Financial management process automation at Kiko points of sale
Kiko: the complexity of reconciling collections from hundreds of stores every day
The progressive increase in the number of Percassi stores worldwide made reporting and the reconciliation of bank movements with store checkout closures increasingly complex, and required the optimisation of manual activities to reduce the time spent on repetitive tasks by the Percassi Treasury staff. Piteco performs a dual control for each Kiko point of sale: not only the daily verification of the amount actually deposited in the bank, but also a systematic control of bank conditions linked to credit card collections. When reconciling credit card collections, the Percassi Treasury calculates the bank charges linked to the various types of credit cards, highlighting the fees and value dates
The automatic matching results achieved
Piteco Evo made it possible to set tolerance parameters in the automatic matching phase in terms of value date and amount differences and thus govern the possible differences between Treasury movement amounts and Bank movement amounts. The Percassi Treasury team currently reconciles 2,000 collection movements every day using Piteco Evolution, of which 85%-90% (equal to around 1,800 movements) are reconciled automatically by the system with no manual intervention. “Piteco effectively responded to 3 significant needs of our Group,” stated Ignazio Tarragoni, Percassi Treasury Manager. “Reconciling thousands of bank movements with checkout closures at points of sale every day, guaranteeing a satisfactory level of security in payment processes and providing a reliable and updated database of credit lines and drawdowns, intercompany loans and the nature of incoming and outgoing cash flows, which is always available to develop reports for the senior management”.