Alabama Power Uses Trintech’s Reconciliation Solution
Across Several Processes to Automate its Manual Month-end Processes
Alabama Power Company, headquartered in Birmingham, Alabama, is a company in the southern United States that provides electricity service to 1.4 million customers in the southern two-thirds of Alabama. It is one of four U.S. utilities operated by the Southern Company, one of the nation’s largest generators of electricity.
Alabama Power selected and deployed Trintech’s reconciliation solution to automate its time-consuming and error-prone manual reconciliation and month-end processes. Along with Trintech’s reconciliation solution, Alabama Power chose Trintech’s DataFlow Transaction Network to reduce costs and simplify the company’s bank data collection.
Alabama Power quickly realized significant process improvements and time savings using Trintech’s reconciliation solution for its depository accounts. Because of the solution’s flexibility, the utility expanded its usage across other company processes as well, including; credit card transactions, payroll, accounts payable, check drafts, stock dividends, unclaimed property and general ledger account reconciliation.
Return on Investment:
- Bank reconciliations are now completed in only 4-7 days compared to 3-6 months
- Bank errors, “from pennies to hundreds of thousands of dollars,” are caught immediately, ensuring accuracy and eliminating wasted research time
- Identification of fraudulent checks prevented payment of 88 bad checks worth over $245,000 in the first year alone
- Documented compliance with Sarbanes-Oxley through detailed system reports
- Seamless data integration with 3rd party systems such as; Quicken, Access and other systems from Walker and XRT