You are here
OKLAHOMA CITY, Okla. -- Love's Travel Stops & Country Stores is using treasury automation through GTreasury workstation software to increase efficiency with minimal staff increases. The software-as-a-service (SaaS) treasury management software automates all treasury tasks, from cash position calculation to electronic payment initiation, through general ledger reconciliation, according to the supplier.
When a company grows, its employee base generally grows with it on both the operations and administrative sides of the business. However, in the case of the treasury department of Love's -- a national chain of gas stations and convenience stores -- the business grew tremendously while its treasury department head count has increased by only one person -- all while providing improved cash management and financial reporting.
Carol Willett, Love's manager of treasury services, said the company's use of the GTreasury internet-based SaaS treasury workstation has enabled the department to handle a radically increasing workload through treasury automation and forecasting. Love's began using the treasury automation software from Lake Zurich, Ill.-based GTreasury in 1999 to better track its accounts and avoid time-consuming manual procedures.
The family-owned and operated business has 230 travel stops and c-stores in 34 states. In the past 10 years, Love's has grown from $3 billion in revenues to $17 billion. The treasury staff remained at three people until 2007, when the company added a fourth.
According to GTreasury, its application service provider (ASP) treasury workstation has helped Love's save time and streamline processes through:
-- Daily bank balance import.
-- Daily reconciliation of store accounts.
-- Automatic generation of cash concentration transfers.
-- Recurring wire transfers and ACH payments using templates.
-- Monthly reconciliation with few or no errors.
-- Automatic assignment of general ledger codes to transactions.
-- Monthly export of transactions to the corporate general ledger.
GTreasury provides the ONE Enterprise Treasury Platform for both ASP/SaaS Services and On-Site Treasury Workstations Installations. All support and development efforts, and those of its partners and clients, are focused on one seamless system.
Love's Completes Software Rollout
Auditing by Exception