Success Story Library
MAPCO Express, Inc. Eliminates Manual Reconciliation Processes, Improves Productivity, and Exception Notification to the Field w
Overview
MAPCO Express, Inc. owns and operates 330 convenience stores throughout Alabama, Arkansas, Georgia, Kentucky, Louisiana, Mississippi, Tennessee and Virginia that feature fuel and a wide range of product offerings. MAPCO Express, Inc. operates store locations under the following names: MAPCO Express, East Coast Oil, and Discount Food Mart.
Challenges
MAPCO Express used a homegrown reconciliation system that could manage one-to-one matching; however, it lacked research capabilities and a general ledger interface. Accounting staff had to write exceptions and discrepancies on a notepad and track them later. It would take one individual an entire day to match cash to bank deposits, without accounting for exceptions. Additionally, the lack of a standard way to track exceptions made it difficult to notify district managers when there was an issue. The company wanted to automate communication between the corporate office and the field and create an efficient month-end accounting process.
Objectives
- Eliminate manual processes and increase the efficiencies of accounting staff
- Improve internal controls and notification methodology
- Improve timeliness and reporting for daily and month-end operations
Capabilities Provided
MAPCO Express selected Trintech’s ReconNET solution to automate cash and credit card reconciliation processes, provide timely and accurate financial data for end-of-month reporting, improve staff productivity, and improve exception identification and resolution. The company rolled out the ReconNET solution to manage reconciliation processes for eight banks and 270 stores. ReconNET provides MAPCO Express with:
- Automated processes that improve productivity
- Tightened controls that improve workflow and reduce human error
- Research capabilities that support exception resolution processes and automate communication with the field
- Daily reconciliation of credit cards at the batch level, then again at the detail level, improving research for all exceptions
- Seamless reconciliation of one million monthly credit card transactions for 8 different card types (Visa, MC, Discover, etc.), and 450 daily cash transactions
Testimonial
“I realized we really needed an automated solution after I had spent two weeks per month, for several months, making journal entries. I knew there had to be a more productive way for us to conduct business. I spend more time managing critical issues now that we have streamlined reconciliation processes and improved staff productivity with ReconNET.” - Bethany Malakelis, Treasury Manager
Other Information
For more information on how you too can streamline processes and reduce cash shortages with ReconNET, contact Trintech today.
