Welders Supply & Gases: Extraordinary Bank Recon Automation for TIMS
Market Leader in Technology, Inventory, Facilities, Vehicles, and Customer-Conscious Employees
Welders Supply & Gases is a leading welding supply store and welding gas supplier in Louisville, KY, serving the community for over 75 years. Welders Supply offers a wide variety of welding supplies and gases, as well as expert advice and service from a team of highly experienced professionals to help their customers do the job right.
Challenge
TIMS, used by Welders Supply & Gases, is a specialist ERP for the gas and welding supply industry, designed to track cylinder assets and focuses on leading-edge technology for operational efficiency.
Unfortunately, the software also creates a large number of General Ledger accounting entries that can be difficult to work through during the bank reconciliation process. Added to this is the complexity of remote deposit checks, credit card payments, cash transactions at the branches, ACH’s direct to the account, accidental double payments from customers and outstanding checks to suppliers because of deposit delays. For TIMS customers, the reconciliation challenge includes both complexity and volume.
Solution
Cashbook automates the reconciliation of bank transactions and General Ledger entries with algorithms specifically developed for TIMS customers. Using a combination of references, amounts and dates, Cashbook can auto match +90% of bank and +75% of GL transactions with the press of a button. Recon reports and a full audit trail help to minimize the time accounting departments spend on their monthly and annual close.
Results
Our Return on Investment has been really fantastic! Cashbook saves us an extraordinary amount of time on our monthly bank reconciliation. It used to take myself and one of my staff two days to do the job. It was a manual process. Now it takes the staff member less than half a day to fully reconcile and close a month, with minimal time on my part, freeing me up for more important projects. That doesn’t even include the daily upkeep of a spreadsheet and other manual processes that are no longer necessary. It’s been a game changer. The custom matching rules from Cashbook deliver an amazing level of automation. We get over 90% auto-matching between our bank and TIMS at the click of a button!
