AMC Theatres Uses ReconNET for Daily Deposit Verification and Month-End Reconciliation
Overview
AMC Entertainment Inc., is one of the world’s leading theatrical exhibition companies, operating 180 theatres with 2,768 screens in 21 states and the District of Columbia, Canada, France, Hong Kong, Japan, Portugal, Spain, and Sweden.
Challenges
AMC Entertainment’s assistant treasurer had been lobbying for better systems and software that would improve departmental reconciliation productivity, cut shrinkage losses and improve cash management and cash flow. While their CFO was involved in the investigative process, he delegated the responsibility on one condition at least one FTE must be saved before a favorable decision could be made.
Objectives
AMC wanted to achieve the following objectives:
- Consolidate accounts and improve efficiency
- Realize significant saving by automating deposit verification
- Improve loss prevention
- Ensure that future company growth would not cause an increase in treasury operations staff
- Identify bank errors immediately to ensure rapid resolution and cost reduction.
Capabilities Provided
ReconNET was installed to automate the reconciliation of deposits, payroll, accounts payable, and change orders. AMC also uses ReconNET for ACH sweeps.
Other Information
For more information on how you too can reduce errors in bank-to-book and trim your exception research time with ReconNET, contact Trintech today.
