Ruter AS Gains Greater Visibility and Control to Close with Confidence
Case Study
Share
Ruter AS Reduces the Cost and Time to Close with Adra® by Trintech.
About Ruter AS
Ruter AS is the public transport authority for Oslo and Viken counties in Norway. Formally a limited company – 60% of its shares are owned by the Oslo county municipality and 40% by that of Viken – it is responsible for the administration, funding, and marketing (but not direct operation) of public transport in the two counties, including buses, the Oslo Metro (T-banen i Oslo), Oslo Trams (Trikken i Oslo), and ferry services. It currently has 250+ employees with annual revenues just over $1B.
Ultimately, we felt that Adra was not only the most cost-effective solution, but also the most comprehensive solution for our needs.”
Why Adra® by Trintech®
Ruter AS struggled with a very manual and inconsistent approach when it came to their financial close process with no way to track the status of reconciliations. “There was a lack of standardization across the process because it was being conducted in individual excel spreadsheets, so everyone was working off their own close checklists. Not only was the manual approach extremely time consuming, there were also repetitive reconciliations occurring because there was a lack of visibility into what was being completed,” said Arne Rydding, Senior Accountant at Ruter AS.
“We knew we needed to implement a solution that would be easy to use and enforce standardization across our processes,” continued Rydding. After reviewing several solutions in the market, Ruter AS decided to implement Trintech’s Adra solution.
In 2015, Ruter AS implemented Adra Accounts to automate their transaction matching. A few years later, they implemented Adra Balancer for their balance sheet reconciliations and Adra Task Manager for their close management tasks. “Overall, the implementation of the Adra solution was quick and seamless,” continued Rydding.
With Adra, we have now automated most of the process, so we only have to focus on the exceptions. In addition, we now have access to a real-time dashboard to gain full visibility into where we are in the financial close process.”
Solution in Action
Adra has been instrumental in helping Ruter AS gain real-time visibility across their financial close process and close quicker each month with confidence in the numbers they are reporting. They currently use Adra Accounts to match over 200,000 transactions per day with a 99.8% match rate, Adra Balancer to reconcile 150 accounts and Adra Task Manager to track 60 close tasks per month.
“We used to spend a significant amount of time and effort manually matching and reconciling our accounts,” continued Rydding. The overall productivity and morale of the Ruter AS team has also improved because they are no longer wasting valuable time just trying to figure out the statuses of where they are in the close process. Looking ahead, Ruter AS has a focus on continuous improvement and will be finding ways to further optimize the functionality within the Adra Suite.
Read The Full Case Study
Learn more about building a mutually beneficial partnership with Trintech to help you scale your business and meet your clients’ financial close needs.
See An Adra Demo
We work closely with leading agency, advisory, BPO and technology experts that live and breathe financial close transformation, understand your industry.
