Daily reconciliation of trust accounts

Industry : Cross-Industry, Retail and Consumer Services

Function : Accounting and Finance

Company Profile

North America’s premier provider of death care products and services, operating funeral service locations and cemeteries across the United States, Canada and Puerto Rico.

Scope Highlights

  • General ledger reconciliations
  • Oracle ADI
  • SQL and MS Access DB
  • FTP file retrieval from Oro Solutions
  • Automated process enhancement
  • Robotic process automation (RPA)

Challenge

Each day the cash management team received an email containing a list of daily trust receipts for reconciliation. Team members copy and paste data from the list, as well as from other sources, into a template. This data was then copied to another file and uploaded to the general ledger. Each trustee had unique recording requirements, requiring the processing team to employ customized approaches for each one. Leadership wanted to streamline daily activities and eliminate unnecessary complexity.

Solution

The solution uses externalized business rules that control the calculations for each trustee and how the templates are updated. The business team can easily modify these rules as new accounts are added. The solution retrieves supporting files via FTP from external systems, which also speeds up the process. The solution populates the import file and submits the data – along with supporting files – in Oracle. It alerts the team that the entry and all files are uploaded and when entries need additional review.

Results

75% faster processing

Increased data accuracy

Improved scalability