Case Study
Daily reconciliation of trust accounts
Results
75%
75% faster processing
Better
Increased data accuracy
Scale
Improved scalability
Company Profile
Leading North American provider of funeral, cremation, and cemetery services (NYSE-listed), operates more than a thousand funeral homes and hundreds of cemeteries across the US and Canada under a shared consumer brand. Industry-leading consolidator with multi-billion-dollar pre-need sales backlog, serving a recession-resilient and historically fragmented category.
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.
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