Hobbycraft Leverages Automation for Greater Efficiency and Control across the Financial Close
Hobbycraft Leverages Automation for Greater Efficiency and Control across the Financial Close. Which allows their finance team to devote more time and effort on initiatives and projects that add value to the business.
Hobbycraft is the UK’s largest arts and crafts retailer, selling more than 25,000 arts and crafts products for hundreds of creative activities, from art, knit and stitch, papercraft, wedding, party, baking and more. It currently operates 100+ stores in addition to a rapidly growing eCommerce business. Prior to implementing Adra, Hobbycraft was conducting a highly manual financial close process, operated within Excel, by a small team.
Why Adra® by Trintech?
Faced with the realization that their manual processes were no longer manageable, Hobbycraft began to investigate solutions that could offer increased efficiency, visibility, and control. “When it came time to analyze the different solutions in the market, we ultimately preferred the ‘look and feel’ of Adra and the output of information it provided,” said Harrison.
In addition, the commercial model was the right fit for Hobbycraft, positioning them to see a rapid ROI. When it came time to implement Adra, Hobbycraft decided on a phased implementation approach. To roll the solution out successfully, and keep up with their day-to-day work, they set a standard to work on this project during the middle 2 weeks of the month so that the team wasn’t distracted during period-end.
“The Trintech support team has been a great resource during the implementation, providing us with best practices that helped streamline the process.” Today, Hobbycraft utilizes Adra Matcher to automate and streamline their high-volume transactions each month. “We are now reconciling at the transaction level for every store and eCommerce sale in Adra Matcher which results to about 15M transactions per year,” said Harrison.
Adra has also provided executive management with the confidence that the numbers they are reporting are accurate. “When we get to period-end, I now have the confidence in terms of knowing accounts have been reconciled – I can see the aging of accounts very easily,” continued Harrison. “The team is also able to re-run the reconciliations post period-end to prove to me that all cash has matched off and then we are able to very quickly drill into where the exceptions are.”
Adra has provided greater efficiency across the close process, which allows their finance team to devote more time and effort on initiatives and projects that add value to the business. “The team is now focused on items that they most likely would have never had the chance to get to had this process still been conducted manually,” said Harrison.
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