PROVISION OF FIRST RESPONSE FINANCE LTD FINANCIAL MANAGEMENT SYSTEM

2025-02-07

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Published date: 7 February 2025

Open opportunity - This means that the contract is currently active, and the buying department is looking for potential suppliers to fulfil the contract.

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Contract summary

Industry

Financial analysis and accounting software package - 48440000

Location of contract

NG9 6RZ

Value of contract

£0

Procurement reference

IT-89-150-INT-FRF01

Published date

7 February 2025

Closing date

14 March 2025

Closing time

12pm

Contract start date

1 July 2025

Contract end date

30 June 2030

Contract type

Service contract

Procedure type

Open procedure (below threshold)

What is an open procedure (below threshold)?

Any interested supplier may submit a tender in response to an opportunity notice.

This procedure can be used for procurements below the relevant contract value threshold.

Contract is suitable for SMEs?

Contract is suitable for VCSEs?

Description

Here at First Response Finance our purpose is to provide great credit solutions through service excellence and continual improvement for non-prime customers. We are an FCA registered finance company who specialise in providing vehicle finance for non -prime customers via independent motor dealers.

The underlying principle upon which our company is built is that it "starts with People", because by obtaining, training and retaining good people with the right attitudes, values and ethics, with learned skills and competency we will more readily be able to attract, service and retain our customers. This is shown through us winning several awards including but not limited to:
- Outstanding Workplace Award
- Firm of the Year
- Best Car Finance Provider
- 3 star Best Companies
- Feefo's Gold Trusted Service Award.

At our company, we pride ourselves on investing in our people resulting in low staff turnover and an average tenure of 10 years across 320 employees. Our values underpin our behaviours and mindset which are to be open and honest, be customer driven, be a team player and have a winning attitude. This strong foundation has fuelled our growth over the past two decades. In 2023, we ambitiously set a goal to double our volumes over the next five years while maintaining a similar headcount, and we're proud to be on track with revenue up nearly 60% in just three years.

As we continue on this growth trajectory, we're committed to modernising our processes, including our accounting system, a core component that hasn't been updated in over 20 years. We're seeking a cutting-edge SaaS solution to revolutionise our procedures by enabling transaction-level detail and a quantum leap in efficiency. Currently, our portfolio includes over 120,000 agreements. At month-end, each agreement generates a comprehensive list of journal entries, ranging from earned income and bad debt provisions to commissions and other related costs. These are calculated by our proprietary IFRS9 system, and we would expect the journals to flow from this system into the new financial management system seamlessly. Additionally, during each monthly period we process numerous weekly, fortnightly and monthly
cash transactions from our diverse customer base (i.e. many agreements receive multiple payments each month). As a result, revolutionising bank reconciliations is a key objective in this process. As well as the portfolio transactions, we also process typically 150 AP invoices
each month and 50-100 employee expenses.

To support our ambitious growth, we need a robust, scalable system capable of managing high volumes of data without compromising on detail or performance. We're excited to partner with a forward-thinking SaaS provider who can deliver innovative solutions that align with our
dynamic needs.