Pay TV company MultiChoice Africa has chosen Bankrec Corporate, the reconciliation package from JSE Securities Exchange-listed Global Technology (Glotec), to reduce costs and improve efficiency in its accounting department. MultiChoice is a subsidiary of MIH Limited, the subscriber platforms and software solutions group which is listed on the Nasdaq and Amsterdam Stock Exchange. It broadcasts to over 45 countries via three satellites.
The deal is worth around R500 000 and includes a standard maintenance and support contract.
Bankrec Corporate is a reconciliation and exception management solution that improves transaction-processing rates and frees up accounting resources, allowing companies to improve management of exception items. The resulting benefits include increased speed of processing; greatly improved accuracy; less manual investigation of transactions; and comprehensive management reporting. Initially, Bankrec will be deployed on a number of key accounts to automate reconciliations that are currently done manually, and on standard spreadsheet activities such as cashbook entries and downloading bank statements.
"As a fast growing multi-national organisation with several international partners, clients and suppliers, we sought a slick solution to replace the time-consuming, labour-intensive process of manual reconciliation," says Louis Maepa, senior finance manager at MultiChoice Africa.
"Typical problems that needed solving were the low percentage of matching transactions and high error rates. Our staff members are under tremendous pressure to complete all reconciliation tasks each month, so we sought a reconciliation tool that would also relieve stress, to give our department functional and business agility. We also wanted immediate high visibility of our reconciliation data and a complete audit trail to track any movement or amendment.
"Bankrec offers the best combination of technology, functionality and ease of use, while Glotec offers the benefit of local support," he adds.
MultiChoice will run auto reconciliation overnight, enabling staff members to spend valuable man-hours on exceptional items.
"Bankrec`s flexibility and functionality means it can be applied to MultiChoice`s debtors, creditors, payroll, stock, fixed assets, duplicate invoices and many more reconciliation activities," says Global Technology`s Paul van Dyk. "It is a flexible system that integrates easily into any corporate accounting system. It automatically reconciles up to 1 000 items per minute which, when compared to a manual system, enables an entire week`s work to be completed in minutes.
"The Investigate module, an additional module to Bankrec corporate can help organisations to automate follow-up actions, such as chasing missed payments and late deals by automatically generating e-mail messages or faxes, further improving efficiency. In any organisation, time is money. Bankrec Corporate can reduce the time spent on corporate reconciliation by up to 90%," Van Dyk says.
Bankrec was developed to mange large, complex corporate reconciliation requirements and is available on a variety of platforms, including Windows NT and Unix. It supports virtually any database and is compatible with SWIFT and most online banking and accounting systems.
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