Success Story Library
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The Finish Line Uses ReconNET to Automate Account Reconciliation and the DataFlow Transaction Network to Collect, Format, and De
Overview
The Finish Line, Inc. is one of the nation’s leading athletic specialty retailers offering footwear, apparel and accessories for men, women and children. Finish Line currently operates 650-plus stores in 47 states and online. In addition, the Company also operates 46 Man Alive stores in nine states.
Challenges
The Finish Line was managing its reconciliation processes manually, matching Excel spreadsheets to bank statements. Given that it took 30 days to receive all of the statements for one period, there was constant reviewing-taking numbers from each store, dropping those numbers into the Excel spreadsheet, and then matching the store numbers to bank statements. The process was both time-consuming and inefficient. Beyond cash reconciliation, the company had a need to reconcile credit cards. Additionally, acquiring banking data from outlier banks, and managing idle funds in depository accounts was complicated without an automated system.
Objectives
The Finish Line wanted to achieve the following objectives:
- Eliminate manual processes and increase the efficiencies of accounting staff
- Automate the escalation of open items and report on incidents and exceptions
- Reduce exposure to risk to eliminate losses due to error, fraud and unnecessary charge-backs
- Maximize the use of available funds
Capabilities Provided
Finish Line selected ReconNET to automate the verification and reconciliation of its bank deposits, and the DataFlow Transaction Network to collect, format and deliver a limited amount of daily banking data. The two solutions provide Finish Line with:
- The ability to deploy resources to other areas critical to their business
- 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
- The ability to automate end of month processes
Testimonial
“ReconNET provides us with the ability to view banking information in a timely manner and to cross check it against POS. We’ve saved money as a result of instantly catching errors on the bank side and/or on the store side. We can immediately notify either the bank or the store of any exceptions - we don’t have to wait until we have a bank statement.” - Carole Eubanks, Store Cash Manager
Other Information
For more information on how you too can increase productivity and improve cash utilization with ReconNET or the DataFlow Transaction Network, contact Trintech today.
