Challenge: A retail business with over 2000 retail stores was facing a significant challenge in reconciling cash and credit card transactions in real-time. Due to the high volume of transactions across the stores, it was difficult for the business to accurately and efficiently track the flow of cash and credit card payments. The time-consuming reconciliation process was causing delays in financial reporting, leading to a lack of visibility into the company’s cash flow and financial performance.
Solution: Treasury Analysts Team
The dedicated team was responsible for managing all cash management and financial reconciliations. This included reconciling cash and credit card transactions across all retail stores and ensuring that all transactions were accurately recorded and accounted for in the financial system. The team was also responsible for reconciling any discrepancies between cash and credit card transactions, ensuring that all transactions were accurately reflected in the financial statements.
In addition, the team was responsible for generating cash flow statements and bank reconciliations. This allowed the business to track cash inflows and outflows in real-time, and ensure that all bank accounts were reconciled on a regular basis. The team was also responsible for preparing financial reports related to cash and credit card transactions, which provided the company with greater visibility into its cash flow and financial performance.
To ensure that all stores had up-to-date information on their cash status, the team provided real-time cash status reports for all stores. This allowed the stores to track their cash and credit card transactions in real-time and make informed decisions about their cash management practices. The team also provided support to the stores for any cash management issues that arose, ensuring that all issues were resolved quickly and effectively.