Chesapeake System Solutions, Inc.Â®, an industry leader in providing integrated software solutions that simplify the complexities of financial and treasury management operations, today announced that Texas A&M University, a research university in College Station, Texas with over 47,000 students, is using T-RecsÂ® Enterprise to reconcile its balance sheet. Notably, Texas A&Mâs main financial department, Financial Management Operations, is using T-Recs Enterprise to reconcile more than 200 accounts, including those of two other members of the statewide Texas A&M University System: Texas A&MâGalveston and the Texas Veterinary Medical Diagnostic Laboratory. Texas A&M plans to bring on hundreds of additional accounts in the near future. This rollout is a direct outgrowth of the confidence inspired by the financial controls within T-Recs Enterprise and the time efficiencies the solution has reaped.
In recent years,Financial Management Operations has faced rapidly growing volumes of transactions. The department on occasion fell behind on its account reconciliations and faced the expensive option of hiring additional staff to keep pace. In addition, the time lag between data entry and account reconciliation complicated the process of resolving outstanding items. With T-Recs Enterprise, the same staff completes all account reconciliations in less than a day using the applicationâs sophisticatedworkflow management and matching features.Enhanced efficiency has enabled the department to take on contract work and supplement its payroll funds. Moreover, the department is using a T-Recs Enterpriseautomated procedure to perform operational reviews of select accounts, ensuring that transactions are coded correctly and coming from the appropriate source. A special e-mail feature automatically alerts the assigned reconciler when coding errors or incorrect sources occur.
Jaclyn Mahlmann, Financial Management Supervisor II, Texas A&M, says, âT-Recs Enterprise has helped transform the way we do business. We are more efficient and possess greater visibility over our financial transactions. And, as each new account comes online, our efficiency grows. T-Recs Enterprise has helped us identify ineffectual processes and fix them. In particular, the university has gained control over a key area: student reimbursements. We now have real-time means to verify whether we have already issued a check or made an ACH transfer to a studentâs account. T-Recs Enterprise allows us to immediately verify the status of refunds and avoid duplicate payments and costly efforts to recover these funds.â
Peter C. Vogelberger, CEO, Chesapeake System Solutions, says, âTexas A&M Universityâs implementation of T-Recs Enterprisespeaks to the powerful functionality available in this all-in-one solution and the unparalleled financial governance it provides. Its ability to accommodate university-unique procedures, keep myriad financial processes on track, interface with numerous management information systems and reconcile both cash and non-cash accounts separates T-Recs Enterprise from all other solutions. The savings, enhanced efficiencies and improved business processes Texas A&M University reports typify the experience of T-Recs Enterprise clients.â