Jenny Craig Uses Trintech’s Reconciliation Solution for Credit Card and Bank Reconciliation, to Save Tens of Thousands Annually
Jenny Craig is a weight management and nutrition company founded in 1983. The concept was started in Melbourne, Victoria and two years later began US operations in Carlsbad, California, where the company is now headquartered. Today, the privately-held company has more than 700 weight management centers in the US, Australia, Canada, France, the UK, New Zealand and Puerto Rico, and have over 3,000 employees.
Jenny Craig struggled with a severely delayed month-end close with exception items slow to be discovered and corrected. With new management and accounting personnel in place, Jenny Craig deployed Trintech’s reconciliation solution and enlisted Trintech for training. Since implementation, the department is realizing the following ROI:
- Reconciliation staff has reduced by 1.25 FTEs, resulting in soft dollar savings of roughly $60,000 annually
- An additional 1.25 payroll FTEs have been re-deployed, saving the account department $53,000+ each year
- Fully 90% of all fax and telephone communication have been eliminated
- Reconciliation time has been reduced from 3 weeks to just 5 days, representing a 67% improvement
- Real- time exception item detection has resulted in faster resolution and “corrections while transactions are still fresh”