the Case Study

A global accountancy’s experience
of working with 3 Step IT
• Use of IT leasing enabled substantial investment
in a virtual environment, which reduced requirement
for physical servers by two thirds and optimised
operational efficiency
• ‘Profiler’ asset management tool identified 95%
of IT assets, compared to around 20% before the
tool was used
In 2007, Chantrey Vellacott decided to make a significant
investment in its IT infrastructure. It was a decision that
had been put off for several years due to lack of finances.
The company had reached a critical point where its existing
IT infrastructure was so slow and inefficient that it was
impacting on day-to-day operations of the business.
More than leasing
The new way to acquire IT
”3 Step IT’s bespoke profiler application has enabled us to keep an
up-to-date record of all IT assets – leased and non-leased, and has
proven to be an effective tool for license management, ensuring we
are always compliant with software license agreements.”
Malcolm Rabin, IT Director
IT upgrade depleted cash reserves
Chantrey Vellacott invested a substantial amount of its cash
reserves into its IT upgrade. Unfortunately, very soon after,
the recession hit. This left the company in a difficult situation.
It had spent a substantial amount of its cash reserves on the
IT infrastructure refresh and had depleted the amount left for
day-to-day working capital.
Chantrey Vellacott needed a solution that would put money
back in the bank as accessible working capital, and 3 Step
IT provided the solution.
Sale and leaseback
3 Step IT worked with Chantrey Vellacott to put in place a
‘sale and leaseback’ agreement. This saw 3 Step IT buy all
IT assets (up to a year old) from Chantrey Vellacott, then
lease them back over an agreed period. This put funds back
into Chantrey Vellacott’s bank account, and enabled it to pay
for the IT upgrade over the lifetime of the equipment, and at
the same time free up funds to react to various short-term
demands of the business.
This solution worked so well for Chantrey Vellacott that
each year it has packaged up its annual IT expenditure and
taken up new sale and leaseback arrangements with 3 Step
IT. This partnership is now into its sixth year.
The flexible approach allows Chantrey Vellacott to react to
changing business needs. Regular reviews have found that
sale and leaseback remains the most efficient way to fund
its IT purchases, and it sees the partnership continuing well
into the future.
Modern IT supports business efficiency
Chantrey Vellacott attributes its success to its willingness
to embrace new technologies and new ways of working.
The global accountancy firm has recently invested in a
variety of sophisticated technologies to ensure it provides
its clients with the best service.
For example, the company has recently purchased a new
client relationship management (CRM) system. Efficient
use of the CRM application depends on having modern
hardware, which is funded through 3 Step IT’s sale and
lease back agreements.
www.3stepit.com
The partnership with 3 Step IT has also encouraged
Chantrey Vellacott to put in place a laptop replacement
policy, replacing them every three years. This ensures
that equipment performs at optimal efficiency, which has
a positive impact on business operations.
Relationship management –
unparalleled customer service
3 Step IT’s dedicated relationship manager has worked
with Chantrey Vellacott from the outset, which has fostered
trust and an excellent understanding of Chantrey Vellacott’s
IT needs.
As a result, the partnership with 3 Step IT has continually
evolved. What was initially a finance solution to fund a
significant investment in its IT infrastructure has now grown
to incorporate a valuable lifecycle management process.
3 Step IT regularly reviews the options available to Chantrey
Vellacott, to enable it to better manage its IT assets. For
example, when 3 Step IT suggested trialling its ‘Profiler’ tool
to help manage Chantrey Vellacott’s IT assets, the company
listened and acted, and as a result has saved time and
resources in keeping track of its IT estate.
Why 3 Step IT?
“3 Step IT has been an extremely valuable provider of
financial facilities over a number of years. They helped us
in our hour of need and continue to help on an annual
basis. By enabling a finance solution that keeps working
capital in our bank account, they have facilitated our
financial security and our ability to react to the short-term
demands of our business.”
Ian Blackman, Finance Partner
About Chantrey Vellacott
Chantrey Vellacott DFK is a long established provider
of accounting, taxation and related advisory services.
Established in 1788, it is one of the oldest firms of chartered
accountants in the UK.
Chantrey Vellacott has 42 partners and around 325 staff
across 10 UK offices.