10x Faster Bank Reconciliation for Université Laval’s Finance Department
Université Laval reduced bank reconciliation time by 10x. Centralizing event payments replaced manual data entry with a secure, automated, and auditable workflow.
University Finance Department
2019
Conciliation 10x faster
Managing event payments in a university setting is a complex balancing act. At Université Laval, financial operations must reconcile the diverse needs of independent research units with the strict governance requirements of a central finance department.
For Michelle Dufour, Financial Operations Coordinator, the challenge was clear: the existing fragmented e-commerce tools were too manual, making bank reconciliation a grueling task.
The challenge: manual data and fragmented tools
Before Fourwaves, the university's organizers used various platforms that didn't "talk" properly to the central accounting system.
Michelle and her team spent countless hours manually verifying transaction details against event data just to recognize revenue.
This back-and-forth was not only slow but created a higher risk for errors in tax collection and internal fund tracking.
The turning point: a specialized finance interface
The decision to adopt Fourwaves was driven by the platform's ability to bridge the gap between event organizers and finance professionals.
Key criteria included robust fund tracking and ease of use. Once the university’s Stripe gateway was connected, the finance team gained access to a centralized dashboard specifically designed for institutional oversight.
The result: 10x efficiency and total governance
The impact on daily operations was transformative.
Centralized finance dashboard
Through the Finance Dashboard, Michelle can now view all event requests from organizers in one place. She can see their status, contact information and more.
Real screenshot with fake data to protect privacy.
Custom forms for compliance
The finance department can set up a custom approval form that every event organizer can fill directly from their event dashboard.
Before an event can accept a single dollar, the finance department can review the information, double check the budget codes, costs setup and tax configurations. The platform handles tax rules that can vary based on the event location and participant type.
That ensures every event follows the tax rules and the university guidelines.
Finance can customize questions asked to event organizers when they want to link their events.
The result is a streamlined workflow that has redefined Michelle’s productivity:
The platform has considerably reduced the time spent on bank reconciliation. It takes me 10 times less time than before.
Financial services, Université Laval
Autonomy and setup speed
By centralizing event payment processing, Fourwaves allows organizers to be autonomous while providing Michelle with clear, auditable reports.
Event organizers don't need to wait for IT or a communications team to set up their event. They are fully autonomous and get support from Fourwaves if needed. Linking their event to the payment gateway can be done in parallel to save time.
Since 2019, and beyond
The finance department of the Université Laval has been using Fourwaves since 2019, and the number of events is growing every year. She is looking forward to continuing the collaboration for years to come.
Stop manual bank reconciliation and automate your financial governance today.