VeriBalance and vbEPIX have provided Boscov’s with excellent ROIs. They reduced our internal operating costs including various bank fees and charges. As an additional benefit, it has enabled Boscov’s to expedite the monthly financial closing process.
Lenexa, KS (PRWEB) September 1, 2010
Boscov’s Department Store, LLC has chosen the VeriBalance® cash office management solution by Balance Innovations® to optimize the cash office workflow in all its locations. Boscov’s chose the VeriBalance solution because it automates cash office processes, significantly reducing errors and manual tasks. It has also provided the company with tighter control over its money and the monitoring of its safes.
Boscov’s also implemented the vbEPIX™ back office check conversion solution, which enables the company to electronically process checks on site, saving courier costs, reducing bank fees and improving funds availability.
“VeriBalance and vbEPIX have enabled us to greatly reduce our manual processes,” said Bonnie Katzaman, manager of corporate policies for Boscov’s. “With VeriBalance, we can count the cash from each register quickly and easily and make just one deposit. vbEPIX enables us to reduce our bank fees and eliminate courier costs by processing our checks electronically in the stores. Both solutions were easy to learn and very user-friendly.”
Previously, Boscov’s cash office procedures were very difficult for a new employee to learn. With VeriBalance and vbEPIX, users are guided step by step through procedures by the software, making it easy to train new cash office personnel. VeriBalance has also eliminated many manual reports previously completed daily by Boscov’s cash office personnel.
“The VeriBalance and vbEPIX projects have provided Boscov’s with excellent ROIs. They reduced our internal operating costs including various bank fees and charges,” said Russell Diehm, senior vice president of finance and chief accounting officer for Boscov’s. “As an additional benefit, it has enabled Boscov’s financial team to expedite the monthly financial closing process.”
“The success of Boscov’s implementation of VeriBalance and vbEPIX demonstrates the combined value and flexibility of the solutions.” said Gil Anderson, chief operating officer for Balance Innovations. “Because of today’s focus on becoming operationally efficient, department stores are great candidates for our solutions.”
VeriBalance, through its real-time integration with the point of sale system, eliminates the manual processes involved in daily management of the cash office. These processes become automated, significantly reducing the time needed to complete the tasks and the potential for errors. The solution also offers rich reporting features, giving store and corporate staff a better picture of the cash office.
Key benefits of VeriBalance are:
•Automation of the cash office
•Reduced cash on hand
•Enforcement of a consistent platform and standardization of best practices
•Reduced cash shortages
•Integration to accounting systems
With vbEPIX, retailers can eliminate traditional check encoding and ten-key functions along with the associated errors. vbEPIX allows retailers to fully reconcile checks at the store level. Once a check has been imaged, vbEPIX determines the most effective way to process the transaction and sends it through the appropriate network for clearing. vbEPIX allows retailers to process all check types including personal, WIC, payroll, and other ineligible ACH items electronically through one method.
vbEPIX allows retailers to:
•Lower transaction costs, reduce bank fees and eliminate bank adjustments
•Stop transporting checks to the bank for processing
•Improve cash flow and working capital through accelerated clearings and improved availability
•Eliminate deposit preparation
•Identify returned items sooner
About Boscov’s Department Store, LLC
Boscov’s with 39 stores in Pennsylvania, New York, New Jersey, Maryland and Delaware has been providing customers with a wide selection of merchandise, competitive prices and superior service for nearly a century. The Company is committed to the communities it serves and has a long distinguished history of civic and charitable activities. Boscov’s serves consumers across the country with a strong online shopping capability as well.
About Balance Innovations
Balance Innovations is the leading provider of reconciliation and cash office management solutions for the retail industry. Our leading-edge, customizable solutions integrate seamlessly with existing POS technologies to simplify and improve retailers' cash office management operations. Balance Innovations' premier product, VeriBalance, is a patented, easy-to-use software solution that is helping retailers across the United States and Canada increase profitability and improve operations by reducing labor, bank fees and shrink while standardizing and enforcing best practices and corporate policies. Other products include: vbEPIX, an electronic check processing solution; vbForecast, a cash forecasting product; and vbScout, a self-checkout management tool. Customers range from independent grocers to Fortune 50 retailers. For more information, visit http://www.balanceinnovations.com.
VeriBalance® and Balance Innovations® are the registered trademarks of Balance Innovations, LLC. vbEPIX™ is the trademark of Balance Innovations, LLC.