Success Story Library
Colonial Foods Improves Internal Control and Productivity with Trintech’s DataFlow Transaction Network and ReconNET
Overview
Colonial Foods is a franchisee with 102 stores, of which 98 are Pizza Hut operations. The remaining stores are multi-brand operations, which include Pizza Hut, Taco Bell, Kentucky Fried Chicken, and A&W. Colonial Foods stores can be found throughout the southern half of Virginia.
Challenges
Colonial Foods was using a third party provider for accounting services. After four years they decided to bring those services in-house. With more than 100 locations, they quickly learned that tracking daily bank deposit data was time and labor intensive. On a period basis, staff reconciled bank statements to spreadsheets ticking and tying accounting data. Since Colonial Foods employed 13 four-week accounting periods rather than monthly periods, reconciliation was troublesome. It could take two people working one to two weeks to complete reconciliation processes and balance. During this intermediary phase, a few employees floated deposits. Other deposits went missing. The company was at high risk for theft and/or fraud.
Objectives
Colonial Foods required a solution that would:
- Easily scale for planned business expansion
- Prove to be easy to use, requiring little training time
- Deliver a rapid return on investment
- Provide quality service and support after the investment
- Reduce exposure to risk
- Tighten internal controls
Capabilities Provided
Colonial Foods uses the DataFlow Transaction Network to collect, format and deliver its daily banking data, and ReconNET to automate the verification and reconciliation of its bank deposits. The solutions provide Colonial Foods with:
- Daily depository data collection from outlier banks
- Research features that support their exception resolution processes, including reporting on incidents and exception items
- Tightened controls that improve workflow and reduce human error
- Automated processes that improve productivity
Testimonial
“The DataFlow Transaction Network is one of the best values going. It would cost me more money to hire someone to manage bank data collection than what I pay for DFS. I can always rely on getting timely and accurate bank data. And if there is an issue, which is rare, I need only make one phone call and the issue is resolved.” Larry Ulik, Vice President of Operations
Other Information
Contact Trintech today to learn how you can improve bank data collection with the DataFlow Transaction Network, and increase enterprise efficiencies.
