control down the line!

how thinksynq’s finance process expertise helped bring in standardisation & ensured smooth transition to a new system.



at a glance

a leading omni-channel customer experience management service provider was facing challenges in managing their Accounts Receivable (AR) and Accounts Payable (AP) systems. The customer was operating through 8 legal entities across 6 continents, with each following its own process. They were also embarking on ERP upgradation and needed support through the transition period, plus an objective view of their operations.

thinksynq took over the client’s AR and AP systems. With complete attention to detail, the team mapped current processes across entities and worked to standardise processes for receiving inputs, processing inputs, daily status reporting, escalation handing, resolution and closure.

for ERP migration, team thinksynq played a key role, worked with changing requirements and volumes to create a failsafe process for data migration from the old system to the new.

a leading omni-channel customer experience management service provider was facing challenges in managing their Accounts Receivable and Accounts Payable systems. The customer was operating through 8 legal entities across 6 continents, and the current system did not meet management expectations on delivery speed, quality and timeliness. The customer was also embarking on ERP upgradation and was looking for partner to support this transformation in transaction processing and also provide an outsider’s perspective.

engagement

in October 2015, thinksynq engaged with the client to take-over the AR and AP process. The team began with an “As Is” study mapping the current processes in AR & AP. The findings showed that each legal entity was following a different process and the transaction processing activity was taken over in phases.

accounts payable:

working with key stakeholders like the Supply Chain Management (SCM) Team, thinksynq rolled out standardised processes for receiving inputs, processing inputs, daily status reporting, escalation handing, resolution and closure. For each type of transaction, dependencies were identified, timelines for inputs agreed with stakeholders and SLAs agreed. Periodic reporting on SLA adherence was also published. These were rolled out first in the US as it had the largest of volumes outside of India. The processes reached steady state over a period of 3 months and by the sixth month, all legal entities were following the new processes.

accounts receivable:

thinksynq partnered with the client’s project management, order processing and collection teams to roll out standardized processes for receipt & processing of inputs, escalation handing, resolution, closure and reporting. Process improvements included sharing of documents like Customer Contracts, Invoices, Commission agreements etc., through Microsoft Sharepoint folders on “need to know basis”.

ERP migration (oct 2016 to dec 2016):

thinksynq team played a key role in the data migration from the old ERP to the new ERP. The team’s scope of work, covered the following areas:

validation and migration of open transactions in ledgers and subledgers

cleaning up of Master records and adding additional data to suit the new reporting requirements.

validation and migration of master records: Vendor Master and Customer Master.

performing User Acceptance Test (UAT) for various types of transactions and provide inputs on the same for clearance.

practical advisory on how to make transaction capturing more efficient.

scale up

due to the change in the Management’s reporting requirements, the volume of transactions increased three-fold and thinksynq scaled up its team to meet the requirements.

enabling business continuity with support during GST Migration (july 2017 to dec 2017): GST was introduced within three months of the new ERP migration. However, the ERP readiness for GST was to be achieved by Dec 2017. During this transition (july 2017 to dec 2017), thinksynq stepped up to facilitate manual issue of Pos and also exercised right control outside the ERP.

in the manual environment team thinksynq painstakingly maintained detailed MS-Excel trackers for vendor invoices processed. Complete track of transactions was maintained invoice-wise with regard to TDS deducted and payments made. The transition was smooth, with minimal errors, an achievement much appreciated by the client.

the transactions tracked in MS-Excel were then taken into books in dec 2017 when the ERP was made GST Ready.


results

the new processes were first rolled out in the US region. Once the system reached steady state, it was taken across all legal entities, within a period of 6 months. The new system matched the expectations of the management on all counts including speed of delivery, timeliness and quality.

the team’s expert handling of the ERP migration, including GST readiness, ensured that the transition was completed with minimal errors in the vendor invoicing & payment.