From three days to fifteen minutes
Switching from manual reconciliation to automatic makes a dramatic difference.
“We save an enormous amount of time. Now we can deal with what’s important,” says Marie Wrede responsible for cash accounts at LRF Media.
LRF Media introduced Adra ACCOUNTS at the beginning of 2010, mainly to automate its bank reconciliations initially. The whole process used to be done manually with pen and paper, a job that wasted large amounts of time and energy. The number of transactions that LRF has to reconcile manually has now been reduced from 500 items to about 10. Adra ACCOUNTS matches everything which can be matched, leaving only open items by using a sophisticated rules-based system. Matching can be done item to item, and multiple items to one. This means that differences are much easier to find. The automatic reconciliation process also shortens the monthly accounting process.
“We expect Adra to clean up the monthly account so that the annual accounts will be considerably faster than before,” says Wrede.
Further time savings in the next stage
LRF Media is a fast growing company with many companies and high volumes of transactions. The next step for LRF is using Adra in more areas, such as internal balances between its member companies. But what does LRF Media do with all its extra time?
“We will save on consulting fees and there is a lot of work waiting to be taken care of. The most important thing is that we can now concentrate on important things such as analysis and strategy, and to review more processes where we can streamline and gain time. There is never enough time!
LRF Media is a publishing company specializing in magazines. They own just over 35 titles in Sweden, Finland and Germany. LRF Media is a wholly owned subsidiary of Lantbrukarnas Ekonomi AB and is headquartered in Stockholm. They have about 450 employees and annual sales of SEK 680 million. The company has in recent years experienced strong growth.
The most important thing is that we can now concentrate on important things such as analysis and strategy, and to review more processes where we can streamline and gain time. There is never enough time!
Marie Wrede, LRF Media