Success Story Library
RadioShack Logo RadioShack Corporation Improves Transaction Management with ReconNET
Challenges
RadioShack has approximately 4,200 company-owned stores producing more than 5,000 transactions daily. Reconciliation systems and software were in place, but required 1-14 days for reconciliation as well as involvement from 126 district office locations. Bank account analysis fees were excessive, as a result of maintaining over 5,000 separate accounts.
Objectives
Based on the above challenges, senior management identified two areas requiring improvement:
- Streamline and simplify the daily reconciliation process by reducing manual effort and enhancing automated processes. This would allow centralization of the process and minimize district office involvement.
- Improve cash management by reducing the 5,000 bank accounts through consolidation.
Capabilities Provided
RadioShack selected ReconNET as their software solution for daily deposit verification and month-end reconciliation. They have since added disbursement, payroll and accounts payable reconciliation modules.
Other Information
To find out how you too can reduce costs, improve efficiency and gain insight into your banking relationships with ReconNET, contact Trintech today.
