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LAKE ZURICH, Ill., April 12, 2010—Treasury automation through GTreasury treasury workstation software helped Love’s Country Stores grow in efficiency with minimal increases to staff. 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.

When a company grows, its employee base generally grows with it, on both the operations and administrative sides of the business. In the case of the treasury department of Love’s Travel Stops & Country Stores, a national chain of gas stations and convenience stores, the business has grown tremendously while treasury department head count has increased by only one person—all while providing improved cash management and financial reporting.

Treasury Automation Efficiencies

Carol Willett, Love’s Manager of Treasury Services, credits the company’s use of the GTreasury internet-based SaaS treasury workstation for the department’s ability to handle a radically increasing workload through treasury automation and forecasting. Love’s began using the treasury automation software from Lake Zurich, Illinois-based GTreasury—a leading provider of treasury management software and services—in 1999 to better track its accounts and avoid time-consuming manual procedures.

Love’s began as a solo filling station in Watonga, Oklahoma, in 1964, opened by Tom Love. The family-owned and operated business has expanded to 230 travel stops and convenience stores in 34 states. In the past 10 years, the company has grown to $17 billion in revenues, from $3 billion. Treasury staff has remained at three people until 2007, when the company added a fourth. Not only has Love’s treasury kept up with the increased number of transactions during that time, but it has also improved both treasury quality and efficiency.

GTreasury’s 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 has been pleased to support Love’s Country Store’s growth over the years with new product developments that all GTreasury customers benefit from,” said GTreasury Chief Operating Officer Orazio Pater. “The experience we gained and improvements we have developed over 11 years working with Love’s have benefited all GTreasury clients world wide.”

For details on how treasury automation and the GTreasury SaaS treasury workstation helped Love’s, download the complete Love’s Country Store-GTreasury case study.

About GTreasury

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. For the past 23 years, GTreasury has provided best-of-breed treasury and cash management software and services to leading banks and corporations of all sizes and all over the globe. GTreasury’s clients include GE, Hydro Quebec, and Prudential Financial.

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LAKE ZURICH, Ill., January 27, 2009—GTreasury congratulates its client General Electric (GE) for winning a bronze award in the Technology Excellence category of the Alexander Hamilton Awards for best practices in treasury management. The annual awards are sponsored by Treasury & Risk magazine.

GE won the award for its “Funds Transfer Redirector” project, which arose during a payments emergency when the system used by GE’s money-transfer bank failed after a weekend software upgrade. After consulting with GTreasury, GE successfully redirected 3,600 payments to Bank of New York Mellon, ensuring that payments arrived on the day promised.

GE sought advice from GTreasury on downloading payment files from its treasury management system and editing them so that they would be redirected to debit GE’s account at the Bank of New York Mellon. Subsequently, GTreasury and GE have worked on a redirector module that can automatically extract and redirect payments. The redirector module is currently in testing and is expected to be released to production as a GTreasury module by year end.

“We congratulate GE for its excellence in treasury management, and we are pleased that we can support our client in resolving and preventing an emergency as well as in normal day-to-day operations,” said GTreasury Chief Operating Officer Orazio Pater. For the whole story on GE’s award, read “Redirecting Payments Saved the Day.”

 

About GTreasury

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. For the past 23 years, GTreasury has provided best-of-breed treasury and cash management software and services to leading banks and corporations of all sizes and all over the globe. GTreasury’s clients include GE, Hydro Quebec, Wendy’s/Arby’s Group, SABIC Innovative Plastics, Prudential Financial, Barnes and Noble, and Bank of America.

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