Success Story Library
Alderwoods Group, Inc. Uses ReconNET to Streamline Account Reconciliation Processes
Overview
Alderwoods Group, Inc. is North America''s second largest operator of funeral homes and cemeteries.* The group owns or operates nearly 600 funeral homes, 72 cemeteries, and 60 combination funeral homes and cemetery locations in the U.S. and Canada. The company provides funeral and cemetery services and products on both an at-need and pre-need basis. In support the pre-need business, the company operates insurance subsidiaries that provide customers with a funding mechanism for the pre-arrangement of funerals.
*On May 31, 2006, Service Corporation International (SCI) was informed by Alderwoods Group, Inc. that Alderwoods stockholders voted to adopt the Agreement and Plan of Merger, dated as of April 2, 2006, between Alderwoods and SCI. Contingent on completion of the antitrust review of the merger by regulators, and satisfaction of other customary conditions, the Alderwoods merger will be completed by the end of 2006.
Challenges
Alderwoods Group required a solution that would help them manage trust accounts (pre-need planning payments, withdrawals, trust dividends and earnings). Approximately 1000 trust accounts are held at various financial institutions in the U.S. and Canada. Alderwoods Group had an intensive manual reconciliation process, using complicated spreadsheets. Larger trust accounts took over one month for a full-time analyst to reconcile. The large volume of transactions made the reconciliation process very time-consuming. As a result of both the volume of transactions and the manual reconciliation process, there were difficulties in identifying the completeness and accuracy of reconciliations.
Objectives
- Eliminate manual processes and increase the efficiencies of accounting staff
- Identify and escalate exception items promptly to initiate the audit process earlier
- Improve timeliness and reporting for daily and month-end operations
- Improve cash flow management
- Incorporate business rules by automating workflow to improve auditability and compliance
Capabilities Provided
Alderwoods Group uses ReconNET to automate the verification and reconciliation of its bank deposits. The solution provides the company with:
- A more stable and standardized reconciliation platform with an enhanced graphical user interface
- Research features that support their exception resolution processes, including reporting on incidents and exception items
- Tightened controls that improve workflow and reduce human error
- Automated processes that improve productivity
Testimonial
"ReconNET has delivered huge efficiencies. More timely reconciliation through ReconNET helps us detect potential problems, so that we can be more proactive in our operational approach." - Jameel Ahamed, Trust Administration Supervisor
Other Information
For more information on how you too can reduce the cycle time of reconciliations with ReconNET, contact Trintech today.
