Grafton Merchanting ROI transforms financial reconciliation and cash allocation with Rimilia
July 19, 2018
-Rimilia auto-matches three-quarters of transactions and replaces manual spreadsheets to transform reconciliation and closing processes –
Birmingham, UK and Dublin, Ireland –19 July 2018 – Grafton Merchanting ROI Ltd, Ireland’s largest builders’ merchants and part of Grafton Group PLC, has implemented financial intelligent automation from Rimilia.
Operating 43 stores and locations across Ireland, Grafton Merchanting ROI serves trade buyers and the public under brands including Chadwicks, Heiton Buckley and The Panelling Centre.
Grafton Merchanting ROI’s finance team is based in Dublin. Each month the team handles all payments across 43 stores and outlets, handling thousands of transactions including cash, cheques, credit and debit card payments, and electronic payments.
The finance team decided to transform its bank reconciliation and cash allocation processes and to update existing manual, spreadsheet-based, processes.
Grafton Merchanting ROI selected Rimilia’s automated self-learning bank reconciliation and Rimilia’s cash allocation software, Rimilia Reconcili8 and Rimilia Alloc8 Cash, to automate cash allocation and bank reconciliation. The software solutions help businesses to move away from manual spreadsheets, save time and resources, and gain a real-time view of current cash balances to support cash management and financial planning.
Ellen Conry, cash manager, Grafton Merchanting ROI Ltd said: “Even though we checked all payments and accounts each day, we would complete reconciliation on the 20th day of the following month so financial analysis was historical. We wanted to change this and transform our cash allocation and reconciliation processes. Rimilia Alloc8 Cash has automated electronic payments from our customers with automated postings to our Debtors ledger and allocation based on remittance advices on a daily basis; while Rimilia Reconcili8 has transformed our reconciliation process.”
Rimilia Alloc8 Cash is already auto-matching 77% of Grafton Merchanting ROI’s cash allocation, while Rimilia Reconcili8 is currently matching 75% of transactions.
“The transformation from working with Rimilia is amazing,” concluded Ellen Conry. “We have access to real-time information, which has changed our processes and reporting. Rimilia has given us time and peace of mind with real-time visibility and control of cash flow.”
Steve Richardson, co-founder and CCO of Rimilia said: “Our mission is to equip finance teams with the technology to transform core financial processes and cash flow, and to provide them with real-time visibility and control. We look forward to growing our relationship with Grafton Merchanting ROI and continuing to demonstrate the transformation of core financial processes through intelligent automation.”
Rimilia provides intelligent, finance automation solutions that enable organisations to control cash flow and cash collection in real-time. The software solutions use sophisticated analytics and artificial intelligence (AI) to predict customer payment behaviour and easily match and reconcile payments, removing the uncertainty of cash collection.
Rimilia software automates the complete account receivables process and eliminates unallocated cash, reducing manual activity by an average 70% and achieving best in class matching rates recognised by industry specialists including The Hackett Group.
Rimilia operates globally across any sector, with customers in over 50 countries spanning USA, Europe and Australia. The cloud-based solution is easily implemented, delivering a ROI within 12 months. Customers include Santander, Wesco, Hitachi Capital, TalkTalk, Avis and Hertz.
Rimilia’s headquarters are in the UK, with US offices in Richmond, Virginia. Privately owned and backed by private equity investors, Eight Road Ventures and Kennet Partners, Rimilia employs over 100 people worldwide.