Ultramar Diamond Shamrock, a Subsidiary of Valero Energy, Reduces Deposit Verification Time, Decreases Exposure to Losses, and C
Overview
Ultramar Diamond Shamrock operates nearly 1,500 convenience stores across the United States.
Challenges
Ultramar Diamond Shamrock, operating nearly 1,500 convenience stores across the United States, was using a manual bank reconciliation process. Bank statements were received weekly for concentration bank accounts and monthly for bank accounts that handled one or two store locations.
The manual reconciliation process resulted in field personnel not being notified of unexplained shortages for two to six weeks. Additionally, maintaining 450 banks accounts required a large staff and excessive statement analysis fees.
Objectives
Senior management identified three areas requiring improvement:
- Reduce time involved in deposit verification and expedite problem notification to field personnel
- Decrease exposure to losses related to unexplained Bank and POS shortages
- Consolidate bank accounts to reduce analysis fee payments and reduce idle cash balances
Capabilities Provided
Ultramar Diamond Shamrock uses Trintech’s ReconNET software to reconcile bank deposits and fuel deliveries.
Other Information
For more information on how you too can reduce deposit verification time, decrease exposure to losses, and consolidate bank accounts with ReconNET, contact Trintech today.
