Success Story Library
On-Demand Services for Data Collection and Account Reconciliation
Overview
Based in Burnsville, Minnesota, Northern Tool offers a wide selection of products from consumer goods to industrial and construction equipment, including snowblowers, log splitters, pressure washers, power generators, and other heavy-duty tools and equipment. Clients include construction contractors, landscape crews, auto shops, and the do-it-yourself crowd. Sales are through the Northern Tool website, catalogs and the company’s more than 50 retail stores.
Challenges
Northern Tool had one full time person dedicated to manually verifying data and reconciling accounts via Excel spreadsheets. A great deal of time was spent at the end of each month on bank-to-book procedures. It could take 10 days to two weeks to close out a period. The company did not want to hire additional staff, rather it sought a tool to increase efficiencies and minimize discrepancies.
Objectives
- Quickly implement a reconciliation solution at a cost savings to eliminate manual processes and increase the efficiencies of accounting staff
- Identify and escalate exception items promptly to initiate the audit process earlier
- Improve timeliness and reporting for daily and month-end operations
Capabilities Provided
With On-Demand software-as-a-service from Trintech, Northern Tool 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:
- Research features that support exception resolution processes, including reporting on incidents and exception items
- Daily depository data collection from all banks
- Tightened controls that improve workflow and reduce human error
- Automated processes that improve productivity and increase efficiency
Testimonial
“Our next phase of implementation will include credit card reconciliation for mail orders, Internet orders, and stores. We expect the same success we’re currently experiencing with our cash deposits. We wanted a data collection and reconciliation solution that would free up resources. We have that and more. We’re very pleased.” - Lynn Bemis, Controller
Other Information
To learn how On-Demand solutions will eliminate costs associated with supporting and maintaining an operating environment, and enable you to focus on your core competencies, contact Trintech today.
