The client is one of the largest and fastest growing companies in the recruitment industry. Our client’s previous engagement for credit control, end-to-end payroll, accounts receivable, accounts payable and management accounts was via an onshore shared service model.
How QX Helped
- Established an offshore credit control team to work closely with client’s onshore team (manager operations and manager credit control). The team also introduced defined processes to understand end-client behavior to learn the pattern and/or insights towards building up the knowledge base.
- Defined and agreed upon an escalation matrix with the client and enabled challenging of existing KPIs to improve efficiency.
- Developed tools to automate downloading and posting payments for the bank team and implemented standard templates for chasers.
- Stabilised the process, making it easy to add any new business to the process as simple as ‘Plug and Play’ − allowing the client to focus fully on business expansion.
Benefits Delivered
- Improved business metrics by process improvement and standardization, resulting in reduction in both in DSO (Days Sales Outstanding) and unbilled amount
- Achieved more than 100% of the year-end cash balance target
- Reduction in unallocated cash on direct ledgers
- Number of unmatched sales bills reduced by more than half
- Drastic reduction in unallocated cash on self-bill and intercompany accounts
- More than 85% reduction in suspense balance
- 90+ aged debt of ledger balance reduced by more than half
All teams meeting SLAs on time