Prior to implementing the system, Progress Energy manually reconciled financial data for numerous accounts across multiple companies. The acquisition of Florida Progress Corporation (FPC) added a number of accounts to the process without additional resources. This event necessitated a new systematic approach to the reconciliation process in order to complete processing in a timely manner. Now, with RECON-Plus for Windows the accounting department is importing data into the system, which then automatically matches, reconciles and reports financial information throughout the enterprise and provides online access to authorized users. This automation improves accuracy and allows existing staff to focus on more essential functions.
âCheckFreeâs RECON-Plus for Windows allows our organization to streamline our reconciliation processes with a single enterprise-wide platform,â said Beth Bailey-Myers, Controller CP&L, Progress Energy Services Company. âWe selected the system because of its ease-of-use and CheckFreeâs 30 years of expertise in proven reconciliation systems.â
"The business of the back office is changing rapidly â for the better. Increasingly todayâs initiatives focus on processing and automation to control operational risks and deliver new levels of efficiency, accuracy and cost effectiveness," said Mark Zill, senior vice president and general manager, CheckFree Financial and Compliance Solutions. âRECON-Plus for Windows offers automated tools to meet these demands, so that industry leaders such Progress Energy can meet today's business goals and remain prepared for future market challenges and opportunities.â