TUI Increases Efficiency and Reduces Write-Offs with ReconNET
Overview
TUI UK Ltd is part of TUI AG, the largest tourism and services group in the world, employing 80,000 people in 500 companies around the world. TUI AG is a world class, innovative and customer focused company which owns many of Europe’s best known holiday brands and has leadership positions in its airline, inclusive tour business, and travel agency sectors. The group employs 17,500 people in the UK, Ireland, Sweden, Norway, Denmark and Finland. UK retail distribution businesses and channels within the TUI AG include: Thomson the UK’s leading leisure travel retailer with over 650 retail stores, Thomson Direct call centre, and www.thomson.co.uk where you can book and pay for holidays online.
Challenges
TUI UK Ltd was using an Oracle cash management system which tied in neatly with other Oracle financial modules; however, the system did not process reconciliations speedily; it was cumbersome for users; and it left some transaction reconciliation processes to be completed manually. The system also did not adequately identify outstanding items for research and resolution.
Objectives
TUI UK Ltd required:
- Automatic matching and account reconciliation with a high degree of intelligence and flexibility so that matching procedures and criteria can be modified when required
- An easy to use system that can reconcile a large volume of transactions as well as a large variety of transaction types
- Real-time reporting via dashboards, standardized templates, or customized reports
- Built-in controls to support data integrity
- A reconciliation system that complies with internal compliance requirements
Capabilities Provided
ReconNET has increased visibility and control, streamlined transaction management processes, and enhanced reporting and analysis.
Testimonial
“We conducted an exhaustive review of available reconciliation systems. Trintech’s ReconNET was the best fit for our requirements. ReconNET is used by other retailers, and members of the travel industry. We wanted to partner with a reconciliation solution provider that has experience overcoming challenges businesses like ours face.” - Rachel Pugh, Financial Accounts Manager
Other Information
If you would like to learn how you too can improve visibility into your transaction reconciliation process, contact Trintech today.
