Ribby Hall Village Streamlines Financial Reconciliation with Trintech’s Adra Suite

The Challenge

Before implementing Trintech’s Adra Suite, Ribby Hall Village, a hospitality organization, faced challenges with their financial reconciliation processes. The accounting team was heavily reliant on manual, spreadsheet-based methods to reconcile accounts, which led to inefficiencies, lack of visibility, and increased risk of errors.

“Reconciliations were tracked and managed using spreadsheets, so there was no central view of statuses, approvals, or changes in balances, and there were a lot of time-consuming and error-prone workflows. Any balance changes were only detected during audit reviews, which created delays and issues with data integrity,” shared Graham Wilkinson, Director of Finance and IT at Ribby Hall Village.

These challenges prompted Ribby Hall Village to look for an automation solution to improve efficiency, accuracy, and visibility in their financial processes.

The Journey to Finding a Solution

Ribby Hall Village began evaluating potential solutions by considering a range of options, including Trintech’s direct competitors. “Initially we looked into BlackLine, but ultimately didn’t feel that it was the right fit for us,” confided Wilkinson. This led them to discover Trintech’s Adra Suite. “The Adra Suite provided the right balance of functionality and ease of use,” shared Wilkinson. “The solution was simple to implement and could scale with our growing needs.”

Implementation

Ribby Hall Village began by implementing Adra Balancer and Task Manager with a focus on their balance sheet reconciliations and close task management. Over time, Ribby Hall Village expanded their use of the Adra Suite, adding Adra Matcher for credit card receipt reconciliations. This helped them efficiently match transactions with their source systems, significantly reducing the number of discrepancies. The team also implemented a more robust month-end schedule using Adra Task Manager, optimizing their overall financial close process.

Ribby Hall Village’s Adra Suite At-A-Glance

Adra Matcher Adra Balancer Adra Task Manager

Adra Matcher

Leveraged for credit card receipt reconciliations, improving transaction matching accuracy, and identifying duplicates.

Adra Balancer

Used for balance sheet reconciliations, automating the process, and reducing manual intervention.

Adra Task Manager

Deployed to manage month-end schedules and ensure tasks are completed on time, improving overall process visibility.

Future Goals

Looking ahead, Ribby Hall Village plans to further optimize their use of the Adra Suite via enhanced API integration. “We’re excited about the opportunity to implement a direct API integration between Adra and our ERP system,” shared Wilkinson. “This will eliminate the need for a staging database and further reduce the potential for errors, as well as allow us to send journal entries directly from Adra Balancer back to our ERP. This would further streamline processes and reduce manual tasks.”

Wilkinson’s advice to other organizations considering automation is to embrace change and adapt their financial functions to keep up with increasing transaction volumes. He emphasized the importance of using technology to streamline processes, stating, “IT systems are now much better at passing information between them, so why not take advantage of that?”

Conclusion

Ribby Hall Village’s adoption of the Adra Suite has been a game changer for their finance team, delivering significant improvements in efficiency, accuracy, and visibility. By automating critical processes like balance sheet and credit card receipt reconciliations, Ribby Hall Village has successfully managed the growing demands of their business without increasing headcount. With plans to further optimize their system, Ribby Hall Village is well-positioned to continue scaling their operations and improving their financial workflows.