A Saudi Arabia-based motorcycles and accessories organization offering riding enthusiasts the complete experience of good rides.
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The client was unable to manage its invoice to cash processes in line with sound accounting principles. As a result, there was a revenue data mismatch with the sales channel, Shopify. This affected the accuracy of invoicing as well as cash application and cash management.
Additionally, the Payables process lacked standard invoicing formats that led to inefficiencies in vendor invoice processing. There were:
Our experience in delivering accounting services across industries gives us a competitive edge in re-modeling processes and streamlining operations. Backed by the strength of this experience, our team worked with the Sales channel to remap sales lines, correct GL classifications, identify items requiring manual adjustments.
Further, the team put in place the following changes:
The above-mentioned corrective actions and process re-modeling resulted in:
Payroll management took a great deal of time at our end until we took the services of Cogneesol. They brought in technology for self-declaration of details, automated claims submission, leave records, and manager approvals saving time and eliminating inaccuracies and delays. This brought down the payroll cycle significantly and has led to increased employee satisfaction. The process efficiencies brought in by Cogneesol have resulted in huge cost savings.
Cogneesol increased our operational efficiency with timely payments and efficient management of our working capital. We are impressed with the dedication of the team and their professionalism. Most importantly, the team is professionally qualified and has the technical expertise to guide the accurate and compliant management of the payables process. Thanks to them, we have a non-manual AP function that functions seamlessly and has brought us significant cost savings.
Cogneesol transformed our Accounts Receivables processes, freed up cash, and optimized our working capital position. The team does a thorough job of checking the accuracy of their bills, invoices, or credit terms, apply for cash payments correctly, do not override credit limits, follow up with customers in a timely manner when payments are past due, collect and apply cash correctly. These have made our Accounts Receivables position very efficient!
Despite the severe constraints during peak COVID-19 lockdown, we could credit salaries to our entire staff on time thanks to Cogneesol’s continuous support through the month in payroll management. Cogneesol has turned out to be the perfect partner during this terrible pandemic. They handle our end-to-end payroll operations, give us reconciliation reports every month-end, and free us of salary disputes and discrepancies, giving us the bandwidth to concentrate on strategic matters.
Our customer master data was in complete disarray, slowing down our receivables considerably. Cogneesol assigned us a dedicated resource to help with customer data maintenance and streamline all the other sub-processes of Accounts Receivables. The resource immediately set to task with correcting payment terms, centralizing data maintenance, implementing controls, and conducting regular audits. Soon we were able to do away with more than 80% of customer disputes!
We had a huge pile of outstanding receivables that had blocked huge amounts of cash. We hired Cogneesol to help clean up our account sand support, especially with the receivables. The team charted a collections plan, segregated receivables as per their DSOs, and allocated the collections to their team with set targets. It took the agents under two months to collect close to 90% of our receivables!
