G6 Hospitality Uses Trintech’s Reconciliation Solution for its Account Reconciliation Process to Eliminate Manual Spreadsheets
G6 Hospitality owns, operates and franchises more than 1,450 economy lodging locations under the iconic Motel 6 brand and the Studio 6 Extended Stay brand. Headquartered in Dallas (Carrollton), Texas, G6 Hospitality employs more than 10,000 team members across the U.S. and Canada.
G6 Hospitality struggled significantly with error prone, manual processes that delayed identifying exceptions and reporting; exposing the company to annual write-offs averaging $1.5 million. The company also had no process for escheatment, leading to an audit resulting in $3 million in penalties for unclaimed property that had not been filed with the appropriate states.
Since implementing Trintech’s reconciliation solution, G6 Hospitality has achieved the following ROI:
- Reconciliation for 1,000 locations achieved with 2.5 FTEs and a 95% reduction in errors
- Reduced number of banks from 30 to 17, lowering overall bank fees
- Reduced fraudulent activity by 50% with nearly $200,000 in first-year savings
- Reduced the value of write-offs by $1.5 million through timely exception item identification
- Up-to-date reporting of unclaimed property