Automated Accounts Receivable Matching
In this case study we look at an automated accounts receivable matching for an IT Services company.
INDUSTRY: IT SERVICES
INDUSTRY APPROPRIATE: ANY INDUSTRY
DEPARTMENT: FINANCE
Challenge:
The company was matching their customer’s system hours to what their managers submitted for hours. In addition, they were also verifying the status of the SOWs. All of this was done manually and added to the time required to confirm the invoice amount prior to sending to their customer. The company was looking for a way to automate the matching and focus on the exceptions rather than the entire invoice universe.
Solution:
A document was created in Odyssey that listed exceptions, highlighting them in red, where hours did not match or there was an issue with the SOW. It included an integration with their customer’s hours tracking system.
Benefits:
- With only exceptions to clear, the Billing team spent less than half the time it did previously on preparing the monthly invoice run.
- With the highlights provided on where there were issues, the team could quickly identify and clear exceptions.
- With the integration to the client’s hours tracking system, time was saved accessing and downloading the information, as all of this was now automated.
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