The Client:
A Canada-based accounting software company provides AP automation solutions.
Scope of Work
Complete support with accounts payable functions.
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.
We had inherited legacy systems from a recent acquisition. Cogneesol helped us migrate our processes from the outdated systems to the ones used across the organization and streamlined them in a matter of months. Thanks to them, our processes are now lean and efficient, making our team many times more productive than previously.
We have been witnessing a rise in insurance claims owing to the COVID-19 global pandemic. To tackle it, Team Cogneesol has been adapting with us to changed ways of working with their reliable insurance back-office support, helping us in the timely handling of 100% of the claims. Despite the difficult times, we have been able to retain our customers’ trust. Much of the credit belongs to Cogneesol!
Cogneesol provided us customized insurance BPO services and helped us reduce our field inspection cycle by identifying processes that could be accomplished digitally by the claimant as well as the field officers. Additionally, their self-service app has brought down inspection costs significantly and has dramatically improved our claim servicing timelines. Thank you Cogneesol for making us so 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.
We automated our Accounts Payable division with the help of Cogneesol’s team of qualified accountants. They came in with game-changing process improvements, including the elimination of data-entry errors with automated OCRs, the establishment of a ‘No PO No Pay’ policy, ensuring a system of timely payments, and elimination late fees. All of these have changed the face of our AP books. We are now in a great position to make strategic decisions.
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.
