UniFirst also licensed Chesapeake Internet Data Manager (Chesapeake IDMâ¢), a system that automates the retrieval and distribution of Internet financial data, eliminating dependence on outside data collectors and time-consuming manual work. UniFirst installed Chesapeake IDM on its server in its Wilmington, Mass. corporate headquarters. Together, the two solutions automate the process for reconciling the local depository accounts supporting the firmâs plants and branch operations across the United States.
Jim Kulesza, Treasury Manager, UniFirst Corporation, states, âUniFirst aggressively seeks new opportunities to add efficiencies that will not only streamline our operations, but also better serve our customers. Obtaining the hosted T-Recs Enterprise solution immediately delivered two major corporate benefits: enhanced risk management and improved staff utilization without costly additions to our IT infrastructure. We also cut the time needed to detect bank deposit variances from weeks to days, limiting opportunities for fraud and eliminating most write-offs. Combined with a reorganization of our Accounting Department, we simultaneously reduced the number of staff accountants assigned to account reconciliation. Finally, we gained these efficiencies with minimal capital outlays and no infrastructure additions.â
Sheila Anderson, Chesapeakeâs Vice President of Accounting Consulting and Development, says, âAs an all-in-one control framework, T-Recs Enterprise delivers all the functionality needed to support an organizationâs current and future internal control and compliance requirements. All the while, T-Recs Enterprise yields outstanding ROI through the operational efficiencies it brings, regardless of the acquisition option the customer selects.â
Anderson continues, âReconciliation is a critical internal control for every organization. Timely reconciliations are essential to address potential errors or problems. Late reconciliations put the company at risk for undetected occurrences of fraud. Out-of-the-box, T-Recs Enterprise can handle every reconciliation need, and it does so using customer-defined data characteristics, business processes and data display requirements. Plus, T-Recs Enterprise can handle the diverse currencies and bank data file formats found outside the United States with ease.â
Chesapeake System Solutionsâ T-Recs Enterprise, SmartAnalysisÂ®, SmartTreasuryÂ®, UPCSÂ® and IDM are available as licensed software or hosted applications. Chesapeake also offers complete outsourced services. All Chesapeake offerings are backed by outstanding customer support and training.