Schulte Hospitality Group Experiences Significant Benefits in their Reconciliation Process
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Once they implemented ReconNET™ by Trintech into their Office of Finance, Schulte experienced significant benefits in their reconciliation process.
The Business Drivers to Automate
Schulte Hospitality is a family-owned business that develops, manages and invests in real estate, with a focus on hospitality and restaurants. They manage over 150 hotels in the United States and Europe and own Joella’s Hot Chicken, a restaurant chain, which operates 17 locations in over five states.
Overcoming the Challenges
With a diverse portfolio of restaurants and hotels, Schulte required multiple different reconciliation types to support their unique bank accounts. Additionally, Joella’s Hot Chicken entered a partnership with DoorDash and their delivery sales averaged about $300K each month. This created a reconciliation process that was extremely challenging, as they had to record their net deposits, reconcile it back to their point-of-sale (POS) and record the commission to their ledger.
Though DoorDash provides reconciliation files through their portal, the files are based on calendar month-end dates. This posed another sizeable conflict for Schulte, as these dates don’t fit within typical restaurant fiscal period dates. The reconciliation file is also order-level detail (containing multiple columns that represent sales, taxes, commissions, marketing and error charges) which created unnecessary complexity in their reconciliation process.
The staff accountants have reported that it’s so much easier [to use ReconNET]. They love getting into a tool and the overall acceptance has been very positive… they’ve really embraced the implementation of ReconNET.”
Trintech’s Solutions
Once they implemented ReconNET™ by Trintech into their Office of Finance, Schulte experienced significant benefits in their reconciliation process. Their accountants were able to retrieve DoorDash reconciliation files for all payment dates that matched their organization’s fiscal period. Schulte has gained visibility into any error trends at the restaurant-level as well as the ability to identify variances between their POS and gross daily settlements from DoorDash. Controllers and finance executives have commended the reporting coming out of their Office of Finance and now state that they significantly trust the accuracy of their financial reporting.
ReconNET also significantly reduced the time their team was spending on the bank reconciliation process in the month-end close. Before Trintech, they were spending an average of 500 combined hours on the process. After ReconNET, their team spends only an average of 175 combined hours.
Schulte is now focusing on the many future improvements that ReconNET can assist with across the organization, including treating their intercompany process, accounts receivable reconciliations and insurance benefits reconciliations.
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