A Netherland-based CPA working for 800+ clients.
Complete support with:
End-to-end accounts payable, including vendor master maintenance, data entry of trade invoices, and payment of trade invoices.
The primary issue affecting the Payables’ processes was the receipt of invoices in the Dutch language that impaired posting accuracy. The use of custom-made software to code invoices that had both English and Dutch as part of its interface further delayed invoice processing. These collectively resulted in delayed vendor inquiry acknowledgment response and resolution timelines.
Additionally, the client unearthed fraudulent transactions dating to previous reporting periods.
Over thorough due diligence, our team identified and ranked the issues in order of their impact on the process. Language barrier, being the major cause of discrepancies, our team made extensive use of Google translator to code invoices in the Dutch language. They further introduced new process flows to remove language barriers.
Working with the client team to implement the same in the platform, we solved the finer issues and soon converted the highly used software functions to English. Once streamlined, we saw a marked change in the invoice processing processes.
In addition to the language solution, our team redefined and implemented the following:
Extensive Re-designing of Accounts Payable Process Increases Processing Accuracy and Timeliness and Prevents 160k Euro in Frauds.
The redesigning and deploying of changed processes and additional controls, in conjunction with a better-interfaced software, helped improve process health with immediate benefits:
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.
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!
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!
We used to suffer from huge volumes of duplicate invoices and missed vendor payments. Cogneesol streamlined our Accounts Payable process by centralizing data, eliminating data entry, and streamlining the invoice workflow. This has not only eliminated the problem of duplicate invoices but has also standardized the payment system and has regulated our working capital management, making us financially stronger and in-control of our operations.
Be it for our motions or our pleadings, case after case, Cogneesol has exhibited an unerring commitment to service excellence, quality, thoroughness and timeliness. They literally function like our own in-house team! Such is the comfort level now. Their deep expertise gives us the confidence to delegate to them all our litigation support assignments. Add to this their reasonable rates! We strongly recommend Cogneesol!
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!