Success Story Library
Bob Evans Eliminates Manual Account Reconciliation, Reduces Bank Errors, Improves Research, and Consolidates Bank Accounts with
Overview
Bob Evans has 482 restaurants providing homestyle food to customers primarily in the Eastern, North Central, mid-Atlantic and Southern United States.
Challenges
Bob Evans, with 370 restaurants in 1998, had 20 people devoted to manual reconciliation of over 144 different bank relationships / deposit accounts. Little time was left to review and collect on nearly $2 million in idle cash balances, let alone streamline their treasury procedures or plan for targeted 30 store per year expansion.
Objectives
Bob Evans wanted to achieve the following objectives:
- Eliminate manual reconciliation processes while cutting or redeploying associated staff
- Minimize idle cash / verify account balances
- Consolidate bank relationships and reduce related costs
- Improve control of late deposits, missing deposits, bank errors
- Improve research productivity.
Capabilities Provided
ReconNET was installed to automate the reconciliation of deposits.
Other Information
For more information on how you too can eliminate manual reconciliation, reduce bank errors, improve research, and consolidate bank accounts with ReconNET, contact Trintech today.
