Lookout Credit Union Improves Matching Process and Decreases Financial Close Time with Adra by Trintech
Case Study
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Business Drivers to Automate
Lookout Credit Union is approximately a $245 million asset credit union located in Southeastern Idaho. A not-for-profit financial institution, Lookout has experienced several mergers and continues to grow at a steady pace. The organization has been using Adra for the last five years, migrating from Adra Accounts to Matcher at the beginning of 2020. Before Adra, Lookout Credit Union’s accountants dedicated a large majority of their time to bank reconciliations. Oftentimes they were spending two to three weeks on reconciliations alone. Inundated with their workflow for bank reconciliations, Lookout Credit Union searched for a solution to their inefficiencies within the reconciliation process. “We go through our daily or monthly processes without really thinking about what needs to be done and who needs to do it,” stated Rob Palacios, Accounting Manager.
One of the things I like about Task Manager is that in the future, we will be able to expand it and add other people to it. There are some things that we have to wait on for other people to accomplish for us to do our jobs and just to be able to have them on there and be able to track it, that is what I am looking forward to.”
Why Adra® by Trintech?
Adra’s automated reconciliation solutions were a major factor in Lookout Credit Union’s decision to purchase the software. Migrating from Adra Accounts to Matcher enabled Lookout’s teams to further optimize their financial close process. Steven Coats, accountant at Lookout, mentioned, “We [purchased Adra] so our bank reconciliations would get completed in a faster, more timely manner.”
As a financial institution, keeping up with reconciliations is imperative in order to complete the financial close. Lookout Credit Union also wanted to ensure that the financial automation solution they chose fit within their criteria.
“When we looked at Adra, we saw that we could get more bang for our buck, and it would fall within our budget criteria, so we weren’t going to spend a whole lot of money on it. We were offered enough opportunities so that we thought we could get more out of [Adra],” said Coats.
We go through our daily or monthly processes without really thinking about what needs to be done, who needs to do it. Task Manager allowed us to view what the process was from the start to the end.”
Solution in Action
The implementation of Adra has been beneficial in helping the accounting team at Lookout Credit Union drastically reduce the time spent on bank reconciliations and improve their productivity throughout the financial close.
With Matcher in place, the Lookout Credit Union’s accounting team saw a 25% increase in matching rates, further increasing the quality and accuracy of their financial reports while decreasing the overall time their accountants spent on bank reconciliations.
In addition to implementing Matcher, the Lookout Credit Union accounting team greatly benefitted from Task Manager. Gaining visibility into the financial close not only helped Lookout Credit Union’s team keep track of tasks, it also ensured continuity if any members were unable to complete their tasks.
The Adra Suite doesn’t just provide a one-off solution for Lookout Credit Union; they saw how they can best use both Task Manager and Matcher to optimize their teams’ workflows.
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