Virgin Trains is rolling out a £750,000 financial management system to automate and simplify accounting processes, and cut costs.

The system from COA Solutions, formerly known as CedarOpenAccounts, comprises the OpenAccounts system, the eBis system for online procurement, a collaborative planning tool for budgeting and forecasting, and the Version One electronic document storage solution. It will be switched on in September.

Virgin Trains said the new system would help 250 staff achieve improved financial control, increased business efficiency and better forecasting. The company would also be able to more simply electronically store and retrieve documents, and is considering adding human resources functions.

Andy Cross, business support director, said it was important that Virgin was “ensuring our business processes operate as efficiently as possible”.

“Our previous accounting system hadn’t been updated for several years and we didn’t require all of its complex functionality,” he added.

The COA Solutions system is also used by National Express, WHSmith, Royal Bank of Scotland and Newcastle City Council.

Earlier this month, Virgin Trains said it was working with Vodafone to increase mobile phone coverage in its carriages.

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