Veritas transforms working capital for global merchandise supplier
Global promotional merchandise supplier headquartered in London. Clients include major blue chip brands and leading advertising and marketing agencies.
Veritas simultaneously engaged its credit management team to bring the aged debtor problem under control and provide guidance and overhaul to the root sales order process issues within the business.
In addition to improved sales ledger performance, Veritas’ achievements include the following:
• A review of the sales order process to understand the mechanism for obtaining purchase order numbers from the customer base
• Access has been obtained to all customer portals and user manuals written to fully document the use of these for billing and tracking progress of the invoice status
Special billing instructions / billing protocol has been documented for the larger key account customers
• A review of all accounting and order management processes to look at the functionality of all systems for the credit control function
• Processes have been put in place for the monitoring of daily cash receipts for all bank accounts and the identification and allocation of all receipts on a daily basis
• Regular client conference calls to discuss key account issues and query resolution to include the sales team
• Final demands issued to non-paying customers and referral for first legal letter where required
Veritas Driven Outcomes
Over the short 12-week project duration through Q4 2016 into Q1 2017, Veritas reduced the overdue debt from 18% to 10% of the total sales ledger balance. Inherent in this result is a significant reduction in the older period aged debt as Veritas has embedded its best in class credit control team on an outsourced basis, which has transformed the working capital of the business. This, coupled with the positive effects of pro-active and early query identification with superior reporting, has enabled the management team to harness the power of the virtual credit control service.
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