A large apparel company experiencing significant growth wanted to establish an effective credit and collections function to keep up with new demands while running day-to-day finance and accounting operations.
Due to rapid growth, the existing credit and collections function was not efficient or scaled for growth. Policies and procedures across multiple processes were, in some cases, non-existent, outdated or not well defined. System limitations required significant manual intervention to release orders, issue customer statements, and process invoicing. Over $3.9 million AR Aging over 120 days due to slow returns processing in the warehouse