Better Together: How Trintech, Workday, and The Recon Group Help CNG Holdings Streamline Financial Processes

Streamlining Reconciliation: CNG Holdings’ Journey from Manual Processes to Automation

Before partnering with Trintech, CNG Holdings faced numerous challenges with their manual reconciliation processes. Sarah Sithideth, Senior Accounting Manager at CNG Holdings recalls, “Prior to implementing Trintech, our team was still performing reconciliations in Excel, and we’re currently averaging approximately a million transactions a month.” This manual process was time-consuming and prone to errors, especially with the high volume of transactions they handled.

When the company decided to look for an automated solution, they had specific criteria in mind. Sithideth explained, “One of our main goals in looking for a solution was simply to get our reconciliation activities into a database or solution (rather than Excel), but we also use a three-way match system, so there’s a lot of intricate data points and factors to consider, as well. We saw demos of a few other solutions, including BlackLine, but Trintech’s matching capabilities are unmatched. No other solution on the market compares to how we can match with Trintech.”

Implementation and Transition

CNG Holdings initially began their journey with Trintech
several years ago. As a part of their commitment to
continuous improvement, CNG Holdings recently made the
decision to further enhance their reconciliation process and
solution which went very smoothly thanks to the assistance
of Trintech’s partner, The Recon Group. “We hired The Recon
Group to manage the transition and honestly, that was a
great experience,” shared Sithideth. “The Recon Group has
proven themselves to be a valuable partner and has
continued to support us, helping to improve efficiencies
further. They’ve been a lifesaver.”

Solution in Action

Today, the company’s accounting function uses Trintech primarily for reconciling cash accounts (3-way matching). The use of automation has significantly reduced manual work and increased efficiency. Sarah mentioned, “Right now, our auto-match rate is at 97%, and I think that’s even going
to get higher.” This high auto-match rate has reduced the need for manual intervention and research, ultimately lowering charge-offs.

Relationship with Workday

CNG Holdings also has a strong relationship with Workday, implementing Workday Financials as their ERP approximately five years ago. Sarah expressed excitement about integration between the solutions. “It’ll even further streamline our processes, particularly with journal entry automation.”

Results and Benefits

Since implementing Trintech, CNG Holdings has seen significant ROI. The cash reconciliation team has been reduced from 25-30 people to just nine, thanks to automation. Sarah highlighted another major benefit, “We recently went through a full audit cycle and spent considerably less time on cash requests, resulting in no auditor observations and/or adjustments.”

Future Goals

Looking ahead, the company aims to further automate their processes, including file imports and journal entries. The Recon Group, Workday, and Trintech are working in tandem to help CNG Holdings achieve their goals, increasing automation and reducing manual work.

Conclusion

The investment in Trintech has proven itself worthwhile, significantly improving CNG Holdings’ reconciliation processes. Sarah concluded, “My team loves Trintech’s solution. It’s user-friendly and so fast!” The integration with Workday promises to bring even more benefits, making their financial operations smoother and more efficient.