Ralph Lauren Uses Trintech’s Reconciliation Solution for Account
Reconciliation & Reporting to Reduce Time and Monthly Cash Shortages
Ralph Lauren Corporation is a publicly traded, US-based holding company headquartered in New York City. It is considered a global leader in the design, marketing and distribution of premium lifestyle products in four categories: apparel, home, accessories and fragrances.
Founded in 1967, Ralph Lauren manages some of the world’s most widely recognized brands, while operating nearly 400 directly-owned free-standing stores, roughly 500 concession shops-within-shops and 7 e-commerce websites.Due to the increased volume of reconciliations, Ralph Lauren greatly struggled with closing its books at month-end. The result of all the human intervention and manual processes meant lengthy delays, along with sporadic identification and lackluster correction of exception items. Ralph Lauren came to the decision to automate the manual reconciliation processes with Trintech’s reconciliation solution.
Since implementing Trintech’s reconciliation solution, Ralph Lauren has seen the following ROI:
- Monthly cash shortages have been reduced by thousands of dollars
- Time required for reconciliation has gone from 4 weeks and dozens of laborious processes to daily reconciliation by a single employee
- Monthly closing time has been reduced through the automated exporting and subsequent GL uploading of O&S, NSF and bank fee information directly from Trintech’s transaction-matching solutionTo learn more, download the full case study.