Northern Tool & Equipment

Northern Tool & Equipment Uses Trintech’s Reconciliation Solution
to Cut Account Reconciliation Time in Half

Northern Tool & Equipment has been a family-owned business since opening its first store in 1981 in Burnsville, Minnesota. Today, Northern Tool & Equipment’s manufacturing business operates 90 retail store locations in 17 states, providing the finest in consumer goods and industrial and construction equipment to do-it-yourselfers, contractors and professional shops.

Despite its rapid growth over the years, Northern Tool & Equipment had a lean staff dedicated to reconciling account and manually verifying data with the help of Excel spreadsheets. The resultant bank-to-book processes at month end were cumbersome and time-consuming, often resulting in a two-week close cycle. Northern Tool & Equipment wanted a solution that eliminated the cumbersome, manual processes and increased the overall efficiency.

Since implementing Trintech’s reconciliation solution, Northern Tool & Equipment is experiencing the following ROI:

  • All bank statements and related deposit information are now received electronically
  • Daily time required for reconciliation has been cut in half
  • Awareness and notification of discrepancies are now immediate
  • Month-end close time has been reduced significantly, with time savings being used for rapid exception item resolution and more proactive daily duties
  • Northern Tool & Equipment has been able to eliminate the need for added accounting staff, representing an annual avoided cost of $45,000+To learn more, download the full case study.

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Jenny Craig struggled with a severely delayed month-end close with exception items slow to be discovered and corrected. With new management and accounting personnel in place, Jenny Craig deployed Trintech’s reconciliation solution and enlisted Trintech for training. Since implementation, the department is realizing the following ROI:

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