When corporations are in the business of lending money and cashing checks, returned items can become a huge reconciliation challenge.
Doug Maxwell, Chief Financial Officer of Tiger Financial Management says, "We receive a large number of returned items every day. Running
35 short-term lending and check-cashing locations, Speedy Cash and Rapid Cash, we get hundreds of checks, many with the same denomination. We then try to reconcile those items and quickly post them back to the point-of-sale where the collection process begins.
This process alone can be an onerous task. We've invested heavily into our collections infrastructure since it is really this type of process that can make or break companies in this line of work."
To efficiently manage the daunting reconciliation process, shorten the collection time and position the company for future growth, Tiger Financial Management recently purchased the Total Reconciliation Solution (T-Recs(R)) from Chesapeake System Solutions, Inc(R). T-Recs eliminates errors inherent in manual reconciliation with seamless integration that benefits any company's entire treasury operation.
"Tiger Financial Management's immediate need for quick and efficient check collection is another example of how central reconciliations can improve a company's overall financial health,"
said Peter Vogelberger, President of Chesapeake. "By providing real-time access and a permanent audit trail, managers know with absolute confidence which accounts need attention and which do not. It significantly reduces the time wasted figuring out who is responsible for which returns, or investigating returns that have already been paid."
Maxwell said Chesapeake's T-Recs was the "best fit" for his company, and he especially appreciated the application's flexibility and adaptability. He said Tiger is looking to double in size without increasing its reconciliation staff, which makes automation an important step in the right direction. He also said Tiger is rapidly adding stores, requiring a system that can track ever-changing laws and reporting procedures.
Tiger Financial Management was also very impressed with the permanent audit trail generated for each transaction by T-Recs. "We really like the ability to track an item through an audit trail, all within the system, because, with our high volume, maintaining detailed notes on every exception is time-consuming," Maxwell said. "Having audit trail history capability is very important to us."
Tiger Financial Management, based in Wichita Kansas, is a retail financial services provider offering short-term consumer loans and check cashing services. The company operates 32 locations in the Midwest and West coast under the names Speedy Cash and Rapid Cash.
Chesapeake System Solutions offers the total end-to-end treasury solution, seamlessly integrating cash management with reconciliation, account analysis and compliance. Chesapeake shares information across all applications, allowing customers to better manage treasury operations. Chesapeake's success is based on its powerful combination of customer/ industry-driven software, personalized customer support and advanced technology. Chesapeake's single-vendor solution includes Total Reconciliation Solution (T-Recs(R)), a comprehensive reconciliation and deposit verification system, SmartTreasury(TM), a modular desktop and web-based treasury workstation, Chesapeake IDM(TM)(Internet Data Manager), the one-step bank information gathering solution, SmartAnalysis(TM), which helps you quickly confirm your bank is fulfilling its promises by analyzing trends and comparing services across your banks and the Unclaimed Property Compliance System (UPCS(TM)), which automates unclaimed property reporting for all 54 jurisdictions.