Case Studies

The Forks North Portage Partnership

Case Study

The Partnership is involved in a wide range of business activities regarding the ownership, development and management of two sites in downtown Winnipeg that include land investment properties and public amenities. One of its key assets is the IMAX Theatre located in the Portage Place Shopping Complex.

Challenges

Although the theatre represents only a part of a portfolio of holdings, it has a high volume of monthly transactions and numerous members of the accounting team were often required to assist with the accounting needs of the theatre. It appeared the company would have to expand accounting resources, which would create delays and increase costs of recruiting and training of new staff.

Solution

Rather than hiring additional staff, The Forks North Portage Partnership turned to Telpay for a technological solution. Once the Telpay software was installed, the saved time by eliminating the need for writing and reconciling cheques allowed the accountant responsible for the theatre to complete all accounting duties without the assistance of other members.

Results

It became apparent that the new system was far more than just a stop-gap. Indeed, IMAX’s auditors complimented the company on its improved controls. Monthly bill paying, tracking and reconciling was made faster, more convenient and less expensive. As a result of leveraging Telpay’s technology, IMAX was able to improve accounting controls while streamlining operations through greater efficiencies.

Testimonial

“The internal controls are very good and our auditors were impressed that our senior officer receives notifications that funds were successfully transferred. In addition, we yield tremendous time and money savings with Telpay because we can pay anyone very easily. In fact we calculated that we save about $16,000 per year using Telpay! It’s a user-friendly program and vendors are happy; several have called and mentioned how much they like getting paid through Telpay!”
— Naomi Howell, The Forks North Portage Partnership