The client shares a longstanding and successful relationship with QX. QX has worked on several projects for the client, which includes end-to-end F&A transformation for key functions like pay & bill, accounts payable and accounts receivable, delivered via a Global Business Services model.
In recent times, the client’s unprecedented growth had put a lot of additional pressure on the accounting team for activities related to Invoice Discounting Facility (IDF), which enabled the business to leverage unpaid invoices to be used as collateral to raise capital from financial institutions. As a part of this activity, the QX team was expected to manually segregate and upload invoices to the bank portal in the specified format. Performing this activity manually for more than 11 brands, twice every week, led to the following challenges:
- The QX team would spend a significant amount of time and effort in uploading invoices manually
- Segregating invoices for the different client brands manually also increased chances of errors. This was an area of concern as any error in invoice uploading could potentially lead to financial loss for the client.
- The compliance team had to be extra cautious and would often find it difficult to meet guidelines. Any discrepancy could result in fund flow leakages.
- The team had to pay extra attention to ensure that financial institutions’ guidelines are met and the data was uploaded with due diligence in specified formats on their portal.