Executive is an authority on reconciliation process
- July 28, 2010
Jennifer S. Duff has been credited with revolutionizing the way payroll service bureaus reconcile their client escrow accounts.
Duff, the chief financial officer of Roanoke-based MPAY Inc., helped the company develop the escrow reconciliation component for its Millennium 3 (M3) payroll software.
Payroll services typically collect and pay a large amount of money on behalf of their clients. Reconciliation programs account for the use of those funds.
“Reconciling escrow accounts is one of the most important things for a payroll service to do,” says Robert Willard, senior vice president at MPAY, which provides software to independent payroll service bureaus. “She pretty much created the reconciliation process in our software that goes out to hundreds of licensees.”
Willard says the software allows payroll services to reconcile escrow accounts daily. “Before she defined it in the software, people would do it monthly or quarterly or annually, and people would end up missing money or misappropriating money,” he says. “Keeping track of every dollar is important [because] they are not your funds; they are the clients’ funds.”
MPAY reconciles 18 escrow accounts daily without exception in its own service bureau. “Not everyone does it daily, but we’re trying to take the industry lead because we feel everyone should do it on a daily basis,” Willard says.
Duff has taught many other service bureaus how to handle the daily reconciliation process. “My professional passion has always been escrow account reconciliation, which is a top priority at MPAY,” Duff says. “The opportunity to work with other service bureaus in that capacity brought me to MPAY initially.”
Duff joined the company in 2004 as director of financial solutions and was promoted to CFO in 2007. Her other accomplishments at the company include:
• helping acquire the client base of five other payroll service bureaus;
• using technology to automate the billing process;
• and moving the company’s corporate headquarters from Massachusetts to Virginia.
“MPAY has experienced tremendous growth over the past several years and expects that growth to continue in the coming years,” Duff says. “I am thrilled to be a part of this very exciting time in MPAY’s history and honored to work with a team of very talented individuals who have made our success possible.”
Duff is married with two daughters, ages 6 and 7. She is active in her church and community and serves as treasurer of the Virginia Society of Certified Public Accountants’ Roanoke chapter.
She also volunteers at Roanoke College where she reviews and critiques business plans for students taking the school’s capstone business course. In her spare time, Duff participates in 5k and 10k runs to raise money for charitable causes.