Case Studies

Learn about our customer success stories. Our software is helping organizations of all sizes gain efficiency, transparency and accountability in their reconciliation and financial close processes.

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Coca-Cola Bottling Co. – Customer Success Story

“The system helped us tremendously as far as doing the matching and the amount of time that it takes. Overall it’s been a great experience. We speak highly of ReconArt.”

Company Profile

Coca-Cola Bottling Co. Consolidated (CCBCC) is the nation’s largest independent Coca-Cola bottler. The Company operates primarily in the Southeast, with corporate offices located in Charlotte, North Carolina. CCBCC stock is traded on the NASDAQ exchange under the symbol COKE.

Challenge

Steven Richards, Accounts Payable Manager and Lucia Kok, Accounts Payable Analyst, were trying to figure out whether the market had a good solution fit for the company’s corporate expenses reconciliation. Between the three data sources at play (JP Morgan credit card transactions, Concur for expenses control, and SAP as the system of record) and the company growing rapidly, this particular process was starting to become a challenge. As exceptions were growing increasingly difficult to identify and investigate, the process was starting to demand a disproportionate amount of time from the team.

Steve and the team were set on finding a reconciliation solution that was flexible enough to accommodate this process, yet straightforward to use and easy to implement. At the same time, it was important for the associated price tag to reasonably correspond to this initially limited business scope.

Solution

CCBCC looked at several reconciliation software vendors on the market and after seeing a number of product demonstrations, the company chose to implement ReconArt.net™ hosted in the cloud. ReconArt was selected because CCBCC felt the system offered rich functionality, yet was highly configurable and intuitive. CCBCC also received a very positive reference about the tool from another ReconArt client:

“We were already sold, but the person we spoke with was so excited about the product and what it’s done for them, so we echoed that excitement. It helped us in our decision.” – Steven Richards, Accounts Payable Manager, CCBCC.

Today ReconArt™ is up and running in CCBCC’s corporate office in Charlotte, NC and all expenses reconciliations are already automated in the system.

Benefits

Before adopting ReconArt.net™ for their expenses reconciliation, CCBCC could not achieve zero variance at the end of every month. Today, as a direct result of implementing the tool, CCBCC is able to enjoy many benefits related to operational accuracy and efficiency, including:

  • Running custom rules with the hit of a button
  • Intuitive and user-friendly system
  • Dramatically dropped level of error
  • Business self-sufficiency with minimum IT involvement
  • Substantial time savings, allowing the team to focus on higher-value tasks
  • Robust support resources, helping the team make the most of their investment

“The system helped us tremendously as far as doing the matching and the amount of time that it takes. Overall it’s been a great experience. We speak highly of ReconArt.” – summarizes Steve.

What’s next

Seeing ReconArt in action has inspired the team to consider other uses for the reconciliation solution across the company. One thought is to expand transaction matching and exception management benefits across other Accounts Payable processes involving data from SAP and other external sources. Another opportunity actually involves non-financial reconciliation: to help the company manage employee lists for increased HR visibility and master list accuracy.
ReconArt is proud to help support CCBCC’s growth and is looking forward to help implement the above processes later this year.

Industry and Topics Referenced by this article: Food & Beverage

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TekSavvy – Customer Success Story

“We thought we were getting great value with ReconArt™.  It’s easy to use with a very quick learning curve.”

Company Profile

TekSavvy Solutions Inc. (TekSavvy) is one of Canada’s leading independent telecommunications service providers. Founded in 1998, TekSavvy provides residential and commercial internet and home phone services and more recently has developed a fixed wireless network which is used to provide high-speed internet access to underserved rural areas, TekSavvy has offices in Chatham, Ontario, and Gatineau, Quebec.

Challenges

Prior to adopting new technology, TekSavvy was using Microsoft Excel to perform its monthly reconciliations. However, the single workbook created to handle them grew to be very cumbersome to deal with. Additionally, the way it was set up back then, o

Industry and Topics Referenced by this article: Telecommunications

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Harmoney – Customer Success Story

“ReconArt has been really helpful in highlighting common issues for cash movements not coinciding with source system transactions… it has been really helpful in showing us how we can improve our existing system reporting and monitoring.”

Company

Harmoney is New Zealand’s leading peer-to-peer lending platform that matches borrowers with investors to provide everyone with a better deal. Peer-to-peer lending is disrupting the traditional bank lending model around the world, using secure, trusted technology to bring people together to invest and borrow at rates they love.

Challenges

Harmoney receives investor money, disburses this to borrowers and collects repayments via trust accounts set up for investors. Harmoney is essentially in a custodian role, meaning that the capital they are responsible for managing is not on their balance sheet, but they carry significant responsibility in ensuring that the money transfers they perform are complete, accurate, properly recorded, and fully au

Industry and Topics Referenced by this article: Finance, Financial Services, Lending

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BBN (Bankers’ Bank Northeast) – Customer Success Story

“ReconArt’s reputation for service and technology caught the attention of BBN as we searched to automate internal processes, expand reporting capabilities and enhance efficiencies.”

Company

Bankers’ Bank Northeast (BBN), based in Glastonbury, CT, was founded in 1998 and is one of 17 bankers’ banks nationally. The Bank offers a variety of correspondent services to community financial institutions throughout the six New England states, New York and New Jersey. BBN is committed to offering products and services that enhance the customer experience and improves profitability.

Challenges

BBN’s strategic plan included the implementation of a bank-wide reconciliation platform to automate daily, monthly and quarterly reconciliations that were being manually processed. Primarily the Bank wanted to automate matching of the ever-growing volume of transactions from its principal Federal Reserve account. This

Industry and Topics Referenced by this article: Banking

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Viewpost – Customer Success Story

“Ease of use was a big reason why we selected ReconArt ™.”

Company Profile

Founded in 2011, Viewpost created a business-to-business network that removes the barriers businesses face during the exchange of invoices and payments. By democratizing information flow, simplifying process and removing costs and complexity that deter adoption, Viewpost effectively connects people to payments within a network of possibilities.

With a single, free connection to the secure Viewpost® network, businesses of any size exchange electronic invoices and share invoice status updates with their trading partners at no cost. Businesses can also exchange payment for those invoices electronically, sending funds directly between their accounts at any bank. To better manage cash flow, a buyer with extra cash can offer to pay early for a discount and

Industry and Topics Referenced by this article: Payment Services

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Premier Credit – Customer Success Story

“ReconArt™ gives us faith in the financial numbers we report by delivering accuracy, reduced operational risk and a fully audit-able environment.”

The company:

Premier Credit Limited is a microfinance company established in 2013 to provide credit only financial solutions to small and microfinance entrepreneurs in East Africa. Established by industry veterans with over fifteen years’ experience, Premier launched initially in Kenya. The company’s successful growth is now seeing it expand operations into Uganda and Tanzania and Premier Credit now encompasses three different entities

Challenges:

Within the first year of its existence, Premier Credit gained over 17,000 clients in Kenya alone. It services them with 350 staff spread across twenty-two branches. With each client making a payment on average three times a month, today Premier is processing about 50,000 monthly receipts, and that nu

Industry and Topics Referenced by this article: Finance

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University of Auckland – Customer Success Story

“ReconArt™ offered the greatest flexibility around being able to design the system to meet our specific requirements”

Profile:

The University of Auckland, founded in 1883, is the largest University in New Zealand with eight faculties over six campuses and over 40,000 students.

It has turnover now exceeding $1 billion per annum, with net assets of $1.5 billion and growing.

Challenge:

The University of Auckland has a decentralised finance function. Its policy is to have all balance sheet accounts reconciled by cost centre and reviewed within the individual business units on a monthly basis, with a second review performed by the Central Finance team at the end of each quarter. This leads to over 2,500 individual reconciliations that have to be completed each month. Due to the spread of offices over multiple locations, the monitoring of balances and visibility of

Industry and Topics Referenced by this article: Education

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Think Money Group – Customer Success Story

“The increased visibility is invaluable. We have never enjoyed such a centralised overview of our bank data.”

Company Profile:

Think Money Group is an innovative financial services business based in Trafford Park in Manchester, England. Established in 1993, today the Group employs over 1,000 staff and is comprised of four business areas:

  • Personal accounts through thinkmoney;
  • Ocean brand offering mortgages, loans and credit cards;
  • Think Insure which provides car, home, gadget and life insurance;
  • Debt advice and debt solutions via the Gregory Pennington, Freeman Jones, Wilson Andrews and Think2Claim brands.

The debt advice business, the subject of this case study, has enabled hundreds of thousands of people to tack

Industry and Topics Referenced by this article: Finance

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First National Bankers Bank – Customer Success Story

“After we saw ReconArt’s proof-of-concept demonstration we thought it was a great system; we were impressed with what we saw.”

Company Profile:

First National Bankers Bank (FNBB), headquartered in Baton Rouge, Louisiana, was chartered as the first national Bankers Bank in the United States in 1984. It is, in essence, a bank set up by, and for the purpose of providing services to, community banks.   FNBB commenced operations with 28 shareholder institutions of its bank-owned cooperative to provide correspondent banking services to its members. This prepared the way for the phenomenal growth that FNBB would experience over the next two decades. Today, with assets of approximately $1 billion, FNBB delivers banking services to over 700 community banks throughout the Southeast of the country.

Challenge:

Prior to implementing ReconArt™ the bank used an internally IT-develop

Industry and Topics Referenced by this article: Banking

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Fiesta Insurance – Customer Success Story

“ReconArt ™ offered excellent value and immediate return on investment”

Company Profile:

Fiesta Insurance Franchise Corporation began as an independent insurance agency in Southern California in 1999. Today Fiesta operates 125 franchise storefronts that provide insurance and tax preparation services mainly to Hispanic communities within the United States. With its largest base still in California, Fiesta also has franchisees in other states with significant Hispanic populations including Florida, Texas and New York.

Challenges:

Fiesta was performing all bank account reconciliations – including cash, check, and merchant activities – very manually. Users would key data into the In

Industry and Topics Referenced by this article: Insurance

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