Success Story Library
Ritz Camera Centers Streamlines Account Reconciliation Processes and Increases Savings through Fee Recovery with Trintech’s Solu
Overview
Ritz Camera Centers, headquartered in Beltsville, Maryland, is the largest retail camera and photo chain in the United States, with approximately 1,200 locations in 47 states and the District of Colombia. The Ritz Camera Centers chain of stores includes Ritz Camera, Wolf Camera, Kits Camera, Inkley’s, and The Camera Shop. All stores have Big Print Central Departments offering both traditional and digital prints “in minutes”. Ritz Camera Centers, Inc. also owns and operates Boater’s World Marine Centers, a leading marine specialty retail chain with over 110 stores nationwide.
Challenges
Ritz Camera was managing its reconciliation processes manually, matching paper reports to bank statements, and painstakingly posting entries to the general ledger. Even with a large accounting staff, the process was intensive and required many additional man-hours. Additionally, tracking transactions was difficult, and there was no guarantee that deposits made it to the bank on time. Acquiring banking data from outlier banks was also troublesome. Stores required better monitoring and notification of discrepancies. Identifying and resolving exceptions was difficult. Managing idle funds in depository accounts and managing the high volume of bank fees were also difficult without an automated system.
Objectives
- Eliminate manual processes and increase the efficiencies of accounting staff
- Reduce exposure to risk to eliminate losses due to error, fraud and unnecessary charge-backs
- Maximize the use of available funds
- Consolidate bank accounts and reduce bank fees
Capabilities Provided
Ritz Camera selected Trintech’s solution suite to optimize funds management. The company uses ReconNET to automate the verification and reconciliation of its bank deposits; the DataFlow Transaction Network to collect, format and deliver its daily banking data; and Bank Fee Analysis to detect and recover fee overcharges. The Trintech solution suite provides Ritz Camera with:
- Built-in research features that support their exception resolution processes, including reporting on incidents and exception items
- ACH capabilities that allow them to automatically sweep cash from depository accounts into concentration accounts
- Daily depository data collection from outlier banks
- An automated system that detects and recovers bank fee overcharges, and reduces total bank fees
Testimonial
“I love ReconNET’s reporting capabilities. Using ReconNET, we’ve been successful in providing accurate and timely information to the field, and we’ve experienced a reduction in lost deposits.” - Jenny L. Nelson, Director Treasury/Sales Audit
Other Information
For more information on how you too can standardize processes for increased productivity and tighter financial controls with ReconNET, contact Trintech today.
