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Case Study - 1-800-PACK-RAT: bank reconciliation with ReconArt


Moving and storage


Bank, credit card, GL reconciliations with multiple data sources

Client Background

1-800-PACK-RAT is an industry leader in the portable storage and moving industry. They provide customers and businesses with solutions for on-site storage, warehouse storage, local moving or long-distance moving, or any combination of these services. Headquartered in Wake Forest, North Carolina, and with storage facility locations across the US, the company delivers high-quality portable storage container to make moving and storage simple.

Business Needs and Challenges

The team at 1-800-PACK-RAT came to ReconArt looking to replace an older reconciliation product that was not meeting their business needs. Some of the issues the team experienced were functional – for example, the inability to ingest bank files efficiently, handle debits and credits within the same account, or lack of approachable interface should a user wish to integrate a new data source.

At its core, the team at 1-800-PACK-RAT wished to improve, standardize, and automate various bank to GL reconciliations utilizing multiple data sources, including credit card settlement and check detail reports from multiple processors across different segments of the business. Finding a solution that could easily integrate with the rest of the systems and data sources at play, as well as serve as a secure and auditable place of record for reconciliations, were key decision factors for the team. Among the most important specific functional needs were the ability to efficiently perform different types of matching, including 1-to-many matches involving batch payments, and to keep track of exceptions without the need for manual notes and spreadsheets.

The ReconArt Solution, Client Benefits and Success

During the discovery and demo phase, it became clear that ReconArt could meet all the functional needs of the business. On the sales and relationship side, the partnership was enabled by a straightforward and simplified approach, without pressure to purchase unnecessary services.

From an implementation perspective, the 1-800-PACK-RAT team was a great candidate for ReconArt’s hands-on, train-the-trainer approach. Once paired up with a ReconArt Product Specialist, together we implemented a best practice approach of multi-step reconciliation, common to many retail-type payment activities. As a first step, we matched bank activity against payment process detail files to establish what batch bank receipts were comprised of, and then matched those enhanced bank detail results to the GL as a final step. This ensured a most accurate reconciliation between bank and GL activity. ReconArt was able to establish consistency for a process with many moving parts and empower the team to fully own their existing reconciliation process.

A key success factor to the 1-800-PACK-RAT-ReconArt implementation was the team’s excellent understanding of their own reconciliation process and their thorough collaboration with ReconArt’s Product Specialist. As a result, the team was very well prepared to expand ReconArt’s footprint on their own. They have already implemented new bank and other reconciliations leveraging their existing knowledge.

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Case Study

Rain City Capital

Rain City Capital

Industry: Lending
Focus: Bank Recs, Time Savings

Rain City Capital was able to exponentially speed up their reconciliation process and eliminate the opportunity for error by leveraging ReconArt’s powerful automation features.

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ReconArt Customers

Here are some of the customers who leverage our reconciliation software to automate their reconciliation and close processes.

Umpqua bank
Calgary co op B&W
Choice Bank
Fiat Chrysler

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