Back Office Services – Optimization of payment cycle and delivery reception process
The customer is a UK-based ICT services provider with a customer base of 2,500+ customers and 100,000 yearly transactions. They were looking for a vendor that could process their transaction documents in a cost-effective manner and streamline their processes.
The customer had to establish a smooth cash flow process in order to regulate and manage the handling of all transaction-related documentation (invoice, proof of delivery, bill of lading, etc.). The goal was to prepare all related documents on one day and process the payment on the following day, in order to improve cash flow management.
A solution team of trained and experienced accounting professionals was established for the project. The team conducted an in-depth research on the customers’ business processes and operational needs and took over the operations of accounts receivable/payable.
As a result, the team was able to:
- Identify the different types of paperwork involved in the whole process. Furthermore they listed and classified the different kinds of transactions.
- Record and analyze the key information related to transaction processing, based on the type of transaction. This helped reduce additional costs related to the process.
- Develop a process document, explaining the classification of each transaction, along with its related documents. The document also included the research outcome, key findings and recommendations.
Thanks to the outstanding way customer queries were handled, the primary task – reduction of the high number of escalations- was achieved.
After the end of the project, the business process knowledge and expertise developed throughout the project were transferred to the customer and implemented in the organization
Through its professional team BULPROS managed to establish an optimized workflow in the customer’s transactions. Streamlining the processes helped achieving the main objectives and lowering operational costs.
- The payment cycle and delivery reception process were improved dramatically thanks to the speedy processing of documents
- Operational costs were greatly reduced by opting for offshore services
- Due to clever management of the different time zones (Europe; USA), all the necessary transactions could be processed successfully in timely manner before the next business day.
- The time for transaction re-processing and exceptional processing was greatly reduced.