News & Events

QC Financial Purchases Chesapeake's Total Reconciliation Solution to Improve Exception Processing

OWINGS MILLS, MD - Chesapeake System Solutions, Inc. announced today that QC Financial Services, Inc. has purchased Chesapeake's Total Reconciliation Solution (T-Recs)®. QC Financial purchased T-Recs to automate reconciliation of its 400 bank accounts, which the company currently reconciles manually.

QC Financial wanted to close its books faster and ease the difficult process of manually researching and resolving reconciliation exceptions. "We expect that T-Recs® will significantly reduce the clerical time we spend matching items from bank statements to our accounting systems. That will free up our people to do value-added work like error correction," said Darrin Andersen, Chief Financial Officer.

QC Financial provides consumer financial services through a network of some 230 stores in 19 states. Services include small short-term loans, check cashing and ancillary services.

Andersen is particularly impressed with how easy T-Recs is to use and with its workflow management features, such as To-Do Lists. Andersen expects the software to:

Speed up the monthly close
Tighten controls
Provide better information on reconciliation and exceptions to the operations group
Enhance accountability and consistency at QC Financial's multiple locations

Chesapeake is configuring T-Recs® to fit QC Financial's ideal reconciliation workflow. As a result, T-Recs® will ensure that QC Financial's staff understands and follows consistent procedures.

The efficiencies gained from T-Recs will also allow QC Financial's existing staff to use Chesapeake's SmartAnalysis to analyze bank fees, in addition to the staff's reconciliation duties. SmartAnalysis will automatically review bank account analysis statements and analyze the accuracy of fees.

QF Financial has found that Chesapeake's staff is as strong as its technology. "The staff is very knowledgeable and easy to work with," Andersen said. "The people at Chesapeake System Solutions have been very professional, and implementation is moving along as scheduled."

About Chesapeake System Solutions
Chesapeake System Solutions, Inc. serves the retail, insurance, state government, Fortune 500, and banking industries, offering full end-to-end account reconciliation and unclaimed property reporting solutions. Chesapeake specializes in researching, developing and supporting innovative software designed to give businesses financial control over their corporate assets and meet enterprise-wide demands and challenges. Visit www.chessys.com for more information.

About QC Financial
QC Financial, based in Kansas City, provides consumer financial services through a network of some 230 stores in 19 states. Services include small short-term loans, check cashing, and ancillary services.