Retail Resources

A Reconciliation Reality Check

Nov 25, 2015 — Tashia Walters
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RQ is a premium product and premium products typically come with some advanced facets that you may not be aware of. After all, who has time to master every corner of a piece of software in the throes of operating a business?

It is easy to get caught up in the day-to-day, and forget one of the most important features to take your business to the next level:

RQ’s Reconciliation Module

When we talk about premium products, using RQ without taking advantage of the reconciliation module is like buying a Porsche and leaving it in the garage.

Using RQ’s reconciliation module often causes reminiscent moments of the days when printed statements were manually highlighted to identify matches.

Indeed, we have heard shrieks of excitement upon showing RQ users what the reconciliation module can do. The shrieks uncover a somber reality: people spend days doing what RQ can handle in seconds.

Another somber reality: As of this year, only 31% of clients are using RQ’s reconciliation module.

This begs the question of WHY. THE HECK. NOT?

I’ve heard every answer imaginable. Give me a comfortable chair and an ear to listen and I’ll talk that ear right off about why reconciliation in RQ is SO important.

To save your ears (and your eyeballs), I have compiled a list of the top 3 reasons to start reconciling in RQ.

  1. Time is Money

Manual reconciliation, whether highlighting printed sheets or matching a plethora of convoluted spreadsheets, can take days/weeks of work. In fact, many companies hire a full-time employee just for the reconciliation process.

Setting the stage and maintaining RQ for reconciliation purposes does take an initial investment of time and effort. However, once the process is understood, you will save hundreds, if not thousands, of hours over the course of a year.

Imagine using that time to cross train staff for important positions or enlisting them in courses for continuous learning. The possibilities are endless.
 

  1. Money is Time

Manual and convoluted reconciliation processes not only cost you time, they cost you money. Having a solid price sheet with associated promotions tracked automatically in the reconciliation module can save you thousands of dollars per month.

Detecting missed payments can help you unravel the mystery behind those discrepancies. Perhaps a certain employee makes continuous keying entries at the point of sale and needs to be re-trained. Perhaps the intent behind the discrepancy is malicious.

RQ makes it quicker and easier to uncover exceptions and investigate their causes and this equates to more money in your pockets.
 

  1. It is Easy

Once you have the backbone of RQ set up, reconciliation is easy.

Whoa! Easy, you say?

Trust me, I do not use that word lightly.

The thought of reconciliation sends chills down the spine of even the most experienced analyst.

The key is proper investment in setup and training to ensure the bulk of your records are reconciled automatically so you are only left with exception records - the ones warranting investigation.

Exceptions are often caused by human error at the point of sale (read: manual entry). Thankfully, with the addition of carrier integration in your system, the number of exceptions can be mitigated as well.
 

And the best news of all…

We are here to help!

RQ’s reconciliation module is invaluable and we want to help you become successful using it.

Take advantage of our free, weekly webinar: RQ Advanced Training Part 3, covering the creation of vendor account journals, importing carrier commission sheets and reconciling vendor rebates.

You can attend the session as many times as you’d like and, as a bonus, you have a real person to ask questions to!

We hope to see you there!

Topics: Retail Operations

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