Download Brochure
Schedule Meeting
Harnessing our Accounts Payable and Accounts Receivable services, VNC delivered a comprehensive Financial Operations solution for a leading manufacturing company of engineering parts. This transformed their financial processes, enhanced supplier relationships, and improved cash flow management.
Client Background:
An enterprise client based in the USA, specializing in the manufacturing of engineering parts. VNC has been providing comprehensive financial operations support for the past 9 years.
To streamline the Accounts Payable (AP) and Accounts Receivable (AR) processes, improve supplier relationships, ensure timely payments, and enhance cash flow management.
The client faced significant challenges in managing their AP cycle, with inaccurate supplier outstanding balances, frequent account holds due to payment delays, and an average payable day of 45 days. Similarly, AR processes were inefficient, with delayed customer payments and an average AR day of 40 days.
Inefficient AP and AR processes led to strained supplier relationships, cash flow issues, and delayed financial decision-making.
Our Business Consulting And Strategy phase involved assessing the client’s AP and AR processes, identifying gaps, and developing a plan to streamline operations.
Our Financial Experts and Process Improvement team designed a comprehensive AP solution, including a 3-way match of invoices, approval systems, and PRNI reporting. For AR, we implemented consistent communication and monthly reconciliations to ensure accurate AR balances and also started with multiple timely and accurate reports to give them clearer view of their business position at right time.
1. Accounts Payable: Developed processes for the complete AP cycle, from invoice matching to
payment processing and reporting.
2. Accounts Receivable: Implemented consistent communication strategies, monthly
reconciliations, and accurate AR balance reporting.
3. Automation and Integration: Utilized automation tools to streamline AP and AR processes.
Enhanced AP days from 45 to 62 days, eliminating account hold instances.
Built strong supplier relationships with timely payments and efficient processes.
Reduced AR days from 40 to 29 days with consistent customer communication.
Provided real-time KPI reports and key business metrics for informed decision-making.
Through our comprehensive financial operations services, VNC has supported this engineering parts manufacturing company for 9 years. Our solutions have streamlined their AP and AR processes, improved supplier and customer relationships, and provided accurate financial data for confident decision-making. The client now treats VNC as a key business partner, driving their financial efficiency and growth.
All © 2024, All Rights Reserved with VNC Australia.
