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Tax & Accounting23 January, 2019

Twinfield supports Liberty Leasing’s growth ambitions

“Twinfield supports us well today and it’s become clear that it will also support our growth ambitions for the future.”

Alan Cooper, Finance Director, Liberty Leasing Ltd

Based in Southampton, Hampshire, Liberty Leasing Ltd is an award-winning UK asset finance firm providing hire purchase, lease and loan agreements on a broad range of hard assets, from vehicles to plant machinery and manufacturing equipment. It is also a specialist in re-finance, assisting clients in releasing capital from their assets.

Powering the business

Liberty Leasing has seen rapid growth in the last five years, with compound annual growth of around 20%. It had its best-ever month recently when new business topped £11 million in a single month. Approaching the £100 million barrier for business on its loan books prompted the firm to look for a more powerful accounting system.

Finance Director Alan Cooper picks up the story, “We realised that we needed to find an accounting system that could handle higher volumes of transactions and support expected levels of continued growth.”

However, the search proved surprisingly difficult: “There are a lot of software solutions out there, but it was tricky to find one with the right scale and scope. Lower-end systems were too limited in their functionality, while systems at the upper end would have been overly expensive for our needs.”

All the boxes ticked

Twinfield Online Accounting from Wolters Kluwer proved to be exactly what the firm was seeking, particularly as online access was a top priority. Alan continues, “We wanted full future-proofing in terms of online accessibility, especially as we were moving the rest of our business IT infrastructure from local deployments to the cloud.” Twinfield aligned with the business in this and many other areas.

Mobile access has transformed how Alan uses his journey time when travelling to meetings in London with the firm’s funders: “I need to access and drill down to some quite detailed financial information. Previously, I’d have had to email or call someone in the office for this information, now I pull out my laptop and it’s all there.”

Instant access to financial information

Alan has been delighted with the range of apps on Twinfield: Basecone lets Alan and his team view invoices, while Twinfield enables data to be downloaded straight from the nominal ledger into Microsoft Excel spreadsheets, allowing the Finance team to quickly and efficiently manipulate the data, do the analysis and produce monthly reports. As Alan notes, “That’s a massive help in maintaining financial control of the business.”

With Liberty Leasing coming to depend on Twinfield, Alan appreciates the speed and efficiency with which he can drill down from high-level figures to individual transactions. He has all the data available on-screen at the click of a button, with an audit trail and a full backup of information: “I don’t have to go hunting around various systems to find the data I need.”

Compliance in a highly regulated industry

Alan has found implementing Twinfield “a great experience” and singles out the Twinfield team for praise in going above and beyond what’s required. Coupled with the robust data protection within the system, this has given Alan every confidence that the firm is meeting FCA requirements.

He concludes, “We feel that Twinfield takes our business seriously. The system supports us well today and it’s become clear that it will also support our growth ambitions for the future.”

Key benefits for Liberty Leasing

A robust and reliable system that supports current financial operations with room to expand Financial analysis and reporting support greater control of the growing business The Twinfield team provides responsive, expert support.


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