Success Story Library
ReconNET Automates Bank Reconciliation Processes to Reduce Costs and Increase Efficiencies
Overview
Murphy Oil Corporation is a fully integrated worldwide oil and gas company with refining and marketing operations in the United States, United Kingdom and Canada. Murphy USA, by aggressively building stations on the parking lots of Wal-Mart Supercenters, continues its transformation into the leading hypermarket gasoline retailer in the United States with 400+ stores and growing.
Challenges
At the time of ReconNET implementation, Murphy had 158 stores and was growing at a rate of 15-20 stores per month. Reconciliation was a manual monthly process, and expenses were also booked in this manner. Several stores in remote locations were using “Mom and Pop” banks. Separate bank accounts were being maintained for identification of returned items and adjustments, causing excessive bank fees. Office administrative fees were also high, including daily faxing of deposit tickets for manually verifying and researching discrepancies.
Objectives
Murphy USA wanted to achieve the following objectives:
- Tighter controls on cash
- Increased efficiency of current staff to accommodate rapid growth
- More timely reconciliation - booking expenses, current cash position, automatic ACH based on accurate information
- Ability to perform Bank Fee/Cost Analysis
Capabilities Provided
ReconNET was installed to automate Deposit Verification, Bank to Book, ACH, NSF Reconciliation, Credit Card Reconciliation, and Exception Research.
Other Information
For more information on how you too can improve your reconciliation accuracy and efficiency, while achieving impressive staffing and bank fee savings with ReconNET, contact Trintech today.
