Success Story Library
Top Motion Picture Exhibitor, Regal Entertainment Group, Streamlines Account Reconciliation Processes across its Enterprise with
Overview
Regal Entertainment Group (REG) is the largest motion picture exhibitor in the world. The company operates 6,605 screens in 579 locations in 40 states under the Regal Cinemas, United Artists Theatres and Edwards Theatres brands. Over 253 million people attended movies exhibited by Regal Entertainment Group in 2004.
Challenges
Approximately 75% of REG transactions are cash-based; therefore, the company needed a solution that could quickly detect cash deposit issues in order to prevent losses due to deposit errors or fraud. In addition to a cash reconciliation solution, REG was looking to automate the reconciliation of credit card transactions, gift certificate sales, weekend change, ATM transactions, online ticket receipts, and disbursement accounts. Because the disbursement bank statements included hundreds of pages, identifying errors was difficult and often time-consuming. REG had identified errors on the disbursement bank statements such as incorrect outstanding check lists and inaccurate bank reconcilements.
Other priorities for REG included having the ability to shorten the time it took for transferring funds and increasing the amount of cash deposited into higher-yielding accounts. In addition, REG was searching for a tool that would automate the monthly analysis of various bank fees in order to reduce the total fees paid, and gain more visibility and control over their banking relationships.
Objectives
- Increase control over cash accounts
- Reconcile cash deposits efficiently in a matter of days
- Focus more on resolving exceptions and other critical issues
- Streamline reconciliation processes for all the different areas of the company
- Maximize the use of available funds
- Reduce bank fees and negotiate better rates
Capabilities Provided
Since the implementation of ReconNET and Bank Fee Analysis, Regal Entertainment Group can:
- Reconcile its cash and credit card deposits daily and quickly resolve any exceptions
- Reconcile ATM cash and ATM transactions efficiently
- Trend and track debit and credit memos to identify problems or potential losses at a theater
- Transfer more of its available funds into higher-yielding concentration accounts
- Improve reconciliation processes for its disbursement accounts with a tool that works around errors found on monthly disbursement bank statements
- Deploy treasury resources to other areas critical to its business
- Detect bank fee errors and negotiate better bank fee rates
Testimonial
“With ReconNET, we have the capability to identify cash and credit card exceptions quickly and efficiently. This prevents significant cash losses and increases our ability to recover funds.” - Chris Dzambo, Treasurer
Other Information
To find out how you too can streamline reconciliation processes across your enterprise with ReconNET, contact Trintech today.
