Our client is a main actor is in the banking sector, well known in Europe. Their main activity is to provide services to other banks. They are dealing with several stakeholders; the structure of the company is complex and segregated due to EU restrictions and regulations. We joined the AR department to do the cash collections and the reconciliations of the payments made by the clients with the invoices. Then the mission evolved into more complex day-to-day responsibilities by dealing with the invoicing of one specific entity.
Insurance & Finance
Full operational AR Accounting in the financial sector
The situation
The task
In the beginning, we were in charge of the reconciliation of the bank statements ( cash collections) in the AR department, having several contacts with the customers regarding Dunnings, payments, questions related to invoicing and so on. A few weeks later, we took charge of the back-up of three entities (invoicing, closing, etc). After that, we had the opportunity to be in charge of a whole entity, dealing now with the invoicing, the closing, the different updates regarding customers and the daily work on the AR accounting and customers master data. We trained new colleagues for being in charge of the cash collections.
The action
The actions evolved in the time but in a nutshell we can say that:
- We operationally made the cash collection in the AR department (clients master data updates, bank reconciliation, contacts with clients and follow up during the month and the monthly closing)
- After a few months, we had the A-Z responsibility of the full AR process for one entity
- We also have been trained and did the back-up of several other colleagues. Next to that we will do the SOP for the team as no procedure has been done for this job
- We support colleagues in the full closing process
The results
The client was new to our consultant team. We managed:
- to win the trust of the client and enlarged our responsibilities, being a trustworthy partner for the full AR process, creating the SOP for the three entities based in Belgium, France and Netherland for end year
- to cope with the tight deadlines for the trainings and for the closing and we manage to finish it on time