Shock Doctor Sports Dynamics GP Advanced Bank Reconciliation Case Study
by Mark Hennessy on
The Highlights:
A leading innovator in sports performance and protection around the globe, Shock Doctor Sports uses cutting edge design and technology to provide better protection to fearless athletes when they need it most.
Nolan Business Solutions’ Advanced Bank Reconciliation is an ideal enhancement for companies processing a high volume of transactions, multiple bank accounts, and/or multiple general ledger accounts. Advanced Bank Reconciliation reduces tedious administrative work by speeding up the process, while ensuring accuracy.
Upon implementing Nolan’s Advanced Bank Reconciliation Module for Dynamics GP, Shock Doctor Sports measured the following results:
- Shock Doctor’s accounts receivable team moved from processing the bank reconciliation from a weekly to a fortnightly basis.
- Reduced credit card transaction reconciliation processing from 28 steps to 7 steps.
- Reduced time spent on bank rec by 95%
- Reconciles are no longer being done at home.
“Nolan’s Advanced Bank Reconciliation module for Microsoft Dynamics GP has been an incredible cost and time-saver for us.” – Tracy Brown, Credit Manager at Shock Doctor
The Situation:
As a data-driven organization, innovator and a technology leader in their industry, Shock Doctor worked with Tribridge to deploy Microsoft Dynamics GP in 2011 to improve financial management. The company quickly found significant returns in efficiency and in the quality of actionable operating data communicated to their leadership team.
Shock Doctor Sports was then recognized by Microsoft® with the 2013 award for Technology Innovation: Small Business Category as part of the Microsoft Dynamics Customer Excellence Awards Program at Convergence 2013 in New Orleans.
While continuing to measure returns on initial investment and innovation in operational technology, Shock Doctor began exploring next steps to enhance technology and improve efficiencies going forward.
Following the acquisition of Cutters Gloves, the company realised a 25%+ year-over-year growth in online sales and approximately 2,000 transactions a month. A 28-step process to reconcile credit card statements resulted in a reconciliation process which rapidly became too time consuming.
This process included Shock Doctor receiving bank statements weekly that contained activity from all business groups including online sales. The bank grouped daily credit card transactions from online sales within these statements. In order to reconcile, the statements had to be moved into excel where they parsed out the consumer website credit card transactions.
Voids and backorders from online sales were complicating things further which resulted in the accounts receivable spending in excess of 16 hours per week on bank reconciliation. With Shock Doctor’s 2-person accounts receivable team, this meant taking work home in order to keep up.
The Solution:
In the summer of 2013 Tribridge, Shock Doctor and Nolan Business Solutions worked together to implement Nolan’s Advanced Bank Reconciliation module for Dynamics GP.
In collaboration with Nolan Business Solutions, Shock Doctor worked extensively with ABR’s reconcile rules to get to a point where 90% of transactions could be reconciled automatically. With customised reports, Shock Doctor could find unreconciled transactions and automated journal transactions for refunds. ABR’s audit trail and historical drillback features enabled Shock Doctor to quickly research transactions and finalize cash reconciliation. The change/transition required some extra effort, but Shock Doctor has measured significant savings as a result of initiating the project.
Links