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LONDON, United Kingdom - Independent retail cooperative Plymouth & South West Cooperative Society plans to install new software to streamline its reconciliation processes and increase its operational control.
The retailer will use ReconNET from Dallas-based Trintech Group Plc, a provider of financial software and technology services specializing in transaction verification, reconciliation management, process automation, and compliance, to automate the verification and reconciliation of its cash, check payments, and credit cards.
Additionally, the Society Coop will use ReconNET to reconcile supplier statements to A/P ledger and Co-op Society statements.
"The implementation of ReconNET is part of a wider effort to update finance and retail systems," said John Freeman, financial accounts manager for the Society Coop. "We wanted to put reconciliation software in place that can control our accounts on a daily basis, provide scalability for future growth, and improve efficiencies and controls."
Using the system, the Society Coop said it expects to carry out detailed daily reconciliation to identify transaction errors and exceptions much more efficiently. This transparency into reconciliation processes will help the company decrease exposure to operational risk, according to Trintech.
Plymouth and South West Cooperative Society is owned and controlled by its more than 130,000 members. Retail operations include food stores, a department store, home furnishings, funeral services, hairdressing salons, and more.