Somerston Hotels Selects Trintech’s ReconNET to Reduce Operational Risk and Support Future Growth
ReconNET for Accounting and Treasury Lifecycle Management to Help UK Hospitality Company to Improve Transaction Reconciliation and Exception Management
London, UK / Dublin, Ireland – August 2008 – Trintech Group Plc (NASDAQ: TTPA), a leading global provider of integrated financial governance, transaction risk management, and compliance solutions, today announced that Somerston Hotels Ltd has selected ReconNET to improve reconciliation and exception management processes while increasing operational efficiencies.
Somerston Hotels owns and operates 32 hotels throughout the United Kingdom under two international brands, Express by Holiday Inn and Ramada Encore. With 31 Express by Holiday Inn hotels, Somerston Hotels is the largest franchisee of the brand in the United Kingdom.
“We’re growing at a rapid pace, and our existing reconciliation methodology is no longer efficient in terms of time, labor, and control,” said Janet Towers, Finance Director, Somerston Hotels. “With the aim and potential to double in size in the next few years, we wanted a scalable solution that will grow with us, as well as one that will streamline daily reconciliations, speed the identification of exceptions, increase resolution efficiencies, reduce operational costs, and help us improve reporting and gain greater financial controls.”
The flexibility of the ReconNET solution is ideally suited to meet a wide range of financial reconciliation process requirements, and the scalability of the system will give Somerston the ability to grow without the need to add the significant cost of additional personnel to manage processes underpinned by ReconNET. ReconNET’s non-invasive integration with ERP solutions will enable Somerston to leverage their investment in their new ERP system to improve sales data availability.
“We look forward to working closely with Somerston Hotels, helping them to improve reconciliation processes across their enterprise. Our solutions are enabling highly-efficient financial processes for many leading hospitality and lodging chains in the UK market,” said Tony Bethell, VP EMEA for Trintech. “We’re committed to helping our clients ensure the accuracy and integrity of their financial data, while supporting their plans for aggressive growth.”
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