Veritas delivers complex international project to drive optimal credit management performance
The client was an international supplier with a Swedish parent company and worldwide customer base. The company had four high volume sales ledgers held on various finance systems, each with different levels of capability to produce an aged debt report.
Veritas was asked to work on-site to undertake a debt verification project. This involved looking at the reason for the aged debt, validating its collectability and stemming any system problems that could exacerbate the issues driving the aged debt problem.
Further to this project, Veritas was asked to review the sales order to cash process, sales ledger management capabilities and overall credit control processes, procedures and resourcing.
With a worldwide customer base, dispersed office locations and language/timing considerations, Veritas needed to design and manage a truly international project to deliver the insights the company needed.
Through the course of the project, the Veritas team systematically identified and created change projects to address the following;
• Over 7,000 accounts with unallocated cash (£800k) distorting the aged profile of the sales ledger
• Varying payment terms across each ledger
• Customers making payment into numerous different bank accounts, some in Sweden and some in the UK
Cash allocation issues between ledgers where customers crossed both ledgers
• Incomplete customer contact details
• No foreign speaking capability within the credit
control team, reliance on local reps or foreign speaking staff within the customer services department for assistance in collecting debts
• Customers held out of date bank details and out of date address details for the company
• Credit control team leaders held their own portfolio of customers and had no time to oversee the team, effectively manage queries or implement the process improvement work identified by the company as required
Veritas Driven Outcomes
By the close of the project the client had achieved the following:
• A clear understanding of the sales order to cash process and paper trails
• The collectability of the ledger
• Key customer invoicing and payment processes
• The preparation required for future debt verifications
• The capabilities of the systems and staff involved in the management of the ID facility and credit control processes
• Complete understanding of the issues to consider in the event of failure
Veritas’ collection team was engaged by the client immediately to provide ongoing assistance with the collection of aged and problematic debt.Back
On 30th June 2021, after 20 successful years in business, Veritas Commercial Services closedOn 30th June 2021, after 20 successful years in business, Veritas Commercial Services closed.
Thank you to all our staff, clients and supporters over the years. We would not have been a success without you.
Our CEO, Jenny Oldfield, wins the Entrepreneur of the Year at the Women In Credit Awards 2020It is this Visibility app and the benefits it brings to both us and our clients, that was recognised by the judges when awarding Jenny the Entrepreneur of the Year Award at the Women in Credit Awards 2020.
We have achieved our Certificate Of Assurance - Cyber Essentials