Reitmans Limited Uses ReconNET for Debit and Credit Card Reconciliation and Daily Deposit Verification
Overview
Reitmans Limited, Canada’s largest women’s specialty retailer, was founded in 1926. What started out with their first location on St. Lawrence Boulevard in Montreal, Quebec grew into what now includes over 620 specialty apparel stores operating under four divisions: Reitmans, Smart Set / Dalmys, RW & CO. and Penningtons.
Challenges
Reitmans Limited invested extensively in technology in recent years, upgrading the point of sale (POS), merchandising, back-office and financial systems. These initiatives were aimed at providing on-demand financial reports to management, allowing them to make quicker decisions and improve profitability. The existing reconciliation processes for credit and debit were considered inadequate and not timely enough to coincide with month-end financial reporting. The reconciliation process was too time-consuming and items were often outstanding for over one month. Their goal was to manage exceptions more efficiently and permit a more timely reconciliation of related ledger accounts to coincide with month-end deadlines.
Objectives
Reitmans Limited strived to achieve the following objectives:
- Replace existing in-house debit and credit card reconciliation systems that performed a simple match but could not handle exceptions
- Provide more timely information to management that could be used to help analyze and highlight depository inefficiencies at the store level
- Streamline administrative processes and reduce costs
- Provide more detailed information on depositing activity to improve leverage when negotiating with banks
Capabilities Provided
ReconNET automates reconciliation for debit cards, credit cards, cash deposits, and disbursements, as well as provides research and resolution tools for outstanding issues.
Other Information
For more information on how you too can achieve timely and accurate credit card reconciliation and improved reporting requirements with ReconNET, contact Trintech today.
