Success Story Library
Improved Efficiencies with the DataFlow Transaction Network and ReconNET
Overview
Jones Retail Corporation, Inc., a Fortune 500 company, is a leading designer, marketer and wholesaler of branded apparel, footwear and accessories. The company markets directly to consumers through their chain of specialty retail and value-based stores, and operates the Barneys New York chain of luxury stores. Brands include Jones New York and Evan-Picone. Their Nine West Group designs shoes (Easy Spirit, Enzo Angiolini, Bandolino, Gloria Vanderbilt), as does Maxwell Shoe (Anne Klein, Joan & David). Gloria Vanderbilt and l.e.i., design casualwear, swimwear, and accessories. Jones Retail currently owns and operates more than 1,000 retail and outlet stores throughout the U.S. and Guam.
Challenges
Eighteen months ago, Jones Retail had nearly 900 stores for which it had to gather bank depository data. Though the company used DataFlow to collect, format and deliver daily depository data for 200 of those stores, the remaining stores required the time and effort of MIS staff. They were responsible for polling 200-300 different banks for cash and credit card depository data. Bank data collection proved to be toilsome and inefficient. Additionally, manual data retrieval, conversion and entry led to inevitable human error. From a cost perspective, manual data retrieval was expensive. To further facilitate accounting and treasury processes, Jones Retail wanted to easily feed bank depository data, for all stores, into ReconNET.
Objectives
- Bring more banks into daily processes for more financial control
- Reduce exposure to fraud and maximize use of available funds
- Reduce personnel costs and effort for data acquisition
- Reduce bank fees for data access
- Focus on using the data, not acquiring it
Capabilities Provided
- Daily depository data collection, conversion and entry
- Morning availability of previous day’s data
- ACH processing (NACHA file created and transmitted) capabilities to automatically sweep cash from depository accounts into concentration accounts
- The ability to deploy resources to other areas critical to business
- Single file reporting into ReconNET for account reconciliation
Other Information
To learn how you can improve bank depository data collection with the DataFlow Transaction Network and facilitate accounting and treasury processes with ReconNET, contact Trintech today.
