Client case: Magasin
Magasin is Denmark’s largest chain of department stores with 6 stores throughout the country. Read how they benefit from Tally X
10000 daily transactions automatically reconciled
Each day, the stores are visited by thousands of customers paying with VisaCard (Dankort), MasterCard, and Magasin’s own customer payment card. This involves 10-20,000 daily transactions that need to be balanced, as well as checking the transactions with the group’s hundreds of suppliers. A task that is almost impossible to handle manually.
WHY TALLY X?
Magasin has chosen Tally X because it is:
- and incredibly flexible.
Tally X does not require installation since it is web-based. Meanwhile, it is easy and quick to have an improved system tailored to your specific needs. The customer has easy access to communicate with the owner of Tally X. Tally X is capable of guiding and quickly developing tailor-made solutions for the customer.
No more time-consuming balancing
Magasin’s accounts department is no longer behind with balancing. Instead, the employees are spending their time on the problematic and time-consuming balancing. This adds value to the business and is crucial for audit documentation. Furthermore, the employees will have more interesting assignments. The costs for Tally X were earned within the first 6 months.
Magasin is one of Denmark’s largest and most significant retail chains with tens of thousands of card payments on a daily basis in its 6 large stores in Denmark. The many card transactions require checking, even though the majority of them are unproblematic. This is, of course, a time-consuming and not particularly interesting job for the employees, who could benefit from spending their time on checking the incorrect transactions.
Magasin also has numerous creditors – the suppliers of the shop’s products – where products, returns, and payments must be checked for each of the top-100 suppliers every three months. Three years ago, Magasin saw the possibilities of the Tally X solution, which quite quickly performs the routine checking, providing the employees with time for the more important tasks.
“We spent a lot of time reconciling the commerce with our suppliers. We, therefore, chose to test Tally X, which throughout the last three years has clearly made it much easier and precise for us,” says Kirsten Jacobsen at Magasin’s accounts department.
The time saving is considerable. The Tally X users can tell that on average, they only spend 20 percent of the time that they spent previously on reconciling. In practice, the employees at Magasin’s accounts department go online with Tally X, whereupon the information is matched according to the desired specified criteria. The experience is that a new employee can be trained in the use of Tally X in just one hour, because everything takes place in the well-known Windows environment.
After the good results with Tally X at Magasin’s accounts payable department, Kirsten Jacobsen also chose to test whether the software could be used for checking Magasin’s 10-20,000 daily transactions with Dankort, MasterCard, and the special Magasin card. And it has become a great success!
“It is of huge huge help! Today, we spend most time on incorrect transactions. They may occur if a card reader acts up during payment, so that it has to be rebooted. In many cases, this implies an unacceptable double withdrawal from the customer’s account, which we can avoid now,” she elaborates.
In practice, Tally X matches transaction by transaction, so that it is easy to see any differences day by day.
The latest initiative at Magasin with Tally X is checking the transactions in Magasin’s online shop to stop misuse of debit cards.
“It is important for us to find the differences – regardless of how large they are with regard to our owners and our accountants. So we are becoming increasingly more pleased with Tally X!” Kirsten Jacobsen concludes.
It takes about 1 hour to find files for reconciling, upload files, match items, and locate incorrect items for the 1st month.
COULD THIS BENEFIT YOUR COMPANY?
Tally X is used by various types of businesses. The system has been developed for solving various forms of balancing, such as banks, the retail business, suppliers, at warehouses, for intercompany accounts, and for project accounts. If the company has many transactions, the solution can give you great savings in time. A lot of companies have just as Magasin a very large amount of card payments. This will probably not decrease in the future.
“Tally X is of huge help to us when balancing credit cards and our supplier accounts”