News & Events
O'Reilly Automotive, Inc. Verifies Deposits from POS to Bank with Chesapeake's Total Reconciliation Solution (T-Recs®)
OWINGS MILLS, MD - Chesapeake System Solutions, Inc.® announced today that O'Reilly Automotive, Inc. has installed Chesapeake's Total Reconciliation Solution (T-Recs®) and other software systems to improve cash control. T-Recs® is a critical component in O'Reilly's effort to improve cash management.
"We're a growing company, with almost 1,000 retail outlets," explained Michelle Kimrey, Director of Finance. "We were seeking a more efficient way of reconciling bank accounts and gaining more control over the depository activity at all our retail locations." O'Reilly Automotive, based in Springfield, MO, is a specialty retailer of automotive aftermarket parts, tools, supplies, equipment and accessories.
"T-Recs identifies exceptions immediately and automatically tracks exception research through to resolution," says Kaki Wynn, Chesapeake's Vice President. "This provides O'Reilly a clearer picture of their cash position, and provides Managers significantly faster communication about activities they control."
T-Recs® allows the retailer to verify deposits at all its stores on a daily basis. A store's point-of-sale (POS) system transmits cash activity to T-Recs® when cash registers are closed out at the end of the day. T-Recs® uses the balance of a store's POS activity as the expected deposit and reconciles that figure with the actual deposit reported by the bank.
Store managers receive a daily e-mail from T-Recs®, which reports the day's expected deposit and actual bank deposit and notes any shortages or overages. Corporate treasury managers can check with store managers to resolve any discrepancies immediately.
"T-Recs® allows us to spot deposit problems much more quickly," Kimrey says.
"Daily financial information sources and reporting requirements are increasing as O'Reilly continues to grow," says Ms. Wynn. "T-Recs provides exceptional control of information from multiple data sources, "she continues, "which assures accuracy for analysis and reporting."
O'Reilly also uses T-Recs® to reconcile NSF check activity. NSF items from all O'Reilly stores are consolidated into a single clearing account. That cleans up reconciliation of store depository accounts. O'Reilly uses T-Recs® to reconcile items in the consolidated NSF account with deposits made by the third party collection agency.
About O'Reilly Automotive, Inc.
O'Reilly Automotive is one of the largest specialty retailers of automotive aftermarket parts, tools, supplies, equipment and accessories in the United States, serving both the do-it-yourself and professional installer markets. Founded in 1957 by the O'Reilly family, the company operated 958 stores within the states of Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Nebraska, Oklahoma, Tennessee and Texas as of September 30, 2002. Please visit www.oreillyauto.com for more information.
About Chesapeake System Solutions
Chesapeake is an industry leader in automated reconciliation, account analysis and compliance software solutions. Chesapeake's growing success evolves from its powerful combination of customer and industry-driven software, personalized customer support and pioneering technology and functionality. Chesapeake's single-vendor product and support solution includes the Total Reconciliation Solution (T-Recs®), a comprehensive reconciliation and deposit verification system, Unclaimed Property Compliance System (UPCS)ä, which automates unclaimed property reporting for all 53 jurisdictions and SmartAnalysisä, which helps you quickly confirm your bank is fulfilling its promises by analyzing trends and comparing services across your banks. Please visit www.chessys.com for more information.