Success Story Library
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Polo Ralph Lauren Automates Cash Reconciliation Processes and Improves Exception Resolution with ReconNET
Overview
Polo Ralph Lauren Corporation is a leader in the design, marketing and distribution of premium lifestyle products in four categories: apparel, home, accessories and fragrances. For more than 37 years, Polo’s reputation and distinctive image have consistently developed across an expanding number of products, brands and international markets. The company’s more than 15 brand names constitute one of the most widely recognized families of consumer brands in the world. Polo operates 260 retail and outlet stores in the US and Canada. The company also operates in Europe, South America, and Asia.
Challenges
Polo was managing its reconciliation processes manually, daily matching the previous days receipts from the POS system to bank statement information, and then painstakingly posting entries to the general ledger. Manual processes meant delays in month-end close and in identifying and correcting exceptions. The company required a solution that could quickly detect and resolve exceptions to eliminate losses due to error or fraud, as well as one that would better monitor stores and quickly notify managers of discrepancies.
Objectives
Polo Ralph Lauren wanted to achieve the following objectives:
- Increase control over cash accounts
- Eliminate manual processes and increase the efficiencies of accounting staff
- Reduce exposure to risk to eliminate losses due to error or fraud
- Turn focus to resolving exceptions and other critical issues
- Improve timeliness and reporting for daily and month-end operations
Capabilities Provided
Polo selected the ReconNET solution to automate cash 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 44 bank accounts and 260 stores.
With ReconNET, Polo can:
- Verify funds daily and automate end-of-month processes
- Immediately detect and flag issues for review, so they can quickly resolve exceptions and eliminate losses due to error or fraud
- Notify stores and Loss Prevention Department of cash discrepancies
- Tighten controls that improve workflow and reduce human error
- Produce customized reports by exporting data out of ReconNET
- Confidently comply with audit, accountability and reporting requirements
Testimonial
“Reporting out of ReconNET is a big plus. We’ve created numerous reports that are shared with our stores, district managers, and Loss Prevention. Not only do they like to receive them, but the reports give them the sense that we’re watching them.” - Lee Jurgens, Director Retail Sales & Cash Audit
Other Information
For more information on how you too can reduce exposure to risk and achieve tighter financial controls with ReconNET, contact Trintech today.
