NewswireTODAY - /newswire/ - Delhi, India, 2010/12/04 - Key topics covered in this newsletter are- Article: Online document management, study and surveys: common errors in accounts payable, case study: leveraging an outsourcing solution to reduce accounts payable processing costs.

Article 3: Case Study

Leveraging an Outsourcing Solution to Reduce Accounts Payable Processing Costs

Client Profile:
A well-known Canadian real estate developer based in Vancouver with proven expertise in constructing and developing high rise concrete homes

Our Services:
Accounts payable processing involving entry of invoices and generation of management reports.

Challenge:
Rising staff costs along with problems involved in expanding operations triggered the search for an outsourcing solution for their accounts payable team beginning with the entry of AP invoices.

Solution:
• Project team of two junior accountants supervised by a senior accountant was set-up to service the stiff service levels (same day turnaround with 99% accuracy) stipulated in the service agreement
• Designed and implemented a comprehensive migration phase by preparing a standard operating procedure covering business, technology , process review and work-flow steps
• Two week comprehensive training program to familiarize staff with the software (Timberline) and the process
• Jointly implemented a document management system with the client to manage large volume of scanned documents
• Gradual transition from the pilot phase to the “live” phase ensured smooth scaling up.

Achievement:
• Cost savings of 35% seen by the client in the initial phase. This is expected to increase to 50-60% as the client scales up the project
• Same day turnaround with 99.7% accuracy levels for a daily processing volume of 125 invoices per FTE
• Successful handling of complex invoices involving progressive invoicing, commitment invoices and multiple tax codes
• Client has planned off-shoring of the entire AP department over the next three months.

For the complete newsletter please visit OutsourcingHubIndia/.

Agency / Source: PB Tech Impact Solutions

Availability: All Regions (Including Int'l)

Traffic Booster: [/] Quick NewswireToday Visibility Checker

Distribution / Indexing: [+]