Streamlined Accounts Payable: Cogneesol Reduced 100% Invoice Backlogs Efficiently

The Client:

A Canada-based accounting software company provides AP automation solutions.

Scope of Work

Complete support with accounts payable functions.

The Client:

Process Bottlenecks

The client company was unable to maximize its business processes due to the absence of a holistic omnichannel approach. The turnaround time for coding invoices was 12 hours, owing to batch-run limitations that could not be modified because of the IT protocol of the client’s business.

This resulted in backlogs at the client end that further led to penalties by end customers, thereby severely impacting billing and toplines.

Cogneesol’s Optimization Solution

Our team formed a core committee along with subject matter experts from the client team for an exhaustive analysis of the problem areas in their invoice processing operations. Our due diligence led to the following discoveries:

  • Duplicate vendors registered
  • Inaccurate and incomplete information on vendor forms
  • Multiple cases of duplicate payments

Our team undertook the complete clean-up of the vendor list through the removal of duplications, updated records, and prevention of duplicate payments through the deployment of analytics and correction of invoice design.

In addition, we operationalized two work shifts to take advantage of offshore processing and meet the SLA of payments within 10 days as put forth by the client.

Thanks to Cogneesol’s accounting experts, we do not have any more payables backlogs. Plus, all our payments are on time, our vendors are happy. The team is efficient and they are domain experts who bring changes without wasting time and resources!

Impact Delivered

Changes in operating model led to streamlining of accounts payable function resulting in real-time invoice processing and same-day payment runs.

With the above-mentioned corrections and operating model changes, the client’s invoice processing timelines fell on the track, and payments were brought into a timely cycle. Overall, we achieved a 100% reduction of invoice backlogs and same-day TAT on payment runs that had been 32 hours previously.

Client Testimonials

It is always a pleasure to learn that the work we do has positively impacted our clients and that they are happy to share their experiences.

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