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