Success Story Library
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ReconNET to Speed up Bank-to-Book Reconciliation, Increase Accuracy, Reduce Bank Errors, and Optimize Research Time
Overview
The Steak ‘n Shake Company (formerly Consolidated Products) is one of the oldest restaurant chains in the United States. It was founded in 1934 in Normal, Illinois. Steak ‘n Shake currently operates over 425 restaurants (45 of which are franchised) in 19 different states, primarily in the Midwest and Southeast.
Challenges
Steak ‘n Shake was becoming increasingly concerned with bank-to-book errors. Staff required for transaction reconciliation and transaction error research had increased to seven FTEs. Having to wait for bank statements meant always being behind, despite staff increases. Also, reconciliation required 45-60 days, causing the company to fall further and further behind.
Objectives
Steak ‘n Shake wanted to achieve the following objectives:
- Improve awareness of shortages / overages
- Reduce staff
- Reduce account reconciliation time
- Reconcile long before receipt of monthly bank statements
- Increase leverage with big banks - negotiate lower bank fees
- Improve overall information flow
Capabilities Provided
Steak ‘n Shake implemented ReconNET as their software solution for account reconciliation and research. They’re currently using the deposit verification module.
Other Information
For more information on how you too can speed up bank-to-book reconciliation, increase accuracy, identify and reduce bank errors, and optimize research time with ReconNET, contact Trintech today.
