Northern Tool & Equipment Uses Trintech’s Reconciliation Solution to Cut Account Reconciliation Time in Half
Northern Tool & Equipment has been a family-owned business since opening its first store in 1981 in Burnsville, Minnesota. Today, Northern Tool & Equipment’s manufacturing business operates 90 retail store locations in 17 states, providing the finest in consumer goods and industrial and construction equipment to do-it-yourselfers, contractors and professional shops.
Despite its rapid growth over the years, Northern Tool & Equipment had a lean staff dedicated to reconciling account and manually verifying data with the help of Excel spreadsheets. The resultant bank-to-book processes at month end were cumbersome and time-consuming, often resulting in a two-week close cycle. Northern Tool & Equipment wanted a solution that eliminated the cumbersome, manual processes and increased the overall efficiency.
Since implementing Trintech’s reconciliation solution, Northern Tool & Equipment is experiencing the following ROI:
- All bank statements and related deposit information are now received electronically
- Daily time required for reconciliation has been cut in half
- Awareness and notification of discrepancies are now immediate
- Month-end close time has been reduced significantly, with time savings being used for rapid exception item resolution and more proactive daily duties
- Northern Tool & Equipment has been able to eliminate the need for added accounting staff, representing an annual avoided cost of $45,000+To learn more, download the full case study.