Clean Up and Success In Accounting Operations

Clean Up and Success In Accounting Operations

Accounting for Insurance Contracts

Client Need:

An international production company wanted to establish an effective Accounts Receivable (AR) and Collections function while reconciling, correcting and processing a backlog of transactions resulting from a prior acquisition.

Challenge:

Accounting department’s capabilities didn’t support the sudden influx of AR volume. In addition, manual efforts were needed due to an antiquated, acquired accounting system and incorrect invoicing that resulted in payment refusals.

Approach:

Operational accounting experts deployed

  • Established and reported on productivity expectations
  • Quickly established success and then gained momentum
  • Incrementally made improvements to existing processes & systems

Results:

  • Applied cash to subledger accounts ($600M)
  • Reduced 95% of AR balances
  • 95% accuracy of  customer subledger balances
  • Built a new AR and collections function

 

“You clearly approach the business the same as I do...Lean with a constant process improvement approach. I want to partner with a firm like that...” - CFO