Leading Global Business Process Outsourcer Purchases Chesapeake System Solutions’ T-Recs
Owings Mills, Md. -- May 20, 2008 -- Chesapeake System Solutions, Inc.® (www.chessys.com), an industry leader in providing integrated software solutions that simplify the complexities of financial and treasury management operations, today announced that a global provider of business process outsourcing and information technology services and solutions, has purchased Chesapeake’s T-Recs® Enterprisesoftware. Under the terms of the agreement, the firm obtained an enterprise-wide license, which will allow it to make this robust technology available to all its clients. Chesapeake understands that the company plans to employ T-Recs Enterprise in its worldwide operations centers eventually, but will first deploy the technology in finance and accounting outsourcing activities.
T-Recs (Total Reconciliation Solution) Enterprise is a single solution that allows firms to reconcile the entire balance sheet, including both cash and non-cash activity. The application automatically generates reconciliations based on an organization’s fiscal calendar(s); issues alerts when reconciliations are ready for review, approval or are overdue; walks each assigned role through the defined workflow tasks associated with the reconciliations; alerts management to potential areas of material weakness; and generates the required metrics reporting to attest to the effectiveness of financial controls. Features such as these differentiate T-Recs Enterprisefrom all other software offerings on the market today.
Peter C. Vogelberger, CEO, Chesapeake System Solutions, says, “As a forward-looking firm that understands the value of partnering to our growth, Chesapeake is excited to work with a company that recognizes the importance of leveraging technology to maintain a competitive edge and grow the capabilities offered to clients. I am proud that a global leader of this stature recognizes T-Recs Enterpriseas one of the most advanced financial solutions in today’s marketplace and has selected this application as its strategic tool of choice.”
About Chesapeake System Solutions, Inc.
Chesapeake System Solutions, headquartered in Owings Mills, Maryland, is an industry leader in providing integrated software solutions that simplify the complexities of financial and treasury management operations. Whether providing automated means to reconcile cash and non-cash accounts, manage corporate treasury functions, analyze bank account information or track unclaimed property, Chesapeake’s suite of products not only responds to specific financial needs but also incorporates those essential higher-level functions of financial governance, financial performance and regulatory compliance through built-in provisions affording internal controls, data security and process oversight. Since 1993, Chesapeake has helped national and international organizations of every size improve productivity, lower costs and document compliance with regulatory requirements including Sarbanes-Oxley and PCI Standards. Chesapeake offers leading-edge solutions, the latest technology and unparalleled customer support. For more information about Chesapeake and its solutions, please visit www.chessys.com or call 410-356-6805.
Chesapeake, 10220 South Dolfield Road, Owings Mills, MD 21117 United States