Texas Tech University Uses Trintech’s Reconciliation Solution for its Bank Reconciliation to Eliminate Manual Accounting Processes
Texas Tech university, often called TTU, is a public researc university located in Lubbock, Texas. Established in 1923, Texas Tech’s student enrollment is the 6th largest in the state of Texas, which, as of fall 2015, stood in excess of 30,000.
Texas Tech University selected and deployed Trintech’s reconciliation solution to automate its bank reconciliation process, eliminate manual accounting processes and increase staff efficiency.
Since implementing Trintech’s solution, Texas Tech University has enjoyed greater accounting staff efficiency and related savings far in excess of the cost of automation. Many manual, error-prone processes have been eliminated, allowing for a simpler month-end close. Despite enrollment increases and numerous new transaction types added to the mix, it is estimated that additional FTEs would have been required without automation, representing an annual avoided cost of about $168,000.