Marginalen Bank meets deadlines thanks to automatic reconciliation.
“When we hit 80-90% automatic reconciliation, we’ve reached our goal,” says Gunilla Eriksson of Marginalen Bank Bankaktiebolag.
The company has very high flow through its bank account. Gunilla Eriksson, who is responsible for funds management, knows what it takes to reconcile these manually. She came into contact with Adras products 10-15 years ago.
How did you reconcile before switching to Adra ACCOUNTS?
“We did all our reconciliations manually. Anyone who has ever sat at the kitchen table at night matching up 30 pages of bank statements using a yellow and a red pen without success knows what it’s like!”
When did you realize a change was necessary?
“The accounts department flagged up how much time and manual effort was needed for reconciliation. It had become unmanageable. I had already heard about Adra, and I decided to contact them.”
What is the main advantage of Adra’s products?
“It’s about time and money! We have saved 50-70% on reconciliation time. Thanks to the program, we are finished with our reconciliations by the 10th of each month. I find it hard to imagine that there are still companies that do not reconcile automatically. We could never manage it!
It is also pretty obvious that the developers of Adra’s products are very familiar with how the reconciliation process works. They have understood it, and found a solution that works. It’s really strange that no one else has managed that. I take my hat off to them!”
What has the product conversion made in 2009 meant to you?
“In the new version of Adra, multiple users can use the same product license. We have gone from being one user to seven. I was thus able to recoup the price increase after only two months. We bought the new license in June this year, started using it in September and by November had achieved payback. We have also been innovative and use automated reconciliation in other areas, such as the intercompany loans within the group. I am now in the process of including the ledger. It is absolutely superb!”
Some advice for new users?
“I have benefitted hugely from the installers. They know exactly what they are doing and what needs we have. They also respond as soon as we lift the phone and ask for help.
I can recommend that you ask them to tune the program to suit your own individual reconciliation needs. It is well worth the money!”
What is your goal for using Adra?
“To automate reconciliation as much as possible. When we reach 80-90% automatic reconciliation, we will have achieved our goal. If we fail to get there, we will call the installer again to come and retune the program.”
But there are some disadvantages as well?
“No, I cannot think of any. You can even print reconciliation data automatically, avoiding having to use Excel spreadsheets! I have been in this line of work a long time and tend to be quite critical, but this is probably among the smartest solutions I have seen. I am very satisfied!”
Marginalen Finans help and relieve their clients’ accounts departments of accounting, collections, financial services and invoice management. Recent new clients include Bank2 and Citibank in Sweden.
I have been in this line of work a long time, and tend to be quite critical, but this is probably among the smartest solutions I have seen. I am very satisfied!
Gunilla Eriksson, Head of Funds Management, Marginalen Bank Bankaktiebolag