Accounts Payable and Accounts Receivable services
An enterprise client based in the USA, since 2016, VNC has streamlined AP & AR processes, ensuring accurate financial management, improved cash flow, and seamless transactions, supporting their journey to top-tier business success.
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Introduction
Harnessing our Accounts Payable and Accounts Receivable services, VNC delivered a comprehensive Financial Operations solution for a leading manufacturing company of engineering parts. This transformed their financial processes, enhanced supplier relationships, and improved cash flow management.
Client Background:
An enterprise client based in the USA, specializing in the manufacturing of engineering parts. VNC has been providing comprehensive financial operations support for the past 9 years.
Objectives and Goals
To streamline the Accounts Payable (AP) and Accounts Receivable (AR) processes, improve supplier relationships, ensure timely payments, and enhance cash flow management.
Challenge
Issues Faced by the Client
The client faced significant challenges in managing their AP cycle, with inaccurate supplier outstanding balances, frequent account holds due to payment delays, and an average payable day of 45 days. Similarly, AR processes were inefficient, with delayed customer payments and an average AR day of 40 days.
Business Impact
Inefficient AP and AR processes led to strained supplier relationships, cash flow issues, and delayed financial decision-making.
Our Approach
Initial Assessment and Discovery
Our Business Consulting And Strategy phase involved assessing the client’s AP and AR processes, identifying gaps, and developing a plan to streamline operations.
Strategy and Planning
Our Financial Experts and Process Improvement team designed a comprehensive AP solution, including a 3-way match of invoices, approval systems, and PRNI reporting. For AR, we implemented consistent communication and monthly reconciliations to ensure accurate AR balances and also started with multiple timely and accurate reports to give them clearer view of their business position at right time.
Implementation Details
Solution Deployed
Tools and Technologies
Services Offered
Results Achieved
Improved AP Days
Enhanced Supplier Relationships
Reduced AR Days
Accurate Financial Reporting
Conclusion
Through our comprehensive financial operations services, VNC has supported this engineering parts manufacturing company for 9 years. Our solutions have streamlined their AP and AR processes, improved supplier and customer relationships, and provided accurate financial data for confident decision-making. The client now treats VNC as a key business partner, driving their financial efficiency and growth.
