Our client is an acclaimed US-based healthcare service provider specializing in comprehensive business support for dentists and clinicians. They are industry pioneers in modern dentistry, empowering dental practitioners with cutting-edge technology, optimal operational practices, a highly skilled support team, and an unwavering dedication to continuous training and education.
Scope of Work
Streamlined accounts payable process
The client faced several significant challenges, primarily stemming from a substantial backlog of bills and receipts. With offices across multiple locations, they encountered difficulties resulting in unintentional double payments. This situation hampered operational efficiency due to the massive volume of scattered data, leading to considerable delays in processing invoices.
Additionally, the client struggled with reconciling their financial books at the end of each month. This complexity hampered their financial operations, intensifying the challenge of effectively managing cash flow. Furthermore, the client was unable to implement specific billing instructions for certain vendors.
As a result, the backlog not only hindered the prompt clearance of invoices but also created obstacles in generating accurate reports, significantly impacting day-to-day financial operations. These issues culminated in delays in processing payables, adversely affecting vendor relationships and jeopardizing the client's financial credibility.
Cogneesol’s Optimization Solution
To address the challenges faced by the client, we implemented an optimized solution focused on streamlining the accounts payable process. Leveraging the existing Oracle software, we initiated a multifaceted approach to enhance efficiency and accuracy in the following ways:
- Increased Processing Capacity: We significantly improved the throughput by effectively processing 700-800 invoices per day. This surge in processing capacity expedited the clearance of the substantial backlog of bills and receipts, thereby enhancing operational efficiency.
- Thorough Initial Review: During the initial phase, we conducted an extensive and meticulous review of the existing data and processes. This in-depth assessment was crucial in identifying and rectifying errors, ensuring that work was error-free.
- Enhanced Workflow Management: We restructured the workflow within the software, optimizing the sequence for invoice approval, validation, and payment.
- Improved Reconciliation Procedures: With a focus on improving end-of-month financial book reconciliation, we had a team of quality analysts to ensure accuracy and reduce the complexities encountered in managing cash flow effectively.
Cogneesol's adept handling of our accounts payable challenges was remarkable. Their optimized solution swiftly cleared our invoice backlog, ensuring accuracy and efficiency. Achieving a 98% accuracy rate and reducing costs by 50% within a short span speaks volumes about their commitment and expertise.
Dental Support Organization, USA
- Cleared over 5000 invoices in a span of 10-15 days (about 2 weeks)
- Achieved an accuracy rate exceeding 98%
- Reduced Costs by 50%