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Streamlined Loan Approvals for Global Recruitment Giant Through IDF Automation Services

CASE STUDY:

Streamlined Loan Approvals for Global Recruitment Giant Through IDF Automation Services

The client is a leading global recruitment specialist, comprising of a network of 40+ brands grown through mergers and acquisitions. Focusing on consolidating recruitment businesses serving different industries, the client is one of the fastest growing companies in this segment.

Business Challenges

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.

How QX Helped

The QX team developed a highly specialised tool that automates the process of segregating business-specific invoices and uploading them on the bank portal. As a part of our solution, we performed the following activities:

  • Developed and implemented an IDF Automation tool that automatically segregates invoices on an account level, that is, intercompany and non-intercompany.
  • Following this, the next round of invoice level segregation happens for non-intercompany accounts on parameters like GBP & foreign currency invoices, credit notes, self-bills and perm invoices. Finally, the system generates the complete file for the team to review and upload on the bank portal.
  • Deployed the tool successfully to enable IDF process management across 11 companies.
  • Set the system to generate a summarised report which helps team in performing month-end reporting & reconciliation activities quickly.
  • Implemented different persona dashboards including audit trails that allow the client to conduct quarterly audits more effectively.

Benefits Delivered

  • 99% accuracy achieved in invoice upload process, which has helped the client to get more funds for working capital management
  • 75% reduction in upload time
  • Infinite scalability enabled for the client, allowing them to add and configure newly acquired brands seamlessly
  • Streamlined month-end reporting and auditing