Our client, a non-profit organization that specializes in trainings, is facing some issues regarding changes in the way they do their finances and how they do some processes. Business & Finance Solutions supports the company to change their processes as efficiently as possible.
Our consultant took the job as an accounting officer and helped them create better procedures and switch to a more automated system.
Services
Full operational AP accounting process
The situation
The task
The tasks within the AP accounting were:
- Completing the written procedures
- Identifying problems related to the reconciliation and trying to solve them with the other team members
- Improving communication between accounting officer and accountant
- Improving monthly reporting AR
- Booking the invoices
- Completing the written procedures
- Identifying problems related to the reconciliation and trying to solve them with the other team members
- Improving communication between accounting officer and accountant
- Improving monthly reporting AR
- Booking the invoices
The action
Concrete actions were taken by the consultant such as:
- Reducing unnecessary actions: we changed the way reminders were done. Before, they sent each reminder to the accountant. That could result in a dozen mails, but now we created a list in Teams, so that the accountant can easily find an up-to-date
- Testing and working together with the other team member to create and to improve the reconciliation process
- Creating a template to find old outstanding payments. Therefore, we can find easier payments without documentation or explanation, and try to explain and solve them
- Creating, in discussion with other client’s teams, better, more relevant and more standardized description names when the invoices are booked, so that they could be more useful during reporting (e.g. more relevant and easier to filter…)
The results
Following results have been achieved:
- A smooth reconciliation between purchase orders and invoices
- Clear written procedures, so that others could understand what we have done
- Better description names resulting into more accurate reporting
- Due to a more organized monthly AR check, we found some explanations or documentations for outstanding payments and the client also received additional cash back