The client is one of the largest manufacturers in Europe, with facilities spread across different parts of the world. The client has highly complex finance & accounting needs and deals with a high volume of transactions. Exponential business growth in the last few years has only added to the complexities of finance & accounting processes.
Rapid growth had introduced higher levels of complexity in the accounting processes.
The client decided to migrate from their existing accounting software to Oracle and implement a cloud solution for document management and workflow automation.
The client wished to optimise and automate their existing accounting processes – to resolve the issues arising out of from non-standard, person-driven and paper-based processes
Facing high staffing turnover and rising cost of temp staff, the client wanted stability and reduce associated costs
The QX team played a proactive role in software migration, process optimisation & AP automation, helping the client embark on their digital transformation journey. Some of the key highlights include:
Oracle migration: Supported the seamless data migration from the existing software systems to Oracle; played a key role in user acceptance testing of the Oracle software; trained the in-house team in troubleshooting Oracle to reduce dependency on Oracle consultants.
Accounts payable purchase invoice processing workflow automation: Active support for implementation, testing, feedback on validating workflow & assistance for identifying and designing end-to-end process workflow in order to maximise benefits of this automation.
Process reengineering: Processing approximately 6,000 purchase invoices every month through Client ERP system and monitoring and controlling daily import to Oracle Financials, delivering a high rate of accuracy.
Accounts receivable support: Taking up entire sales invoice generation and cash receipt allocation process. Maintain a response time of 1WD response for supplier queries and 4-hour response time for internal queries
Speedier Management accounting: Standardising processes across sites, achieving zero invoice backlog, reducing the TAT from 7 days to 3 days.
Significant reduction in discrepancies
Automated accounts payable processes by helping implement OCR and DMS
Processing 65,000 invoices annually with more than 99% accuracy
More than 100% increase in supplier rebate savings over 3 years
7 to 3 days – reduced TAT for management accounts preparation
100% vendor reconciliations for all major suppliers (prioritised based on material turnover)
Drastic reduction in factoring ledger balance discrepancies
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