Casual Corner

Casual Corner Uses ReconNET for Daily Account Reconciliation to Reduce Errors in Bank-to-Book and Trim Exception Research Time

Profile

Founded in 1950, Casual Corner has over 10,000 Associates in over 1,000 stores nationwide operating Casual Corner, Petite Sophisticate and August Max Woman clothing stores.

Challenges

Casual Corner was operating over 1,000 stores across the U.S. and using manual bank deposit and account reconciliation procedures. The manual reconciliation process for month-end bank statements took up to six weeks. The delay in timely reconciliation increased the company’s exposure to unexplained shortages, and staffing levels associated with reconciliation and idle cash were excessive due to having one bank for each store.

Objectives

Casual Corner wanted to achieve the following objectives:

• Automate deposit verification and bank reconciliation process to shorten both cycle and staff time required
• Decrease exposure to losses related to unexplained bank and POS shortages
• Reduce idle cash balances and improve cash management by consolidating bank accounts

Capabilities Provided

Casual Corner selected ReconNET reconciliation software for deposit verification and account reconciliation. They also have modules for credit cards, ACH, accounts payable, and reverse positive pay.

Proven Results

• Cash management staff was reduced 45%, saving $850,000 annually. This allowed for redeployment of staff to more value-added activities such as auditing of credit card transactions, draft management, and letters of credit
• Bank reconciliations that took up to six weeks are now completed in a matter of days, a 95% improvement
• Cash shortages have been reduced by more than 75%
• Decreasing the number of banks through consolidation reduced banking fees by 50%. ACH overdrafts and idle balances of approximately $1.5 million have been eliminated, providing more funds for investments

Casual Corner Group significantly reduced cash shortages and bank fees by implementing ReconNET for deposit verification and account reconciliation. For more information on how you too can significantly reduced cash shortages and bank fees with ReconNET, contact Trintech today.

Published Friday, January 19th, 2007 at 2:51 pm and filed under ReconNET, Retail Apparel, Success Story Library.