The Client:
One of the largest and fastest-growing commercial insurance agencies in the US.
Scope of Work
Bulk posting of journal entries.
Process Bottlenecks
The client had been grappling with a complex process of journal entry posting as laid down in the software vendor's instructions manual. The posting process was not only complicated but also time-consuming and didn’t allow scaling opportunities. As a result, the accounting team remained slow and tied for time and resources, unable to take up additional assignments.
The client needed a simpler, scalable, more efficient journal entry operating model in order to be able to handle existing traffic promptly, build scale and enhance their own competitiveness.
Cogneesol’s Optimization Solution
Cogneesol was chosen by the client as their partner for the best-in-class accounting solution. Our team was assigned the task of simplifying the journal entry process, scaling up the volumes by leveraging domain accounting skills, and enhancing delivery capabilities for the long run.
We identified the missing components of the existing procedures that were being followed to post journal entries at the client end. That done, we worked with the client team to bring in process standardization by categorizing different purchase orders linked to a related cost center and linked these cost center codes to journal entries at the initial key.
The result was that, instead of posting a journal entry first and then linking purchase orders, we started putting the cost center codes along with the journal entries. This correction also helped to analyze the complete status of purchase orders linked to a cost center at each data entry point, and that proved more efficient to gauge purchase order status linked to each cost center.
It is telling how Cogneesol helped us turnaround with our difficult entry posting process. We are now able to process more entries and are also able to close our books much ahead of our erstwhile closure periods.
Impact Delivered
Process standardization applied to journal entry operations resulted in a 66% productivity increase, backlog clearance, and enhanced business agility.
Before the aforementioned standardization, the volume processed per shift was 300 journal entries. This went up to 500 entries per FTE for a day. Productivity increased by 66%, and completed backlogs within agreed timelines.
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.
