Revolutionizing Accounts Payable for a Wholesaler
Streamlining Invoice Management and Ensuring Accurate Financial Reporting for Continued Growth and Success
In this case study, we showcase our work with a wholesaler, specializing in the distribution of fresh produce, vegetables, and dried goods, facing challenges in processing thousands of invoices in various formats. Our consulting services provided effective solutions to streamline the accounts payable process, improve invoice management, and ensure accurate financial reporting, leading to audit and IPO readiness, improved cash flow management, and reduced financial risks.
Our client distributes goods to a range of commercial clients, including restaurants, small retail establishments, and large retailers. With only three employees and no formal accounting team, they operated primarily with cash and checks, and their accounts payable process involved the handling of thousands of invoices in various formats, including PDF, digital, and paper receipts. This situation led to difficulties in managing expenses, inaccurate financial reporting, and potential cut-off issues.
How We Helped
The QBIX Analytics team began by conducting a thorough review of their accounts payable and expense management processes. Our team identified the root causes of the issues and worked with the client to develop a comprehensive plan for improving invoice management and ensuring accurate financial reporting.
We implemented improved internal controls and provided training to the client's team on proper invoice processing and cut-off procedures. Additionally, we introduced automated tools and systems to manage the various invoice formats and streamline the accounts payable process.
Impact on Client's Business
As a result of our consulting services, the client saw significant improvements in their accounts payable and expense management processes. We corrected $500k of expenses booked to the appropriate time periods across thirty different businesses, leading to audit and IPO readiness, accurate financial reporting, improved cash flow management, and reduced financial risks.
The client also reported increased confidence in their financial management, better compliance with accounting standards, and improved decision-making based on accurate financial information. Our tailored solutions not only resolved the immediate challenges but also provided a strong foundation for the company's continued growth and success.