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Effective URL: https://www.trintech.com/case-study/lkq-corporation/?utm_source=marketo&utm_medutm_campaign=EM-NA-LE-2022
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Take control and standardize balance sheet reconciliations to improve
the integrity of your financial statements.
* Transaction Matching
* TRANSACTION MATCHING
Automate your transaction matching to eliminate error-prone,
time-consuming manual tasks during the month-end close.
* Close Task Management
* CLOSE TASK MANAGEMENT
Manage your entire close cycle in one place to increase the visibility,
speed and accuracy of your month-end close.
* Journal Entry
* JOURNAL ENTRY
Save your team time by automating data from bank feeds and import
functions into one place to strengthen governance.
* Intercompany Accounting
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Transform your intercompany accounting and drive efficiency into your
month-end close.
* Audit and Compliance
* AUDIT AND COMPLIANCE
Implement your financial governance model throughout the entire
month-end close.
* Reporting and Analytics
* REPORTING AND ANALYTICS
Gain meaningful insights with complete access and visibility into your
month-end close.
* By Team
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* CFO / CAO / CONTROLLER
Be a change leader and empower your teams to operate more efficiently
through connected accounting processes.
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Connect Finance to departments like IT, HR, Legal and Procurement to
optimize efficiencies, reduce risk and create business value.
* Finance and Accounting Professionals
* F&A PROFESSIONALS
Close the books with confidence while streamlining and automating your
reconciliation and financial close processes.
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Leverage the power of advanced technologies like risk-intelligent
automation to reduce risk and drive intelligence-based activity.
* By Integration
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Directly integrate with our pre-built, certified connector to help
maximize your Microsoft Dynamics investment.
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Unify and standardize your month-end close processes with our easy to
deploy, Oracle NetSuite-certified connector.
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A seamless integration with Silver Level partner connectivity that
unifies workflows and creates a single, centralized process.
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A complete solution that improves the end-to-end FP&A, consolidation,
and accounting close processes in a smooth-flowing environment.
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A certified SAP solution for ECC6, BPC and S/4HANA so problems can be
solved without custom development with a positive ROI.
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CadencyDirect is the only native built application for the ServiceNow
platform designed specifically for the Office of the CFO.
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An integrated solution that transforms close processes and provides
stronger controls around the reporting process.
* Our Platforms
* Adra
* ADRA
Built for mid-sized organizations, Adra automates your most important
financial close tasks – so you can simplify your processes and close
faster with confidence.
Learn More
* CASE STUDY
The Dallas Cowboys managed risk and standardized internal controls by
automating their financial close with Adra.
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Built for large enterprises, Cadency is the transformative solution you
need to take control – weaving all R2R activities into a single, seamless
process.
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Serco Group PLC increased efficiency and reduced enterprise risk by
automating their financial processes with Cadency.
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designed specifically for the unique needs of the Office of Finance.
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business partners by breaking down traditional walls that have siloed
finance and accounting in terms of data, reporting and meeting
stakeholder expectations.
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Daily data acquisition should be easy, accurate, and efficient – not a
chore. And with DATAflow by Trintech, that’s exactly how it works.
Learn More
* ReconNET
* RECONNET
Accurate, Powerful Reconciliation for Reliable Financial Performance.
Learn More
* Discover Your ROI
* DISCOVER YOUR ROI
Estimate your organization’s ROI savings when using a Trintech solution
with our calculator based on data provided by our customers.
Learn More
* BLOG
Building your killer business case for an automated financial close –
underpinned by a robust return on investment.
* Who We Serve
* Customers
* Customer Success Stories
* How We Help Our Customers
* By Industry
* Banking and Financial Services
* BANKING AND FINANCIAL SERVICES
Streamline and automate your reconciliation and financial close
processes.
* Healthcare and Human Services
* HEALTHCARE AND HUMAN SERVICES
Explore the benefits of implementing automation within the financial
close process.
* Industrial Manufacturing
* INDUSTRIAL MANUFACTURING
Keep your Finance and Accounting teams from struggling with outdated
financial close processes.
* Insurance
* INSURANCE
Count on your accounting teams to be confident and prepared to present
accurate numbers.
* Power and Utilities
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Shorten the time to close, reduce close costs, increase control, and
providing advanced analytics.
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insight to the business.
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Case Study
HOW LKQ CORPORATION REDUCED ITS DAYS TO CLOSE WHILE EXECUTING OVER 100
ACQUISITIONS
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Due to an aggressive acquisition strategy, LKQ Corporation struggled with a lack
of standardization and visibility across its high-volume transactions, balance
sheet reconciliation and close management processes.
ABOUT LKQ CORPORATION
LKQ Corporation (Nasdaq: LKQ), a Fortune 500 company, is North America’s largest
provider of alternative collision auto parts, and a leading provider of recycled
and remanufactured mechanical parts including engines and transmissions, all in
connection with the repair of automobiles and other vehicles. LKQ operates more
than 570 facilities in North America, Europe and Taiwan, offering its customers
a broad range of replacement systems, components, equipment, and parts to repair
and accessorize automobiles, trucks, recreational and performance vehicles.
Since its formation in 1998, LKQ has grown through internal development and over
170 acquisitions. Due to all the acquisitions, LKQ Corporation lacked the
necessary consistency and standardization around how things were being managed,
recorded, and reconciled.
> The key focus for us was to look for a solution that would allow us to be able
> to have that level of confidence that all the balance sheet accounts are being
> reviewed and would give us visibility into how they are being managed.”
Janice Dailey Accounting Senior II, Financial Systems
THE BUSINESS DRIVERS TO AUTOMATE
The main objective for us was to implement one standardized process across the
business so that everyone would operate on the same financial close schedule,”
said Dailey. “We needed to have quality information in a timely manner for
decision making and analysis, and we needed to ensure that we had visibility
into the status and completion of our balance sheet reconciliations.
LKQ Corporation decided to purchase ReconNET™ by Trintech to automate daily cash
reconciliations and Cadency® by Trintech to standardize its balance sheet
reconciliation and close processes, automate as many reconciliations as possible
and gain real-time visibility into the tracking and reporting of those
reconciliations.
FINANCIAL TRANSFORMATION GOAL
“I think one of the main reasons why we were so successful in the implementation
process was because we took the time to review our current processes prior to
implementing technology,” continued Dailey. “We understood from the beginning
that if we didn’t take the time to evaluate those processes prior to
implementing technology, we would only be doing that bad process faster.
Evaluating those processes and looking for where we could gain additional
efficiencies and create greater standardization across the different lines of
business was critical to our successful implementation.”
LKQ Corporation deployed ReconNET to automate its depository, credit card, and
disbursement accounts. LKQ Corporation currently reconciles about $97M worth of
cash over 202 different reconciliations through ReconNET. 70% of its cash
transactions are auto reconciled in ReconNET between zero and two days.
> With Cadency Close, we’re able to not only see what we’re doing, but also what
> bottlenecks are preventing items from moving forward. Overall, our end users
> can now spend more time analyzing the data instead of manually managing it.”
Janice Dailey Accounting Senior II, Financial Systems Support
SOLUTION IN ACTION
LKQ Corporation deployed Cadency Reconciliation Certify and Close to manage and
automate its balance sheet reconciliations and close management tasks. Today,
LKQ Corporation manages 21,775 reconciliations within Cadency and utilizes a
risk-based approach to drive reconciliation schedules.
Once LKQ Corporation standardized and automated its high-volume transactions and
balance sheet reconciliations, they started looking at the solution to determine
where they could gain additional value.
As of December 2020, LKQ Corporation had 3,550 close tasks operating within
Cadency Close. “We use Cadency Close to get full visibility into where we are at
in the financial close process, not just during the 7-day close cycle but
throughout the month,” continued Dailey.
READ THE FULL CASE STUDY
Learn more about building a mutually beneficial partnership with Trintech to
help you scale your business and meet your clients’ financial close needs.
download case study
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Our experts are ready to help improve your financial close process solutions.
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> WHETHER IT’S SIMPLIFYING KEY PROCESSES OR A COMPLETE FINANCIAL TRANSFORMATION
> PROJECT, OUR SOFTWARE CAN MEET THE UNIQUE NEEDS AND REQUIREMENTS OF ANY
> CUSTOMER.
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