EXL improves cash application accuracy by 25%
A leading industrial products and services provider.
During a period of unprecedented growth, the client needed support moving to a shared service model.
- Customer invoices
- Cash application
- Customer master data
- Invoice adjustments
- Write-offs and match-offs
Following an intense period of M&A and joint venture activities, a leading industrial prodcuts and services provider found itself operating with several accounting and administrative systems. This created:
- A highly manual cash posting and application process.
- Inadequate controls around adjustments to invoices.
- A nonstandard reports process.
The company decided to move the order-to-cash process to a shared service model and needed a flexible, nimble F&A partner to help implement and maintain the process.
- 2X Doubled the “auto-apply” rate within 18 months
- Reduced the time to produce critical reporting by 30%
- 50% Eliminated head- count required to post and apply cash
- Improved auto- match cash application accuracy by 25%
Improving the order-to-cash process
EXL transformed bill distribution and cash application to release working capital by:
- Designing and executing campaigns with customers to transform cash receipt process and improve “auto- apply” rate.
- Implementing automated solutions for preparation and distribution of critical reports.
- Establishing a 20-hour daily work window for speedy cash application and resolution of issues.
- Leveraging automated tools to process invoice adjustments.
- Centralized, standardized, and automated process across business lines.
- Metrics for performance benchmarking.
- Visibility into unapplied cash and payment method.