Better control with automation

“When the project started, the employees were skeptical. Now they know better.
We have gained an incredible amount. Above all, the system shows directly were there are errors. The feeling that everything is correct is now prevalent,” says Kalle Gideskog, Accounts Manager at Twilfit.

Twilfit is a retail lingerie chain, with stores across the country. That means many outlets and a very high volume of transactions, which makes maintaining maximum control over revenues very complicated. The organization is lean, and with only two people in the accounts department, the responsibility and workload are heavy. When Twilfit started its development project with Adra Match in May 2010, nobody had heard of automatic reconciliations.  The reconciliation of all payments: i.e. cash purchases, card purchases and payments from voucher redemptions, were handled manually.

“We had to cut and paste in large Excel spreadsheets. It was easy to make mistakes, and when we did, we had to start over,” says Gideskog.

Cooperation with Twilfit was launched to test Adra Match Accounts use in new areas. It began, as usual, with reconciliation of general ledger to bank statements. Thanks to close dialogue and the new report tool AMA 12, work could then be extended to the reconciliation of interim accounts such as accrued and prepaid costs and revenues. As the program identifies all items that match, the focus can be placed on the 10-15% which do not. This makes the reconciliation process accurate and more efficient.

“Adra Match Accounts has certainly saved one day’s work per month for me just in the reconciliation of interim accounts, and we are not even finished with all the adjustments yet. Overall, we save approximately 24-25 hours per month form automatic reconciliation,” said Michael Möller, Accountant at Twilfit.

As there are few key members of the Accounts Department, Twilfit deliberately aims to streamline all routine work, thus freeing up time for analysis and running the business. Automatic reconciliation is a step in the process.

“We believe that anything which modernizes and streamlines is a good thing. The less repetitive work we have, the more time I, my department and by extension the entire company has for development,” said Möller.

We had to cut and paste in large Excel spreadsheets. It was easy to make mistakes, and when we did, we had to start over. The feeling that everything is correct is now prevalent.”

Kalle Gideskog, Accounts Manager, Twilfit