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Two credit unions in Hawaii – one small ($20M in assets) and one large ($250M in assets) – faced the same big problem: monthly corporate and bank reconciliation efforts were taking far too much time and effort. Not to mention the frustration that comes from trying to manually match General Ledger history and monthly bank statements using reams of paper and highlighter pens. At their wit’s end with this tedious and time-consuming process, they turned to an affordable automated solution: ClickRec from Next Level Group.
To their delight, both credit unions found that they could cut the amount of time that they spent on reconciliation from 40 – 50 hours per month down to around 4 - 8 hours. Laura Aguirre, CEO of Hawaii First Credit Union on the Big Island of Hawaii, enthuses that “before ClickRec, reconciliation was a nightmare for us, now it is so fast and easy that it is fun!” Wendy Cheung, Vice President and Controller at Hawaiian Telephone Federal Credit Union on Oahu, echoes Laura comments, “we love ClickRec because it really improves our efficiency and saves us so much time every month.”
In action, using ClickRec is a simple four step process: 1) download your General Ledger history from your core system; 2) download your statement transactions via the Internet; 3) run ClickRec and let it automatically match the two files; and 4) finish the reconciliation with those small handfuls of transactions that were exceptions. With intelligent transaction “Auto-Matching” technology, credit unions can expect over time that more than 80% of their transactions will match, which means no further work is needed. A great deal of time is saved because the program displays totals and differences instantly. Laura adds that “the auto-matching works great, it takes so much work away from us because outstanding items are really easy to locate.”
With any new software application from any vendor, there are always concerns about installation and support. Wendy was pleased that “my administrative assistant was able to learn ClickRec in just a half day – it is not complicated at all.” Laura concurs, “it was an incredibly easy installation and we were up and running in just a few hours.” The Next Level Group recognizes from years of experience that every credit union will have quite different setup and configuration needs, so they tailor their training, configuration and support individually to each credit union. Their goal is to install and configure ClickRec so that the credit union can get to work right away on their reconciliation, even for past months since ClickRec is designed to readily handle any number of months simultaneously. Convenient remote technical support is available over the Internet with screen and keyboard sharing if necessary; Laura reports that “their tech support is awesome and they are always reachable.”
With drastic reductions in the amount of time spent on reconciliation, both credit unions can now devote their time and resources to other more productive projects. Even with tangible benefits, like labor savings and fraud prevention, that add up to an almost immediate ROI, the intangible benefits should not be overlooked. For example, Laura points to their recent audit: “the NCUA examiners are always concerned with reconciliation and after we installed ClickRec, our audits have been totally smooth in this regards.” Plus, ClickRec is a very versatile package in that it can also help with reconciling suspense, clearing and settlement type GL accounts.
As one would expect, the users of ClickRec – CEOs and Managers at smaller credit unions and Controllers at larger credit unions – are budget conscious by their very nature. The Next Level Group is aware of this fact and tailors their pricing to the size of the credit union. At the $250M Hawaiian Telephone Federal Credit Union, Wendy spent only a few thousand dollars for ClickRec and is pleased to say “it’s wonderful – a really great product.” While Laura spent even less at her $20M credit union, she truly believes that “ClickRec was the best check that I ever wrote.” “My only regret is that I wish that I had purchased the program earlier,” she concludes.