Table of Contents
Overview
XYZ (name withheld for confidentiality) is a US-based CPG company. It was struggling with poor payment ratios that were driving vendors away, jeopardizing the supply chain.
EA’s team stepped in to streamline XYZ’s accounts payable process, ensuring vendors were paid on time and kept informed about payment schedules. By improving bill tracking and payment management, XYZ not only enhanced vendor trust but also safeguarded its production cycle.
A key outcome was the company’s ability to identify vendors, those whose delayed payments could halt production, allowing them to prioritize timely payments and maintain seamless operations.
This is how our EA team solved their accounts payables challenges:
Challenges
|
SolutionCreated a dedicated mailbox for the EA team to categorize and trace sensitive emails and vendor bills effectively. |
|
Delegated bill processing within the team based on categories to expedite and smooth out the process. |
|
Prepared an inventory rollout plan for the client to trace inventory figures accurately at month-ends. |
|
Assigned a dedicated team member with a backup to ensure that sensitive reports are delivered to the client on time without errors. |
|
Developed an ongoing tracker for the client, detailing who the email was sent to, when it was sent, and when the last follow-up occurred. |
|
Assisted the client in fetching data from multiple 3PL portals by automating email forwarding and directly extracting data from the 3PL portals. |
|
Maintained an ongoing tracker for unprocessed invoices, enabling the client to record accruals accurately. |
|
Ensured the confidentiality of email contacts for client vendors, specifically for sharing remittance or other sensitive correspondences. |
Results:
Enabling a Powerful, More Efficient AP Process
Our client experienced a transformation in their Accounts Payable processes, with improved efficiency, accuracy, and control.
The implementation of structured tracking systems, automated workflows, and dedicated reporting mechanisms resulted in faster invoice processing, reduced errors, and enhanced vendor relationships.
The client now benefits from a streamlined AP operation, improved cash flow visibility, and greater compliance with financial controls.
Through analysis and strategic implementation, our team at Expertise Accelerated successfully addressed and resolved a multitude of Accounts Payable challenges for our client.
The tailored solutions not only eliminated processing bottlenecks but also established sustainable practices for efficient AP management. Our client now operates with confidence in their financial processes, focusing on strategic growth and operational excellence.
We are your partners in growth through high-quality outsourcing and staff augmentation solutions in accounting, finance, and supply chain roles in the CPG industry, helping you save payroll costs and enhance efficiency.
Struggling with accounts payable inefficiencies? Let EA streamline your AP process, improve cash flow visibility, and enhance vendor relationships.
Book a free consultation today.