O2 Automates Account Reconciliation Processes with Trintech’s ReconNET to Increase Productivity and Reduce Errors
Overview
O2 UK is part of the Telefónica O2 Europe group which comprises integrated fixed/mobile businesses in the UK, Ireland, Germany, the Czech Republic and Slovakia - all of which use 'O2' as their consumer brand. In addition, O2 has established the Tesco Mobile joint venture business in the UK and Ireland, as well as, the Tchibo Mobilfunk joint venture in Germany. O2 is a wholly-owned subsidiary of Telefónica S.A. O2 UK has in excess of 18.4 million customers.
Challenges
O2 was managing its transaction reconciliation processes on a spreadsheet-based system, which proved to be very manual and laborious. Excel spread sheet-based data was loaded for cash, checks and credit card transactions, and was then matched to bank statements. The reconciliation process proved to be very dated and time-consuming for the team of contractors and management. There was no real visibility and proving an audit trail was very difficult. It was a tricky task to track transactions, and the process was highly prone to errors. Discrepancies that could not be resolved caused exhaustive searches, before decisions could be made on the best course of action. The bank statement was loaded only twice a week; therefore, the company was regularly behind with reconciliations.
O2 required a solution that would:
- Prove to be easy to use, requiring little training time
- Achieve value and a rapid return on investment
- Easily scale to other business processes within the organization
- Reduce exposure to errors and mitigate risk
- Increase visibility and tighten internal controls
Capabilities Provided
The ReconNET solution has allowed O2 to:
- Automate their processes, thereby improving staff productivity
- Reduce costs associated with time-consuming and error-prone manual processes
- Detect and flag issues for review, so they can resolve exceptions quickly
- Improve reporting capabilities
Testimonial
“Trintech’s ReconNET system is very user-friendly, and their Support Team is very helpful. I think over the next few months ReconNET is going to prove itself more and more as we roll it out into other areas of our business.”
Other Information
To learn how ReconNET can help you increase visibility and improve internal controls, contact Trintech today.
