Proshop Reduces Bank Reconciliation Process from 5 Hours to 10 Minutes with Trintech
Case Study
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Proshop is an online shop that sells business and consumer electronics, multimedia products, games and gaming products, home furnishings, and household items.
Business Drivers to Automate
As a rapidly growing ecommerce business, Proshop quickly found that their spreadsheet-dependent processes were becoming obsolete.
“During COVID, we experienced tremendous growth as online purchasing soared,” shared Erik Dam, Chief Financial Officer at Proshop. “We were spending 4-5 hours each day reconciling our bank statements, which would have up to 4,000 lines daily. If a mistake was made, our team would have to work backwards.” Proshop knew that their manual bank reconciliation processes were not sustainable. “With the amount of growth we were experiencing, we didn’t want to become dependent upon inefficient processes.”
Decision to Automate with Trintech
“We were really looking for a solution that would be easy to use
and easy to learn, since we would be using it daily,” said Dam.
“A member of the team recommended Adra by Trintech and we
quickly decided that it was a good match for our needs. The
implementation was easy, and the team was excited to adopt
the new solution.”
“Out of approximately 6,000 daily reconciliations, there might be 50 exceptions that need human intervention, which only takes the team about 10 minutes to handle. Compared to the previous 4-5 hours spent daily on 4,000 line items, that’s a huge win for us.”
Solution in Action
“Since implementing Adra by Trintech in 2021, we’ve maintained our growth trajectory, going from 100 million to 500 million in annual revenue and from 4,000 to 6,000 line items on our bank statements daily. In fact, it’s not unusual to have as many as 20,000 transactions on the Monday after Black Friday. This growth wouldn’t have been attainable without Trintech,” commented Dam.
“The largest benefit we’ve experienced has been significant time savings. Out of approximately 6,000 daily reconciliations, there might be 50 exceptions that need human intervention, which only takes the team about 10 minutes to handle. Compared to the previous 4-5 hours spent daily on 4,000 line items, that’s a huge win for us.”
Aside from significant time savings, Trintech has also helped Proshop reduce risk and gain visibility across the reconciliation process. “We now have confidence in the completeness and accuracy of our figures,” mentioned Dam.
When asked what’s next for Proshop and Trintech, Dam was positive about the future: “As we grow, it’s vital that we are able to scale our processes to meet the demand. We’re very happy with our Trintech investment — we couldn’t live without the solution, and it’s going to be integral for our future.”
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