Genesco Steps into an Automated Financial Reconciliation Process
Case Study
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Before Trintech, Genesco’s MarketPlace, an application used to facilitate online transactions, consisted of different settlement cadences, reporting structures and reporting timing.
Challanges
Before Trintech, Genesco’s MarketPlace, an application used to facilitate online transactions, consisted of different settlement cadences, reporting structures and reporting timing. While getting started in their marketplace, Genesco noticed a lack of understanding of the process within their accounting team, which led to uncertainty of whether each transaction was being paid for.
The accounting team had to ask themselves, “What are we matching and where am I matching?”. This question led to a three-pronged approach of the reconciliation process by identifying between the point-of-sale (POS) system, Genesco’s MarketPlace and the bank statement. The company had a large influx of reporting from Genesco’s MarketPlace, some of which was not needed for reconciliations.
Solution in Action
After the implementation of ReconNET™ by Trintech, a separate account was created for each Genesco MarketPlace site, which allowed for differences among each of the sites. In theory, this was a credit card reconciliation, where the accounting team had to take POS reports daily from ChannelAdvisor, where the reporting was limited with no customization.
After three years, Genesco has a standard, yet automated process for all Genesco’s MarketPlace sites using ReconNET. Genesco used ReconNET to help identify problems earlier, therefore fixing broken processes that caused incomplete payment. ReconNET also fixed issues faster when they came up, bringing cash in faster. Genesco continues to utilize ReconNET to respond to inconsistent reporting, constant changes to mapping, tax reporting and collection issues, new Genesco’s MarketPlace sites and other divisions joining the party.
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