SEAS-NVE Automates Over 85% of Its Bank Reconciliations with Adra® by Trintech
SEAS-NVE reduces man-hours per month from 120 to 20 with Adra® by Trintech.
SEAS-NVE is the biggest customer-owned energy group in Denmark, with 335,000 members. Specializing in electricity products and fiberoptic broadband for the private and commercial sectors means that the volume of ingoing and outgoing payments to be reconciled each month is in the heavyweight class.
Why Adra® by Trintech?
Prior to implementing Adra, the reconciliation process at SEAS-NVE was conducted manually by 3 people which typically took a week to complete. Now with Adra, it only takes 2 people and they are done in 1 to 2 days. It’s no secret that account reconciliation is not the most pleasant part of accounting, so SEAS-NVE is glad to have freed up their resources to focus their energy and effort on higher value-add work. This has resulted in less stress and more satisfying working days for its employees.
“It’s unbelievable that so many days of work can be done in just a few seconds with Adra,” said Merete Wriedt. “Adra can sort by amount – with having to consider whether it’s a plus or a minus. That makes our work simpler than manually using spreadsheets, and most of our accounts therefore hit an automatic reconciliation rate of over 85%.”
Solution in Action
A wide range or search criteria make manual “residual reconciliation” faster, as well. “For example, we can search on a date or voucher number and by ‘many to one’ – a big advantage if, for example, 45 payments have been made into the bank which have been booked as one amount by us,” continued Wriedt. “Adra proposes its own solutions for balancing, often with the correct result. Inaccurate reconciliation can also be quickly and easily reversed.”
“I was delighted to find how easy it is to use Adra,” said Wriedt. “We were given brief, effective training, and because the system was logical to use right from the start, we quickly got to know it and are able to quickly train our colleagues.”
With balance sheet reconciliation fully automated, the next goal for SEAS-NVE is to switch intercompany accounts over to Adra.
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 a Adra Demo
We work closely with leading agency, advisory, BPO and technology experts that live and breathe financial close transformation, understand your industry.