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Lack of documentation of institutional knowledge and Accounts Payable (AP) processes led to productivity and efficiency issues.

 

The current paper intensive process involved manual data entry and decentralised invoicing. This extended the processing time and gave limited visibility of activities in the finance department.

 

There were also inefficiencies and resubmissions caused by rerouting and poor application of AP approval policy.

We began by standardising the operating procedures and supported the implementation of an electronic workflow tool from identification to rollout.

 

We centralised invoice intake and maintained digital retention of all invoices. Proper electronic coding led to greater transparency and more detailed reporting.

 

We also implemented an approval tracking system to match our fully automated process.

Our client was able to reduce headcount by 20% and achieve bottom line savings of 23% annually. Average invoice processing time is now five days and we have maintained 30-day payment for the Firm's foreign vendors.

 

We were able to reduce invoice resubmissions by 24%, employee expense payment cycle from 7 to 3 days, and re-engineer vendor import process to expedite client cost recovery.

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