W.M. Barr Cleans up their Financial Close Process
Case Study
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W.M. Barr purchased ReconNET™ by Trintech and began to automate their journal entries, reconciliation process and analysis. The AP subledger was implemented with Concur AP/Invoice to automate their workflows and payments.
Challenges
Before even considering an automated solution, W.M. Barr’s accounting processes — including accounts payable (AP) workflows, payments and approvals — were completely manual.
Journal entries were extremely susceptible to error due to being uploaded or “keyed” from spreadsheets, as well as manually calculated and copied. Balance sheet reconciliations and analysis were also performed in spreadsheets, leading to a lack of review since so much time was spent manually matching the transactions. Expenses were not directly linked to customers, and card and PayPal details were not available. Freight was recorded with no allocation to division or specific inbound calling leading to freight costs rising without known drivers.
Frustrated with traditional accounting methods, W.M. Barr began searching for ways to automate their Office of Finance.
Trintech’s Solutions
W.M. Barr purchased ReconNET™ by Trintech and began to automate their journal entries, reconciliation process and analysis. The AP subledger was implemented with Concur AP/Invoice to automate their workflows and payments.
Amy Rust, Division Controller, developed a sub-ledger within ReconNET to balance and record daily activity of AP approvals, voids, reissues and payments. The company was able to configure a voucher extract for all approved invoices, design positive pay and ACH payment confirmation files.W.M. Barr also began importing all of their sales queries, sales orders aggregated by territory and POs by vendor number. Freight invoices were automated from flat files from the LTL and Truckload providers.
After they implemented ReconNET, they were able to evaluate freight costs by customer, territory, division, vendor, PO and order. W.M. Barr now uses ReconNET for almost all AP analysis and data reporting. ReconNET helped W.M. Barr discover $3 million of freight savings.
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