We asked leading Insolvency Practices to see what they thought.

If you don’t believe us, see what your peers think.

Problem 1:

‘Our clients rarely share their bank statements, so they won’t do this through open banking.’

KRE answer:

‘When relying on a manual client process this is certainly true, the same could be said of the banks! However, Armalytix provides such a quick, easy and convenient solution at pre-appointment, that the majority of our clients have no issues at all sharing their bank data through their journey. The few times clients haven’t been able to use Armalytix is when the bank accounts were already closed.’

Lynn Marshal, KRE Corporate, (North)

Problem 2:

‘We get our bank data from our client’s accountancy solutions like Xero, we don’t need to use open banking.’

Richard J Smith & Co answer:

‘This is potentially a very risky approach as we can’t rely on accounting information that may have been manipulated by the client. We need to review independent data directly from the source, the bank.’

Sam Bailey, Richard J Smith & Co.

Problem 3:

‘We can’t afford your solution’

Purnells answer:

‘Armalytix pays for itself and is considerably quicker than waiting for the banks.’

Jodie Bishop, Purnells

Problem 4:

‘We have a bank statement scanning solution in place so don’t need Armalytix.’

Larking Gowen answer:

‘It is much easier and far more cost effective for all parties involved if we can get bank statement data at pre-appointment through an open banking tool like Armalytix. When relying solely on bank statement scanning, we often have to find the pdf scan in the first place, then scan each page and then apply a bank statement reader to order the bank transactions into a spreadsheet. This process also excludes any analysis which Armalytix gives us the instant a client shares their bank data.’

Rhys Calder, Larking Gowen

Problem 5:

‘Most of our corporate insolvencies are very small, owner-managed businesses so we don’t need to use Armalytix.’

Birchwood Bond answer:

‘Armalytix eliminates human error upon scheduling statements, allows for immediate comparison/scheduling of transaction types and helps spot payment trends. It saves time and assists with compliance with Statement of Insolvency Practice 2 even on the smallest cases.’

David Farmer, Birchwood Bond

Problem 6:

‘Our clients will not know how to use open banking.’

Butcher Woods answer:

‘Almost all of our clients bar one this year use online banking, so using the Armalytix open banking solution is a natural and convenient process at pre-appointment. It’s great to have all of the bank information there at the start of the investigation.’

Ashley Millensted, Butcher Woods

Armalytix will bring you real advantages and change the day-to-day of your team and the experience for your clients. You peers have had their say. Have yours too.

By The Armalytix Team — 15 January 25

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Armalytix is the answer for the brightest and best law and accountancy firms. If you need to collect specific financial information about your individual or business clients, our award-winning services give you exactly what you need to get the job done.

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